Do you get bank statements by mail or

[Lisa loves Pooh]

I should add that I do almost all of my banking online. Pay all my bills that way, transfer $ between accounts, check balances, etc.

But even though I do that so easily I just have this little voice in the back of my head (I know it is my dad because he is so darn careful with money) and that voice says "what if your internet banking site goes down? then what? you won't have statements to back up just how much money was in those accounts, or that X bill was paid 2 months ago!"

I guess I just consider the hard copy a "back-up" of sorts.

I would call and order one for free. USAA doesn't have branches, so we are very accustomed to remote banking and stopped our statements a long time ago. We have mutliple accounts with specific purposes and it is all accessible from one page. Haven't had trouble in about 13 years...so we are very comfortable with no paper. We even scan our deposits now. So weird, but now I have to shred the endorsed checks.

 

[DVC-Don]

Online. The kids still get a quarterly statement of their savings via mail though. One of our neighbors had their mail stolen from their roadside mailbox last summer.

 

[Ohiodislover]

No statements by mail. I go paperless for anything I can.

This is us too.

Only problem was trying to come up with 3 pieces of mail to submit to my DD's school for residency verification after we moved. Seriously, took a few weeks, since there was a list of accepted "official" mail. No mags, flyers, or personal mail.

 

[Silent1CB]

I meant put them on paper and put that in your filing cabinet. I hate the amount of paper wasted with all the junk in the bills then keeping the bills themselves and storing them-it is just easier to have everything online.

I prefer not to do that, but thank you for you suggestions. I like our system.

 

[wdwfan16]

I do most of my banking online but I still prefer paper statements. I save them with our tax returns for the year. The bank only keeps a few years back of statements. It is easier to find something on paper.

 

[Darsa]

I get mine electronically. BUT, when I make a payment I always print out the payment confirmation page, and that's what I keep. A lot less paper is used than if I had multi-page statements and return envelope and original envelope sent to me, and I still have paper copy of my transaction.

 

[disneychrista]

The only paper bills or statements I get are for my local utilities (water & sewer) and my mortgage statement (which I have requested them to not send but still do).

I look at my bank accounts several times a week and never look at my statement (no need).

 

[bicker]

So make a list of your passwords and put it in a file.

Be sure to encrypt and password-protect the file.

 

[MarkBarbieri]

I'm an electronic file extremist. I started scanning and shredding my paper documents back in the '90s. Now I get everything possible electronically because it saves me the scanning and shredding step. Even for accounts that keep electronic statements on file, I download and save those.

My physical filing cabinet is tiny now. It has tax documents, passports, social security cards, and insurance policies. That's about it.

I love having everything electronic for several reasons. It's easier to find things. I can make backup copies of everything and store a copy off site. It takes up virtually no space. Because it is well encrypted, it is more secure than paper files sitting in my house. It saves on paper and delivery costs.

Instead of relying on mail to let me know when to pay bills, I have them all handled automatically. My paycheck is direct deposited. Money is automatically sent to my various savings and investing accounts. My credit cards, utilities, memberships, and insurance policies all auto-draft my checking account. The only bills that I have to pay manually are taxes, HOA fees, and flood insurance. Those only happen once a year, so they aren't too bad. I wish they'd move into the modern era and set up direct drafts as well. I actually changed electric companies once because they couldn't handle auto-drafting well.

To keep track of everything, I use Quicken. I reconcile all my accounts frequently (usually weekly). It's very easy to do and it helps me catch accounting mistakes quickly. I also link images of my bills, checks, etc into my Quicken account. That way, if I'm looking at an entry for a credit card bill, paycheck, hand written check, or whatever, I can click on a button and pull up the electronic image.

As electronic focused as I am, I can see why some people prefer to live in a paper world. For me, I am most comfortable with everything electronic. With paper, I never feel in control. I feel like I truly "have" something when I have it in an electronic form that I can control. I know many people that feel the opposite and "having" something means having a physical copy. Whatever works for you is the right solution.

 

[Imzadi]

Paper records for a certain period of time.

