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Thread: Why did Banks ....

  1. #1
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    Why did Banks ....

    quit sending monthly statements. It sure helped keeping the check book balanced and you always knew how
    much money you had. Some times I have to go to the bank just to check my balance.

  2. #2
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    Jan 2004
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    Lewiston, Idaho
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    Our bank sends a monthly statement. They have encouraged us to paper-free but not made it mandatory. That being said, I check our accounts online at the 3 banks with whom we deal.
    Last edited by Ken Fitzgerald; 04-29-2020 at 3:01 PM.
    Ken

  3. #3
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    Orwell, NY
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    My bank started charging $2 a month for mailed statements a couple of years ago, but they issue a free e-statement that I can view and print from their website. I can print it in a way that saves a bit of paper, and since the sheets haven't been folded into an envelope they're easier to file neatly, so I guess it's not all bad.

  4. #4
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    Minnesota
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    Most people use online banking now and dont want paper. Saves the bank money not printing all that.
    If you also use online banking, you can probably opt back in to paper statements. And check your balance.
    Otherwise, your banker may be able to update your preferences next time you're in the bank.

    Assuming they still offer the choice of paper statements. I suppose every bank is different.

  5. #5
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    Okotoks AB
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    Banking is so much easier & better than it was back in the day. Paper statements are just more paper to clutter up my desk or for me to loose. And no need to go to the bank, just check your account online. I haven't seen the inside of a bank for months (maybe a year?), either for personal or my business.

  6. #6
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    Dec 2005
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    West Lafayette, IN
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    Just create an online account with your bank via their website or an app to view your statements.

    Sometimes they’ll send an email or letter stating that you’ll be switched to electronic statements only unless you respond saying you want hard copies.

  7. #7
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    Online banking is so much easier. Being able to look at the different accounts with a simple click of the mouse, not having to rifle through a stack of printouts is great. I don’t miss the paper statements at all.
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  8. #8
    I am at my bank a couple times a week, I prefer paper statements

  9. #9
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    E TN, near Knoxville
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    Quote Originally Posted by lowell holmes View Post
    quit sending monthly statements. It sure helped keeping the check book balanced and you always knew how
    much money you had. Some times I have to go to the bank just to check my balance.
    They, like internet, cell phone companies and others, eliminate printing and mailing paper to reduce costs. The bank we use (credit union) still sends out paper statements. I mostly use the on-line banking - it provides instant monitoring of all accounts, transfers, etc. They offer online check deposits so the reasons to go to the bank are decreasing. But I do like going to the branch office, talking to the people, depositing or getting cash. In "normal" times, that is.

    JKJ

  10. #10
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    Sep 2016
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    Modesto, CA, USA
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    Sending anything in the mail probably costs at least one dollar. This is just the postage, the envelope, the sheet of paper, printing a generic thing on the paper, inserting and sealing the envelope and addressing the envelope.

    It costs more if you want any actual specific information on the paper and if the address has to be related to the paper inside.

    Wells Fargo just "improved" their online banking and I can no longer look at statements online beyond the balance and any pending transactions. Now I have to download that information separately for each account. What a pain a much slower. It probably saves some cost in computer storage fees.
    Bil lD

  11. #11
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    Kansas City
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    My banks will still send paper at your request, but they charge extra for it.

  12. #12
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    N.E, Ohio
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    Where we have our checking account statements are sent monthly no charge. Where we have savings accounts one of the banks has switched to quarterly and the other one sends an annual statement only unless the account has transactions. My wife prefers paper statements and I insist on paper bills - utilities, cable, cell phone etc. insures that I do not miss a payment. I do not let any company other than two insurance companies make direct withdrawals from my checking account. These two insurance companies basically insisted on direct deduction, I agreed only because the amount is the same every month and they give at least 30 notice via snail mail of a premium increase.
    George

    Making sawdust regularly, occasionally a project is completed.

  13. #13
    Join Date
    Feb 2014
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    Suffolk, Va.
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    Completely paperless here. I actually scanned all my file cabinet documents and shredded the paper. All bills are paid automatically so I only write checks for any one time purchases where I can't use a credit card maybe 6 times a year. Really makes life easier.
    Michael Dilday
    Suffolk, Va.

  14. #14
    Join Date
    Oct 2008
    Location
    Columbus, OH
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    No paper statements on bank accounts anymore. Just a waste of a couple $ a month. I don't even balance the checkbook anymore. 20 years ago I realized that all discrepancies between my checkbook balance and the account balance were of my own doing so I was just wasting my time. I also run almost all of my monthly bills to my credit card so I only write 2 checks a month now. And I have some alerts set up to track transactions on the accounts.
    Brian

    "Any intelligent fool can make things bigger or more complicated...it takes a touch of genius and a lot of courage to move in the opposite direction." - E.F. Schumacher

  15. #15
    I use Wells Fargo. I just went online, clicked on 'accounts', clicked on 'statements', and a link to years worth of PDF'd monthly statements shows up. I clicked my March statement. It's NINE pages of account activity for ALL my accounts; biz checking, personal checking, three Visa accounts, one Mastercard account, our mortgage, plus my 'Rewards' account and a couple of pages on how to balance my checkbook, money tips, etc... Every statement page is identical to what they send in the mail, and you can print them yourself. Works for me...
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