HSBC Bank Canada said Monday that it has begun waiving checking account fees for new customers who agree to handle most of their banking electronically.
The Fee Free Chequing account carries $143 in fees a year, but the banking company said it would waive them for customers who pay their bills online, receive their paychecks through direct deposit, and view their monthly statements online instead of receiving them by mail.
The Vancouver unit of HSBC Holdings PLC also said it would donate to two environmental nonprofits, the Toronto-based Evergreen and the Ottawa-based Clean Air Champions, for each new account.
HSBC Holdings has said that its environmental campaigns have succeeded in several international markets. As part of a U.S. marketing campaign last year, customers who agreed to stop receiving paper statements were offered a "Green Living Kit" that included compact fluorescent light bulbs and National Geographic Society's "The Green Guide."
Other financial companies have used environmental incentives to encourage people to shut off paper statements. Sovereign Bancorp Inc., a Philadelphia thrift company, has said that a green campaign begun last year prompted people to shift away from paper statements.