Paperless Statements

[disneysteve]

The unfortunate fact is that, paper or paperless, we're all vulnerable.

This is true, but it is far, far easier to suffer a security breach with paper than electronically. The number of people who have the skills to hack a secure electronic server is small while anybody anywhere can steal personal data on paper - no skill required.

Still, I want the printed copy so I'll stick with paper bills for the most part.

[cooliemae]

Ever since I could, I've used electronic statements and have never had any problems resolving issues. I keep all my finances in Quicken and update my finances on a daily basis, so I don't have a need for statements at all. So can those that use statements help me out as to why I would need to keep them, either electronically or on paper? I can understand the notes for tax purposes, but I have my categories set-up in Quicken so I simply have to run a report for totals. What else does everyone use their statements for.?

[GREENBACK]

What else does everyone use their statements for.?

Occasionally a lender will want to see certain things like previous paystubs(I print and file these) or something like that but not sure about much else. My experience is that most things are accesible electronically if needed for purposes like this.

[MonkeyMama]

Ever since I could, I've used electronic statements and have never had any problems resolving issues. I keep all my finances in Quicken and update my finances on a daily basis, so I don't have a need for statements at all. So can those that use statements help me out as to why I would need to keep them, either electronically or on paper? I can understand the notes for tax purposes, but I have my categories set-up in Quicken so I simply have to run a report for totals. What else does everyone use their statements for.?

Agreed.

I believe somewhat in paper trails, but that is what the printer is for. I print out all of my 12/31 asset statements, and a few Quicken reports, annually. That is about it.

Personally, I have had a lot of negative experiences with mail, so the less that goes in the mail, the better. There was a mail theft ring at the post office that my office uses (stolen checks and lord knows what else), and I am pretty sure a massive identity theft I suffered originated through mail theft, years later and through another post office. As long as there is paper mail that is easy to steal, I will take the internet any day. Paper is easy and low hanging fruit. For the record, we have a locked mail box, so none of this was in regards to unattended mail. My understanding is that far more fraud happens through the mail than on the internet, anyway. Of course, doesn't mean either is fooolproof and problem-free.

[Thrif-t]

Ya I get the paper statements. Reason being if something were to happen to me, my spouse would be lost. He'd have no clue how to get into my mail and get access to all that. I too get Vanguard estatements because of the fee waiver, but that isn't a bill DH would have to ever worry about paying in my absence. Nope until he gets with the 21st century and for the well being of our children, I need those paper statments.

[ecoadapt]

Interesting... I hate receiving paper statements. In fact, anytime I get one, I briefly look at it, immediately shred it, then go online and download the electronic version. I suppose going paperless was easy for me, because by the time I started getting monthly bank, CC, and other statements in '04, paperless options were already starting to become a common practice.

Personally, I absolutely prefer paperless statements. I can keep records WAY easier in digital form than paper. I keep everything digitally, organize them by company, product (CC, banking, investing, etc), year, and name them by month. If I want to look at any of them, it takes seconds to pull it up and I can easily compare side by side, and even copy/paste into excel for more in-depth work. I just find record keeping to be so much easier to do digitally than to have filing cabinets full of financial records (my parents had these when I was growing up, and frequently vocalized the pain in the butt that it was). I even keep my taxes in digital format -- scan everything in (if you even did them hardcopy -- I've e-filed since '07), and it's done. Plus, digital records are easy to back up, so if my computer dies, I've got backed up copies of everything.

The biggest objective benefits of paperless are obviously the environmental resource angle, and also some companies waive minimum balance or monthly fee requirements for going paperless (normally including both statements and direct deposit).

I,myself would consider paperless statement. Aside from the 'environmental' aspect,I barely read those papers unless it's payment time. It would be less hassle and digitally it will save you much time!

[minnie1928]

This is true, but it is far, far easier to suffer a security breach with paper than electronically. The number of people who have the skills to hack a secure electronic server is small while anybody anywhere can steal personal data on paper - no skill required.

This is the point I was trying to make, thank you DS.

As far as the comment regarding using a key to unlock your box, that may be true in some areas. But, in my experience, I just recently moved to my first house where a key was needed to open the mailbox. And let's just say that I'm no spring chicken

[Gina23]

How so? Anything on the web is fair game for hackers. When we phone a cc company, for example, regardless of how we receive statements, every employee has access to our accounts.

Are you talking about the postal service losing our mail, which can fall into the wrong hands? The chance of that occurring, although very real, statistically is much less than transmitting all your private data through the net and receiving a virus.

The fact is that whether you receive paper statements or not, our information is stored in some electronic database out there somewhere open to "viruses and hackers." Not receiving paper statements simply reduces the amount of hands the information can touch. Being in IT and having worked for a large brick and mortar financial institution, I can tell you that the less hands that your information touches, the better.

[disneysteve]

The fact is that whether you receive paper statements or not, our information is stored in some electronic database out there somewhere open to "viruses and hackers."

That is an excellent point. So if you go paperless, there is only the electronic way for people to hack your info. If you get paper, there is the electronic way AND the paper way. That is the perfect explanation of why paperless is more secure.

[Gina23]

That is an excellent point. So if you go paperless, there is only the electronic way for people to hack your info. If you get paper, there is the electronic way AND the paper way. That is the perfect explanation of why paperless is more secure.

Precisely...

[GREENBACK]

Ya I get the paper statements. Reason being if something were to happen to me, my spouse would be lost. He'd have no clue how to get into my mail and get access to all that. I too get Vanguard estatements because of the fee waiver, but that isn't a bill DH would have to ever worry about paying in my absence. Nope until he gets with the 21st century and for the well being of our children, I need those paper statments.

This is a good reason. In the electronic world of a gazillion passwords for everything you are vulnerable if something happens to you and your spouse or others have to handle things. I make sure the information is available and useful and it's not too much more difficult than paper.

[jpg7n16]

What it takes to keep paper statements:
-File cabinet
-Filing system
-Shredder
-Space in trash bags for shredded documents
-Sorting through mail to see what's relevant
-Keeping up with where you put everything

What it takes to go paperless:
-Computer
-Internet

I obviously go paperless whenever possible. If I need a statement, I go to their website.

[GREENBACK]

What it takes to keep paper statements:
-File cabinet
-Filing system
-Shredder
-Space in trash bags for shredded documents
-Sorting through mail to see what's relevant
-Keeping up with where you put everything

What it takes to go paperless:
-Computer
-Internet

I obviously go paperless whenever possible. If I need a statement, I go to their website.

Yep! that's why I switched.