I'm not sure how long my bank keeps my electronic monthly records. I'm bad at record keeping. That's what the monthly paper statements are for. If I get my taxes audited and have to produce records for 3 - 5 years, I need those paper statements in hand for that long. I don't want to go to the bank & hear that they only keep electronic statements for 2 years and I'm screwed.

Once, my bank switched companies, in a take over, or whatever you call it. I noticed they were no longer doing monthly auto-payments from my checking to my credit card account - which I had been doing for YEARS. My account had been currently paid off for several months. But, when I started using the card again, the auto-pay should have kicked in. The new bank said they didn't have any record of a previous auto-payment plan on my account. They wouldn't take off their late charges as THEY didn't have any proof. Nope, I don't trust my bank to keep records for me anymore.

 

[bicker]

In many cases, there is no longer a discernable difference between one's own printing of electronic records and paper statements.

 

[MarkBarbieri]

I'm not sure how long my bank keeps my electronic monthly records. I'm bad at record keeping. That's what the monthly paperstatements are for. If I get my taxes audited and have to produce records for 3 - 5 years, I need those paper statements in hand for that long. I don't want to go to the bank & hear that they only keep electronic statements for 2 years and I'm screwed.

Once, my bank switched companies, in a take over, or whatever you call it. When I noticed they were no longer doing monthly auto-payments from my checking to my credit card account - which I had been doing for YEARS. My account had been currentlypaid off. But, when I started using the card again, the auto-pay should have kicked in. The new bank said they didn't have any record of a previous auto-payment plan on my account. They would take off their late charges as THEY didn't have any proof. Nope, I don't trust my bank to keep records for me anymore.

Just because you cannot rely on the bank to keep statements doesn't mean that you need paper. You can keep your own electronic statements. You can download (or print to a PDF file) the electronic statement and keep that. If you ever need a paper copy, just print it.

 

[Imzadi]

Just because you cannot rely on the bank to keep statements doesn't mean that you need paper. You can keep your own electronic statements. You can download (or print to a PDF file) the electronic statement and keep that. If you ever need a paper copy, just print it.

Thanks, I didn't know about that!

 

[ZuZugal]

Thanks so much for all of the good advice everyone.

I am QUITE intrigued by your system below Mark. Maybe I will make small steps towards being able to be paper-free AND feel safe about it. I like the idea of making a PDF copy of the statements and dropping them all in a file on the computer instead of in the file cabinet.

I'm an electronic file extremist. I started scanning and shredding my paper documents back in the '90s. Now I get everything possible electronically because it saves me the scanning and shredding step. Even for accounts that keep electronic statements on file, I download and save those.

My physical filing cabinet is tiny now. It has tax documents, passports, social security cards, and insurance policies. That's about it.

I love having everything electronic for several reasons. It's easier to find things. I can make backup copies of everything and store a copy off site. It takes up virtually no space. Because it is well encrypted, it is more secure than paper files sitting in my house. It saves on paper and delivery costs.

Instead of relying on mail to let me know when to pay bills, I have them all handled automatically. My paycheck is direct deposited. Money is automatically sent to my various savings and investing accounts. My credit cards, utilities, memberships, and insurance policies all auto-draft my checking account. The only bills that I have to pay manually are taxes, HOA fees, and flood insurance. Those only happen once a year, so they aren't too bad. I wish they'd move into the modern era and set up direct drafts as well. I actually changed electric companies once because they couldn't handle auto-drafting well.

To keep track of everything, I use Quicken. I reconcile all my accounts frequently (usually weekly). It's very easy to do and it helps me catch accounting mistakes quickly. I also link images of my bills, checks, etc into my Quicken account. That way, if I'm looking at an entry for a credit card bill, paycheck, hand written check, or whatever, I can click on a button and pull up the electronic image.

As electronic focused as I am, I can see why some people prefer to live in a paper world. For me, I am most comfortable with everything electronic. With paper, I never feel in control. I feel like I truly "have" something when I have it in an electronic form that I can control. I know many people that feel the opposite and "having" something means having a physical copy. Whatever works for you is the right solution.

 

[DebbieB]

I have gone paperless on almost everything. Less paper sitting around that I have to shred.