You’ve probably heard all about electronic statements, or eStatements, from your credit union or bank. Everyone wants you to switch from receiving your paper statements but nobody wants to answer your questions honestly. Why do they want you to do that? What’s the benefit of electronic statements? Should you really switch to eStatements?
We hear you and we want to help clear up some of these questions for you! Here’s everything you need to know about switching to eStatements:
Are they safer than regular statements?
Yes, tremendously. When you receive paper statements in the mail, you will always run the chance of your mail being stolen or sent to the wrong address. Switching to eStatements allows your important financial information to remain secure on an encrypted server, and they’ll always be delivered to your specific account.
How much do they cost and who can view them?
Enrolling in eStatements is free for any member who wants to join! They can only be viewed by whoever has access to the account. That means if you have a shared account, both account holders are able to access the electronic statements! This puts you in control of who views your financial information!
What are some of the benefits that I get by switching?
There’s actually a lot of benefits that you get for switching to eStatements! You get convenience, safety, stress-free banking and much more by making the switch.
- Right off the bat, it’s faster than snail mail. If you get your statements sent by the post office it can normally take 3-7 days from post to get into your hands. With eStatements, you get access to your financial information immediately. This way you don’t need to wait to balance your checkbook (or checkbook app).
- You can stay more organized with eStatements. Your statements are automatically named and organized online by month and year. No more wasting precious filing space or labeling every statement that comes in the mail—you’re already covered.
- Less worrying thanks to notifications. Don’t worry about where your statement is or when the mail is supposed to come in thanks to notifications from your financial institution. They’ll send you an email and sometimes app notifications when you have a new eStatement ready to view. Some credit unions ask you to set up your own email or text notifications, so make sure to take advantage of the added convenience!
- 24/7 access to your important information. If you need access to your statements and you aren’t at home, no need to worry! Your statements are available online anytime, anywhere with your login information.
- They’re better for the environment. Less papers means less trees get cut down, so you are playing a part in reducing paper waste. Bonus points if your money’s at a credit union; they pass their savings from eStatements on to you! Some credit unions will even reward you for switching to eStatements—that’s money that goes right back into your pocket!
Should I switch to eStatements?
If you value security, convenience and the ability to have access to your financial information 24/7, then by all means you should definitely switch to eStatements.
If you’re the type of person who prefers to get mail and have physical documents to file away, that’s completely fine, too! Some people just prefer to have things that way. If that’s you, then perhaps eStatements isn’t for you.
Do you have eStatements? What do you recommend for those on the fence?