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Paperless Banking

Community Veteran
Posts: 3,826
Thanks: 44
Fixes: 1
Registered: 24-09-2008

Paperless Banking

I've been asked by my bank (RBS) to switch to paperless banking (download statement off of the Internet).
I'm quite happy to do this if the (download) statements are in the same format as the current paper (statements).
I've sampled the download, all the Debits and Credits are placed in the same column with +ve or -ve, where as my paper statements show debits and credits in two different columns.
Even viewing on screen the current information Debits and Credits and the Statement view are in different columns
OK its easily enough to juggle the columns move the -ve numbers to one column and +ve numbers to another column, then re-jig the total column.
Just wanted to see who gets paperless statements
With other banks download statements are the payments in a different column to receipts? or are they +ve and -ve in the same column
19 REPLIES
Community Veteran
Posts: 7,149
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Registered: 30-08-2007

Re: Paperless Banking

We've been using Nat West online paperless accounts for some years, without any problems whatsoever. Nat West periodically adds another level of security depending what you're using the system for...such as online purchase transactions etc.
However, there still supply paper statements every 6 months or so (come to think of it it maybe annually)
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Community Veteran
Posts: 6,281
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Registered: 30-07-2007

Re: Paperless Banking

Both my banks ( NAT WEST is one ) continually invite me to subscribe to paperless banking BUT they don't seem to want to offer me anything in return!!!
At least BT reduced my line rental for it. If the banks offered some incentive I would consider it.
Moderator
Moderator
Posts: 17,249
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Registered: 11-01-2008

Re: Paperless Banking

i'm with MisterW.
My bank doesn't offer me any incentive to switch and we'd end up printing them out anyway for reconciliation purposes.
I switched my BT to online billing because of the reduction in price and it's pretty much a constant  charge.
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jmd
Grafter
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Registered: 30-07-2007

Re: Paperless Banking

I use on line banking and have no problems - its very handy as I can change direct debits/standing orders myself.  I get higher interest [well, I would if there was anything to get interest on!  Sad] by being on line.
Community Veteran
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Registered: 12-08-2007

Re: Paperless Banking

I bank with Lloyds TSB and view my statements on line.  I also still get statements sent to me.  There is no difference in the two formats.  The advantage with the on line statement is that it is bang up to date at all times.
Community Veteran
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Registered: 05-04-2007

Re: Paperless Banking

I bet they have spun it so you'd feel good helping the environment by doing it, rather than saving them printing and postage costs Grin
I wouldn't switch to paperless billing because in the past I've suddenly got a tax return to do, and had to go back a couple of years through my bank statements to work out how much interested I had earned.
At least with paper statements which I file (sort of!) I can go back and figure that out, once I have found them Smiley
I notice with the internet banks (not sure about the others), the only keep a transaction history for so long, and if you wanted to see transactions before that you have to order a paper statement which will cost of course. So I would check how much of a history you can access online and what you would have to do if you needed to go back further than that. If there is no incentive to do so, and it would cost if you needed a paper statement for some reason, then I wouldn't bother.
Bills aren't so bad because once you've paid them, you're not likely to want to refer to them again.
Community Veteran
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Registered: 05-04-2007

Re: Paperless Banking

I'm with a fully online bank (Smile) and have no qualms about the whole paperless banking thing. They don't sell it as being particularly good for the environment (or at least, they didn't when I joined), but the fact is that it does make sense to simply print off one or two pages at home than having that page travel halfway across the country in an envelope that'll then end up on a landfill or at best in a recycling plant. Further to that, at some point I do intend to make the whole thing genuinely paperless by just printing my statements to PDF rather than on to an actual sheet of paper. That way I have all the information I need (with backup too as my whole computer's backed up), for as long as I need it, without wasting any paper unless I do need to produce a physical copy for somebody.
My only reservation about printing off online statements is that I sometimes wonder if they're as 'officially acceptable' as proper ones printed by banks. For example, occasionally bank statements are listed as an acceptable form of identification for something, but I worry that when such a statement has clearly been printed off at home (and therefore could have been easily forged) it wouldn't be accepted. In which case, what is one to do when one only has a couple of forms of ID available?
Community Veteran
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Registered: 01-08-2007

Re: Paperless Banking

@Be3G:
Your last paragraph is precisely the reason why I will not subscribe to online statements.    In support of a person I was sponsoring to visit the UK the Embassy required my bank statements for the past six months, along with other documentation.    All had to be original documents, no photocopies, so I wouldn't take the risk of printing off my bank statements because when you do the web address is listed on the bottom of each page and I wasn't sure they would be acceptable..
Community Veteran
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Registered: 05-04-2007

Re: Paperless Banking

Indeed, although I should add that you should have the option to disable the printing of web addresses and so forth somewhere in the browser (can't really suggest where as it's a bit different for Macs which I presume you don't use).
Community Veteran
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Registered: 05-04-2007

Re: Paperless Banking

Quote from: coastergrotto
In support of a person I was sponsoring to visit the UK the Embassy required my bank statements for the past six months, along with other documentation

Not just that, but I looked into housing benefit recently, and they wanted 3 months worth.
I didn't look too much, but I guess internet banking printouts weren’t acceptable.
Silly really, I'm sure online statements can be easily forged, but then official bank statements must be too (not that I've tried it).
As I said, unless there is an incentive I wouldn't bother.
pierre_pierre
Grafter
Posts: 19,757
Registered: 30-07-2007

Re: Paperless Banking

dont have any experience of internet bank statement, but my electric bill from EON looks identical, paper one or online one, printed on the correct type of paper, who would know?
Interested
Grafter
Posts: 105
Registered: 20-12-2008

Re: Paperless Banking

My partner and I have experiences of paperless billing some banks HBOS Offer a very professional printer compatible finish to their statements and are acceptable by local authority/ student loans for claims.
A regulated FSA bank with a UK base however offers a very simplicity print out which local authority would not accept and now have monthly statements from the bank concerned.
I'd check whether the bank logo prints out on the letterhead as this we were told is key to their "acceptability".
HSBC state the do paperless billing as it saves them money, which they can pass on to customers. Whether  they do or not is another debate.
paulby
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Registered: 26-07-2007

Re: Paperless Banking

Quote
My only reservation about printing off online statements is that I sometimes wonder if they're as 'officially acceptable' as proper ones printed by banks. For example, occasionally bank statements are listed as an acceptable form of identification for something, but I worry that when such a statement has clearly been printed off at home (and therefore could have been easily forged) it wouldn't be accepted. In which case, what is one to do when one only has a couple of forms of ID available?

I had precisely this problem recently when opening a new savings account (not with the same bank I hold my current account with).
The money laundering regulations required a photo ID PLUS two other forms of ID with my address on them (pick from utility bill, council tax, bank statement).  The only bill I had that was "genuine" and not printed off at home was the Council Tax demand. 
The bank in question would not accept a utility bill printed off at home nor would they accept a printed pdf bank statement.
I ended up paying £1.50 for a "genuine" duplicate bank statement!!!
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Re: Paperless Banking

I have used the Smile Internet bank (Co-operative) for a number of years and have never given any thought to paperless billing, other than how convenient it is. I print it off when they send me an e-mail (after 25 transactions) in case I need for reference later, although they do make statements available for the previous year (approximately).
These days I very rarely need to go into a bank and that suits me fine. I really appreciate the control that Internet banking gives me.
Smile are hot on ethical values so saving a stamp and an envelope is a good thing. Also, it is more secure as you are not having personal documents flying around the postal system.
However, having had some experience in the financial services field, I do know that printed off statements are not acceptable to most institutions so it would probably cost to have one sent if you needed this.