Compared to traditional paper statements, online statements are conveniently accessible anytime and anywhere, clutter-free and paperless, environmentally friendly, secure and free. They cannot be lost, misplaced or stolen, and do not require manual sorting, filing, storage and shredding.Continue Reading
To avoid the generation of paper statements and the cost of postage, banks, credit card companies and utility firms encourage their clients to receive statements electronically in lieu of paper statements. Online statements also allow these institutions to send the statements quickly so that clients can view them within 24 hours of the statement date. With the widespread use of the Internet, a client can view online statements electronically, download them for electronic filing, or print them if she wishes a physical paper copy.
A client who chooses to receive an online statement typically receives an email from the issuing institution alerting her that a new statement is available for viewing on the institution's website. After logging into her account, the client can view the new statement, which is typically in PDF format so that the document cannot easily be altered. Though online statements are safer from physical theft than paper statements, they remain susceptible to electronic theft that can happen through computer fraud, hacking or theft of storage media.Learn more about Personal Banking