Six years ago I would have been writing for the other side of this debate; and in truth, a part of me wishes that I could have voted yes. In fact, six years ago I opened a “Green Account” at my bank that included electronic statements that were sent via email, and no paper checks. In fact, other than the documents I needed to sign to open the account, there was no paper involved in my bank account at all.
However, having such an account has led to several problems that eventually forced me to change back to the traditional paper trail account.
First, a lot of businesses require canceled or voided checks for one reason or another. Just applying for a loan required a voided check that I was unable to provide. Trying to sign up for direct deposit for my job required a voided check. And trying to work around these types of issues was a long, arduous process.
And various other businesses required a bank statement from me and would not accept a printed version of my emailed statement.
Despite the many advances that we have made regarding identity security, there is still a lot of room for improvement; and several organizations continue to rely on the older methods of bringing in an original bank statement or a voided check to ensure both their security and yours.
Other problems that I have run across regarding the electronic trail of bank statements is how far back I am able to go. Even saved emails will not stay forever in my inbox, and those few times that I have had to go back a significant amount of time have proven to be a headache.
Finally, I do not believe that the majority of people take the necessary precautions to safeguard their electronic statements to make it a viable alternative to the paper trail. I know too many people who seem to fall victim to every email scheme and scam ever invented; and several others who somehow always seem to fall victim to a hacker.
Some people completely fail to protect their computers and software from even the simplest viruses. I could not imagine the damage that could be caused if a hacker got hold of someone’s entire banking history in such a way – I would not even want to fathom a guess as to what that person could do with such information.
Sadly, until these other issues can be addressed and fixed, I do not believe that we should make a total switch from paper statements to electronic banking statements.