While many financial institutions offer the option of digital statements, not everyone takes advantage of this convenient service. According to a 2017 survey by Javelin Strategy and Research, approximately 61 percent of checking account customers subscribe to paperless statements, as Nerdwallet shared. Discover the three primary benefits of going paperless with your banking statements and communications.
Help the environment
Perhaps the most obvious benefit of going paperless with your banking is to save the trees and reduce paper waste. The average American uses the equivalent of one 100-foot-tall Douglas fir tree worth of paper each year, per the U.S. Environmental Protection Agency. By switching to paper statements and other forms of communication with your financial institution, you’ll contribute to a greener environment.
Less paper cluttering your home
According to the National Association of Professional Organizers, most consumers don’t look at 80 percent of the paper mail we receive, after looking at it just once. For many people, bank statements can fall into that category. Electronic banking statements and communications will reduce the number of paper you have entering your home, and thus, help reduce the paper piles that tend to accumulate on hallway tables and kitchen counters.
Better security for personal information
Per The Balance contributor Latoya Irby, going paperless is a better way to protect your personal information from identity theft. All it takes is for one paper statement to fall into the wrong hands or arrive at the wrong address, for a stranger to access personal data. Electronic banking usually involves a multifactor authentication for a user to access their financial account, as Nerdwallet relates. Many financial institutions also use a high level of encryption to protect your online ID and password from hackers.
By adopting electronic banking statements, you can do your part to help reduce the carbon footprint. You’ll also experience the peace of mind that comes from less paper waste in your home, and increased security for your personal information.