Senior Living News

What Are Electronic Statements?

An electronic statement is a history of transactions on an account that you receive in an email or access through a website or mobile app. There are a few different types of electronic statements.

• Electronic bank statements: Lists all the debits or payments made out of a checking or savings account and all the deposits made into it, as well as the starting and closing balance for the statement period
• Electronic credit card statements: Details charges made with a credit card and payments received and provides the total balance owed and payment information
• Electronic utility statements: Shows utility usage during the statement period, the amount owed and what payments were made
• Electronic insurance statements: Provides information about the payments received and due and may include information about the cash value if a life insurance policy has one
• Electronic investment statements: Gives information about trades made, earnings and losses on investments as well as the starting and closing balances

How frequently you receive statements depends on the account and the company or financial institution’s policies. Bank, credit card, utility and investment statements usually arrive monthly. Life insurance statements may be sent less frequently, depending on the payment schedule for the policy.

No matter how often you get them, electronic statements tell you the same types of things that the paper statements you’re used to getting in the mail do. In fact, they may be completely identical to your paper statements. You’ll just view them on the screen of your computer or mobile device instead of getting a paper printout.

Benefits of Electronic Statements

Electronic statements can offer some attractive benefits for seniors. Here are some of the biggest ones.

No Reliance on the Mail

With electronic statements, you don’t have to worry about your statements being delayed or lost in transit. You’ll reliably receive your statement online or through email at the same time every statement period, and you won’t need to walk to the mailbox to get it. Plus, electronic statements eliminate the need to notify financial institutions, utility providers and insurance companies if you ever move.

Speed

Checking your statements is the best way to catch errors like unauthorized charges and missing payments. Because you don’t have to wait for the mail, electronic statements can let you spot problems and take steps to address them more quickly. This is important because financial institutions and other companies may limit the amount of time you have to report errors on your statements.

Sustainability

Paper statements may contribute to deforestation, and they create waste in the form of printouts and envelopes. Electronic statements eliminate paper entirely and can be a simple way to lower your environmental impact.

Less Clutter

It’s generally wise to retain your financial statements for a few years for record-keeping purposes, and that means you’ll need to find someplace to put all that paper. For seniors looking to downsize, electronic statements mean retaining access to account information forever in digital form while reducing clutter.

Drawbacks of Electronic Statements

For all their benefits, electronic statements do have some downsides. Read on to learn what you need to be aware of before you opt into electronic statements.

No Paper Trail

Some people just prefer to have paper records of their financial accounts. While it’s possible to print electronic statements for your records if you wish, this will require you to have a printer and purchase paper and ink.

Difficulties With Access

Companies and financial institutions strive to make electronic statements as simple to access as possible, but some seniors may find it challenging to navigate websites, download files from emails or remember usernames and passwords for all their online accounts.

Reliance on Devices

Mobile phones and tablets make it possible to take the internet with you almost everywhere you go. Still, seniors may worry about how they’ll access their account information if they lose, misplace or damage their devices or experience a power outage or computer problem at home.

Security Concerns

Anytime you use online services, you put yourself at risk for unauthorized access, as hackers could obtain your username and password. The good news is that financial institutions and other companies use encryption and other security measures to safeguard your information. By using different passwords for each account, changing passwords frequently and being careful about clicking links in emails and text messages, you can further increase the security of your account.

Electronic Statement Tips for Seniors

To get the most out of electronic statements, follow these tips:

• Read your statement carefully when you receive notice that it’s ready.
• Report errors to the biller as soon as you notice them.
• Bookmark sites on your web browser so you can access electronic statements more quickly.
• Change the settings on your phone, tablet or computer to increase the size of text and make statements easier to read.
• Don’t be afraid to contact customer service with questions about how to read or access your statement.
• Consider signing up for automatic or electronic bill payments to further simplify things.