by Marcia Studley

Created on: April 30, 2009

While my heart and sympathies go to the 'yes' side of the debate on whether or not we should switch from paper to electronic bank (and other) statements, I have to base my opinion on the realities of the world. Those realities are such that to ensure I have documentation of what I need, when I need it, I still need good, old fashioned paper statements. I've often considered signing up for the electronic option, especially since it's being offered so often now by almost every up-to-date business out there, but I've held back. I'm just not trusting of what the future might bring.

Here is a case in point. We've had a lot of bank closures in the last year or so, and there have been several take overs of financial institutions. This has meant a transitioning of our accounts. If using electronic statements, some folks are just plain out of luck now. For example, my bank was taken over by another bank. As the transition neared completion, we were told that only our last few months would be available on the new site. That meant that everything prior to the date of the computer move was lost to us in terms of being able to access it online. If we wanted a record of these transactions, we had to print it out ourselves. Do you have any idea how much paper that would take to print out the entire history, not to mention the time involved? It wasn't just a matter of going in and requesting a one time print job, but it was a matter of putting in dates for one month at a time. I was ecstatic that I hadn't acquiesced and switched to the electronic way of doing things. I wonder how many customers actually spent hour after hour printing out their information. It would have driven me up the wall.

Another negative for me is that often to get a copy of something we need, such as a check, it requires a fee. I view that as robbery of the customer. The paper statements are part of the deal; they're free, so why should a customer have to pay for a copy of something they could get free if they so chose?

Related to this, it irks me big time that companies aren't giving the customers anything to say 'thanks' for cutting down their business' costs. Banks and creditors are saving big bucks by not having to create printed statements and mail them, but what do we get as a 'thanks'? Nothing. I want to see a credit, a monetary amount given to me as an appreciation for what I'm saving a business. Some companies are offering one-time incentives to switch, but I believe it should be an ongoing thing.

Finally, not all institutions are quick in providing the paper copy of whatever is requested. If I'm on a deadline, I have no guarantee that I'll have my proof when needed. I want it now, and the only way I can assure that is by having the paper copy just like I've always had.

So, I'm for doing all we can to protect the environment and our future by going to electronic statements, but at this point in time, I don't believe it's a wise or safe thing to do for all of the reasons mentioned above.

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