by Tracey Allen

Created on: October 12, 2009

On the surface, electronic over paper sounds like the right choice, however, there are a number of pitfalls to going all electronic. Several considerations to review include; record keeping needs, cost transfer, computer security, computer integrity, email accuracy, database theft, marginalizing segments of the population.

For the purposes of record keeping, audits and for other valid reasons we need a paper copy. So effectively an electronic copy of a bank statement is actually transferring costs to you the consumer and saving the bank/company the cost of printing the bill and the mailing cost. The environment doesn't win, since the paper is stilling being used; only who is printing it changes. We are also effectively reducing mail and therefore labour in the process.

The safety factor is another consideration. Computers are hacked all the time and companies who have large databases are the prime targets. It would be better to shred your important papers and give them to the dog shelter than have your electronic data stolen. It is more valuable to go after large databases of information than one person's garbage especially banks.

Computer integrity has always been an issue, computers crash and data is lost. Again the value of printed copies for your most valuable information comes into play. Yes, you can back up your data and some people actually do, but for those that don't they will lose their records.

Email accuracy or the lost in cyberspace problems can and do arise. If you change your email address, or someone inputs it incorrectly then you need to notify everyone to ensure you continue to get a statement. Paper copies are either sent back to the bank/company or you have signed up for a mail forward service. Yes, you can do a mail forward depending on the situation of how your email address has changed. Additionally, the IT department at the bank/company will receive your returned bounced email while a printed copy will go to the appropriate person who may try to fix the wrong address.

Not everyone has access to a computer on a regular basis. By limiting all billing to electronic we further marginalize a segment of the population who is illiterate or poor.

From an environmental point of view, you will likely still be printing your statement; therefore there are no environmental savings, and you are using electricity via the computer to receive/print your statement.

Switching to electronic statements for banking or other bills/statements may be a good choice for a few, however for the large majority there are issues around safety, cost transfers, computer integrity, lost emails, and marginalizing segments of society with no real environmental savings.

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