Any downside to going paperless wrt monthly statements from bank and cc?
 

There's a strong movement afoot to push everyone to paperless....to the point where I am being charged extra each month to receive a statement in the mail.

Bank, cc company, cable company....those are the three for me, with the bank the only one currently charging extra.

I lead a pretty simple existence so haven't really had the need to go through past statements for anything. In fact, the more I think of it, the less I like the idea of storing them away in case something comes up.

Just wondering what your thoughts are on this subject.

TIA!

I like paper copies if only to not rely on the providers retention policy. I wouldnt pay for statements though, if you want a copy just print/save it once a month and file way.

It will welcome you to 1999...

Paperless is great for all bills

BUT

make sure you keep up and print yourself out a hard copy maybe every quarter or something for your reference, and taxes if you need it.

Some places don't let you access more than a year back or so, so if you need to look at it or if you file an October extension for your taxes and you go back to look at your . . energy bill from 18 months ago you might not be able to find it.

SmileWavy

Yeah, go electronic, then if you want paper copies, then when you log into your account on their website, print out the current copy.

I don't see a downside for you. Possibly a downside for the USPS, but the junk mail industry seems to be keeping them in business for now.

Been paperless since 2005 on all three. '05 was fresh of the boat for me.

Depends on how good a handle you have on your spam / junk mail issue.

Easy for stuff to get lost / buried if you have a bad spam problem.

Me, I go paper all the time, every time.

Since everything arrives on different days it helps me stay organized.

All bills go in a stack and I deal with the stack at one time.

Paperless all the way.

The FED requires banks keep statements going back 7 years. This includes credit cards, mortgage statements, etc.

Paperless..much easier. Won't be long before there is no choice.

I would go paperless but the wifey would dispose of me if I did so. She likes a paper record.
Old school....:confused:

we are paperless.

i think there was a hiccup when we needed some quick backup paper during our home purchase..and tax time.

but i think my wife found the statements online and printed just what she needed.

dunno..i am the knuckle-dragger at our house..bills bore me.

Go paperless. You can always go back and find a statement on the back or CC web site form years back.

I have been keeping my accounts in Quickbooks since the day's of 5.25 inch floppies. Now I just download the activity regularly. I can balance my checkbook in 15 seconds and it matches the institution. Super easy to do.

I do still get some paper statements from my electric and gas company. I have them set up on automatic bill pay so I don't have to do anything and they get paid. I just love seeing the monthly statement arrive and seeing DO NOT PAY THIS BILL in bold on the amount due line. If they ever start charging for the paper statement, I will drop the paper version.

paperless. Make file folders by year>>month>> subject in documents folder. Save as .PDF. No more losing paper, fading ink or BS.

Done.

Thanks a LOT to all who posted their opinions and input. I really appreciate it.

Everyone's situation is different but it helps to get some context from you good folks.

Even though, like I said, everyone's situation is different - for the most part, I think we're mostly all in the same boat, if that makes any sense.

:)

Since have been an internet user since 1991, paperless is great. The thing I don't like is when they just send an email to log on to see my bill. Would much rather receive a password protected PDF.

The company I work for's HR department recent started using a service you must log into to get a copy of your paycheck statement. They are giving every employee a company email account for employees to be able to access the information. It is going to cost them more per month in extra email accounts than it would mailing statements on payroll, and health and wellness, 401k, etc to people that don't already have a company email account.

This is surprising coming from you. I would have thought you left paper behind 15 years ago, way before the rest of us.
I have more trouble keeping paper organized than dealing with email. I have one google account for finances. It is only used for mail to and from vendors and financial institutions - about 10 correspondents total. Spam on that account is virtually non existent.

I went paperless after a hacker managed to get my snail mail forwarded to his POB and used the content to attack my assets.

Suggest you make sure to get electronics records as far back as you (may) need. Some companies shorten how far back in time you can go to fetch electronics records if you make the switch. Much easier to pull the records (PDFs) before you make the switch, if this is the case. Faster to pull records off server than to scan your hardcopy. Also, scans of checks provided in hardcopy statements may be deleted if you sign up for all electronic. Else, electronic (PDF) is the way to go.

For those who use paperless do you login every month and download/save a PDF on your backup drive? Or do you rely on the bank/agent to save old copies on their site for you?

Went paperless many years ago. The only PDFs I save are bank statements. I do print off and file hard copies of all EOY financial statements for IRS purposes.

All our recurring bills (utilities, Visa, etc.) are paid automatically via credit card or EFT. I get e-mail notifications of all monthly statements and just verify the amounts are correct. We use one cash back credit card to pay the recurring bills and use that card for nothing else. Those bills that can't be paid via credit card such as Visa are paid with EFTs. I generally write only 2 checks a month and that is to the maid service. All I really have to do is make sure there is enough money in the bank to cover everything.... :rolleyes:

The one thing I've thought about doing is setting up a separate g-mail account for the monthly and other financial statements as WD has but haven't gotten around to it yet.

I realize some would not be comfortable just setting up everything to be done automatically but we've had no problems at all and it greatly simplifies things. YMMV.