by Ruth Belena

Created on: April 19, 2008

I no longer receive paper statements from my bank, nor do I get bills sent to me from my credit card accounts. I make all my banking transactions on-line.

There are many advantages to using electronic bank statements:

1. I can check my statement any time, any day, so I can always know exactly which payments and deposits have been made and received. My bank account is less likely to become overdrawn.

2. I can make credit card payments any time I want, and I find it quick and easy to do on-line.
3. I can have text and email alerts sent to me, to notify me when a credit card payment is due, and to keep me informed of transactions on my bank account.
4. I can report immediately any illegal or unusual activity on my accounts.
5. On-line banking security measures are good and make it very difficult for anyone else to access my bank account or personal information.
6. Banking on-line reduces paper usage and lowers communication costs for my bank and credit card companies.
7. There is no need for me to visit a bank to make credit card payments, or to find an ATM to check how much is in my account.

When I had monthly statements sent to me by post, I used to check my bank statement to see if it matched my spending each month, and I made monthly credit card payments after carefully checking each statement. I used to keep my most recent statements in a file, and disposed of the previous ones.

There are several disadvantages to receiving paper statements:

1. They can get delayed or lost in the post.
2. They can be used for criminal purposes if they are intercepted or found.
3. They use a lot of paper and cost more to print and to mail.
4. Any unusual transactions or banking errors may not be seen and reported until weeks after money has been deducted from the account.
5. The most recently updated amount of money available in an account can only be checked at a bank or at an ATM.
6. Credit card payments will have to be sent by mail or made over the counter at a bank.

Anyone who thinks it is not safe to bank on-line does not understand it is much more secure than sending out paper statements. If a paper statement is needed, it can always be printed off the web page.

When we make the switch to electronic bank statements, I think most of us never want to return to the old paper system.

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