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A number of companies that depend on consumers wanting to turn off paper statements may run into difficulty as banks report their paper-suppression efforts are moving backwards.
August 18
The paperless document storage provider Doxo Inc. has signed up Sound Community Bank.
Sound, of Seattle, will let customers receive all communications from the bank, including monthly statements and tax forms, in Doxo's online file cabinet, Doxo said Wednesday.
Sound joins Sprint Nextel Corp., Kansas City Power&Light Co., a utility company based in Kansas City, Mo., and Puget Sound Energy Inc. as part of Doxo's live network of businesses.
Doxo receives a fee from these businesses when consumers shut off paper bills and statements in favor of electronic ones.
Sound has five branches and $337 million in assets.
"Our partnership with Doxo …[helps] us reduce our operating expenses by saving money on paper, printing and postage," Matt Deines, Sound's chief financial officer, said in a press release.
Doxo's service, which launched in October, 2010, is free to consumers. Doxo also lets customers pay bills directly from its site via a connection with consumers' online banking sites.
