Embracing paperless bank statements can help the environment — fewer trees have to die when banks discontinue mailing bulky envelopes of paper to their customers each month. However, the practice also has a number of other benefits that simplify your life and help you take control of your finances. Paper statements may only be useful for those who don’t access the internet or may simply need a hard copy to feel secure. Otherwise, going paperless and using online banking services may be a more resourceful option.
Instant access
The United States Postal Service usually delivers mail in a timely manner. Occasionally, there can be glitches where mail might be misdirected or delayed. Getting your bank statement through the mail may take a day or two under the best of circumstances. Also, if you are out of town, you will have to wait until you return to receive and open your statement.
If you opt for online bank statements instead, you can easily log in and access your latest statement or any of the year's back statements as a PDF (portable document format). If you only need hard copies of a page or two of your statement, you can simply download the document and print the pages you need. E-statements give you the best of both worlds.
Security
Having continuous access to your bank statement online also allows you to better monitor your account. You can easily review it for unauthorized transactions or suspicious activity without having to wait for a full end-of-month statement by mail. With an online account, you can also tally transactions as they come in.
While online security may be a concern, this concern will be lessened if you take proper password and network precautions. On the other hand, paper statements could easily fall into the wrong hands. When you are ready to dispose of these statements, you have to thoroughly shred them so that no one can retrieve your information from the trash and possibly access your account.
Worldwide banking
A paperless statement can allow you to access a transaction from anywhere, at any time, using a smartphone or personal computer. And if you have immediate concerns about a transaction, you can access the relevant statement online and verify it using a secured network. When you go paperless, you’ll always have access to your information should you ever receive a concerned call from a service provider.
While some may still prefer paper statements, paperless statements are a great option that can offer you more convenience and security and are proven to be better for the environment.
Sources:
- https://www.thefinancialfreedomproject.com/go-green-save-the-benefits-of-paperless-billing-banking/
1 The information mentioned in this article is for informational purposes only, is intended to provide general guidance and does not constitute legal or tax advice. Each person’s situation is unique and may materially differ from the information provided herein. You should seek the advice of a financial professional, tax consultant and/or legal counsel to address your specific needs before any financial or other commitments regarding the issues related to your situation are made. Popular Bank does not make any representations or warranties as to the content contained herein and disclaims any and all liability resulting from any use of or reliance on such content.