Wells Fargo just introduced a sweepstakes program for customers who move from paper to online monthly statements.
For every personal or business statement selected to move to a paperless option, the customer will receive a sweepstakes entry with a chance to win $25,000 or one of ten $2,500 prizes.
This newest effort is consistent with what is offered by Wells Fargo Advisors, whereby clients have the opportunity to reduce their annual fees by $30/yrs. by opting for online statements.
As revenue from deposit and loan accounts continue to get squeezed and as the cost of delivering paper statements continues to increase, I expect to see more and more financial institutions incent customers to move to paperless reporting.