I wrote previously about how online banking is rapidly becoming the norm, and I thought I’d post a quick example of how much of an impact online access has had on my family’s finances. Just the other day we signed up to receive online statements from our bank, thereby completing our transition to 100% online financial statements. That’s right… We now get all of our banking, investment, and credit card statements online rather than receiving hard copies in the mail. While some people may may be uncomfortable about the lack of a hard copy, or about online security, I much prefer it this way.
Indeed, rather than drowning in a sea of paperwork, I can simply ‘print’ a pdf and store an archival backup on my hard drive. If it turns out that I really need a hard copy for some reason, I can just as easily send it to my printer. And the security concerns are really a non-starter as far as I’m concerned. After all, your streetside mailbox is no more (and arguably far less) secure than your your financial institution’s servers. There’s no telling who might just walk up and help themselves to your sensitive financial information. On top of this, it’s ultra-convenient and environmentally friendly — you get instant access to your statements the moment they are ready (you are usually notified via e-mail), and far fewer trees will end up getting cut down.