Paper has been at the center of our world — but the need is lessening by the day. Organizations and individuals alike are recognizing the efficiencies and benefits of switching to digital from paper products for both us and the environment. This is particularly true for the financial industry, specifically with paper statements and bills.
Opting for electronic statements can save you time and money while protecting your identity – and it’s easier than you might think! Let’s take a closer look at the benefits of making the switch:
Get Your Statements Quickly
Paper statements have to be printed, folded, and transported by mail handling and delivery services. This process can take longer than desired – especially during busy times such as holidays. For instance, the U.S. Postal Service (USPS) published a map tool1, which indicates standard mail can take up to 16 business days to be delivered.
Electronic statements cut out the middle man. They are quickly made available to you through online banking, so you can evaluate your finances, avoid potential late fees, and get back to what really matters.
Plus, you can access your statements anywhere, anytime with online and mobile banking capabilities. No need to worry about forgetting a paper statement at home the next time you’re away on business or vacation – simply log in to retrieve your desired statement or access each as they arrive.
Reduce Your Carbon Footprint
Convenience is a key factor in making the switch to electronic statements, but the environment has more to lose without a significant change. A healthy environment is vital to our survival. A 2017 Signority study found that if just one person switches all of their paper statements to digital, they can save 938 gallons of water, 2.5 trees, 56 gallons of oil, 595 kilowatts of energy, and 12.15 cubic feet of landfill space every year.2
Paper statements are passed through several hands before arriving at your door, making it possible for mail thieves to steal your personal information right from your mailbox or garbage. In fact, the U.S. Postal Inspection Service, the law enforcement branch of the USPS, reported 2,067 convictions of mail theft in 2019 alone.3 And by the time you notice inaccuracies on your account and determine your identity has been stolen, it may be too late.
Electronic statements shine a light on the “dark period” between paper statements by enabling you to check your account activity anytime, so you’re the first to know if someone else has their hands on your information. Additionally, e-statements are only ever seen by you – making it more challenging for hackers to access your funds.
Cut Down on Clutter
Sorting, opening, scanning, and shredding paper statements is a hassle that can quickly pile up. Say “goodbye” to hard copy filing systems that take up valuable real estate in your home, misplacing a statement in a pile of junk mail, and accidentally shredding a bill because it was in the wrong pile with electronic statements!
Visit our website to enroll in Online Banking to opt-out of paper statements and go paperless today!