If you have a bank account, chances are good that you manage that account from home or on-the-go. According to data from the American Bankers Association, 71% of survey respondents said that, in the past year, they’d used an app or online banking most often to manage their bank accounts. This was true regardless of age, as well: across the board, Gen Z (68%), Millennials (84%), Gen X (69%), and Baby Boomers (70%) used online or mobile options to manage their accounts more than any other.
Specifically, what are people doing when they log into their bank account(s) online or through their bank’s mobile app? According to another survey conducted by Forbes Advisor, the most valuable mobile app features allowed customers to transfer funds between accounts, mobile deposit checks, and view statements and account balances.
If you fall into any of the categories above, then why are you still receiving paper statements for your bank accounts every month?
The Importance of Bank Statements
Do you ignore your monthly bank statements whenever they arrive in the mail or when you get a notification that they’re available in your online account? It’s not unusual to disregard them or find them unnecessary, but bank statements actually play an important part in helping remain an active, informed bank customer.
Bank statements are resources that you can use to reconcile purchases, check for errors or fraudulent charges, and generally stay up to date on the state of your account. They include basic account information, including your name and address as well as that of your bank. Each statement shows payments that come in and out of your account over a designated period of time, which will be identified in your statement. Each transaction made during this period, including deposits and charges, will be listed on your statement with the processing date and some information about who the payment was made to or from.
Many financial and tax advisors will recommend that you keep a record of your statements for a minimum of a year, or between three and seven years depending on the type of transactions you’ve made using the account in question. However, the way that you receive or manage these statements is up to you.
What Are eStatements?
Many financial institutions will automatically send paper bank statements to you on a regular basis upon opening your account as part of their terms and conditions, though most offer customers the choice to enroll in eStatements: paperless bank statements that are uploaded to your mobile and/or online bank account for you to view, share, or download.
eStatements include the same information as paper statements. They can be printed or filed digitally for your records—which is important because, depending on your financial institution, your digital access to them may expire after a certain length of time.
Check with your bank to see if there is an incentive to switch to paperless statements. Some banks may charge you a fee for paper statements or otherwise offer you a better rate or feature by choosing eStatements. This is just one of many reasons why eStatements can be a worthwhile option, depending on your circumstances and preferences.
Top Reasons to Choose eStatements Over Paper Statements
1. You can usually review your statements sooner
If your bank statements are sent through the mail, it can take several days between your statement date and when you actually receive them. If there are any holdups in the mail due to weather or other conditions, it could take a week or more to get your statement.
With eStatements, there’s no waiting. You can view your statement as soon as it’s ready. You can even get email notifications when your statement is available.
2. You mitigate the risk of identity theft
Identity theft can occur in a number of different ways–including through your mailbox!
If you receive paper bank statements, anyone snooping through your mail may be able to access your private account information, which they could then use to make fraudulent charges to or withdrawals from your account. They might even attempt to open a fraudulent account under your name.
It’s important to remain vigilant about protecting your personal information, whether it’s transmitted through physical documents or online. Signing up for eStatements is one easy way to protect yourself from in-person threats.
3. You can reduce clutter
No matter how much you operate online, you’re still likely to receive a ton of mail. From local mailers to catalogs based on your past purchases, the amount of material that you can accumulate can quickly become overwhelming.
By signing up for eStatements, you can reduce the amount of physical clutter that you have to manage and documents you need to find space to store. And, you’ll be less likely to miss important notifications or mistake them for junk mail.
4. You can easily replace past eStatements
As we’ve mentioned, given the sheer amount of volume people receive in the mail, it’s easy to accidentally toss a statement in the trash without realizing it. Or, you may mistakenly throw away a statement that you need in a few months for a credit application, tax audit, or financial dispute.
In these cases, rather than contacting your bank to request an additional copy (which you may or may not pay a fee to receive), you can log into your online account instead. Depending on your financial institution, eStatements are typically stored for up to 18 months, making it easy for you to find and replace the statement you need in your records.
5. It’s another way you can “go green”
As an individual, it can be difficult to think of ways to make a noticeable difference in the environment. But switching to electronic statements is one thing you can do to make a lasting impact.
One popular study found that if a single bank chain switched all of their customers’ statements to eStatements, it would result in a reduction of approximately 37,000 metric tons of greenhouse gas emissions and 136 million gallons of freshwater — a substantial amount of progress.
Signing up for eStatements
If you still receive paper bank statements but are among the 3 in 4 Americans who choose to bank online or through an app, it may be time to consider making the switch to paperless statements. Not only do you economize your personal files, but you leave less room for human error and identity theft.
With Southeast Bank’s digital banking options, you can sign up for eStatements and choose to receive email reminders when your statement is available. Plus, our mobile and online banking platforms offer mobile budgeting tools so you can track your spending and savings goals.
Questions? Visit your local branch or give us a call today–we’d be happy to help!
Information contained in this blog is for educational and informational purposes only. Nothing contained in this blog should be construed as legal or tax advice. An attorney or tax advisor should be consulted for advice on specific issues
