The State of Bank Statements
July 18, 2007 at 11:27 pm by Ehab BandarHave you ever wondered who looks at bank paper statements besides your accountant and your uncle Bob? Bank statements historically were used as a report of activity over a certain period of time, typically monthly. All transactions, fees and information would be collected and organized into one neat statement, which a customer can then review and reconcile with their actual activity.
Paper bank statements are steadily being surpassed by e-statements, which increasingly are used for archival purposes rather than their original intent to inform customers of their past activity. With online banking, generating periodic statements has become a thing of the past. Tracking, finding, and reconciling transactions can now be done through queries using any date range. Imagine getting a statement from your email provider of all the messages you sent and received in a month? That’s what bank statements feel like to me. It’s almost as if banks issue statements so they can justify their ’service’ fees. That’s one statement we can all do without.
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July 28th, 2007 at 3:18 PM
Actually, credit unions are racing to adopt e-statements and see how many of their members they can get to accept e-statements instead of paper statements. Credit unions realize that there are large cost savings to be had if everyone adopted e-statements. The reason why banks and credit unions must still send some sort of monthly statment, whether paper or electronic, is that they are required to by law.