Advantages and Disadvantages of Electronic or Online Statements (eStatements)
/Advantages and Disadvantages of Electronic or Online Statements (eStatements)
First Published Date: July 15, 2012 ADawnJournal.com
Financial institutions and all other institutions, whoever needs to send you a statement monthly, quarterly, or annually, are moving towards eliminating paper statements and encouraging customers to subscribe or access statements online. Some banks will charge you if you still want to have paper statements. I am slowly switching from paper statements to online statements. Today, I will discuss some advantages and disadvantages of having statements delivered online.
Advantages of Electronic or Online Statements
– When I moved in the past, I was always scared that my paper statements would arrive after I had moved and it would go to the wrong hands. With online statements, this is not possible as you will have access to it anywhere on earth 24/7 – regardless how many times you move or wherever you go.
– Easy to manage and keep organised. With paper statements, I always had statements piling up and sometimes I missed deadlines because some statements went missing or were underneath so many other statements. Online statements make your life a lot easier and never miss a payment again if you know how to keep your email organised and tidy.
– No more waiting for the mail to arrive. Better yet, no need to worry if your mail goes missing. Electronic statements are available and accessible instantly as soon as your institutions release them.
– Saves trees and saves money. Feel good about yourself knowing you are doing your part to protect the environment.
Disadvantages of Electronic or Online Statements
I don’t think there are really any disadvantages using online statements. Some may argue that online statements are not secure, lots of hassle to access, and lacking the ability to have physical records. All these disadvantages are actually depend on how you handle it. If you are knowledgeable enough to secure your digital life, online statements are actually more secure than paper statements. And if you still like to have paper records, online statements give you the option to print it off to file it for your records. I recommend you go through some articles I wrote regarding Internet security here: Internet & Investment Fraud and Scams
NB – Online or electronic statements may also be known by other names such as electronic or online documents (eDocuments or eDoc), electronic or online invoices (eInvoices),electronic or online billings (eBillings), and so on.
