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Bank charges for paper statements
08-11-2014, 09:26 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 1,085
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Bank charges for paper statements
I've been dealing with a bank for years and have been able to access my account via the web and also have received paper statements. Recently, when I log on to my web account, I need to agree to their new terms that seem to say that I can either use web banking OR receive paper statements. If I want both, I have to pay a fee. I guess it's no big deal if I don't receive paper statements, but was wondering if this is something banks are doing now. Have others experienced this?
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08-11-2014, 09:28 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Sounds like your financial institution is a bit behind the times. Many banks and credit unions started charging for paper statements a few years ago.
__________________
Numbers is hard
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08-11-2014, 09:30 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2009
Posts: 9,343
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I imagine so. My bank initiated charges about 3 years ago for mailed statements, so I switched to paperless.
Sent from my iPad using Tapatalk
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08-11-2014, 09:36 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 1,085
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Thanks for the quick responses. Guess I'm behind the times. However, bank fees are one of my biggest pet peeves!
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08-11-2014, 10:23 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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In Ye Olde Days, occasionally a paper statement would get lost in the mail. Then I would have to request a copy prior to tax time. I always wondered where my lost statement ended up!
Nowadays I just download the electronic statements as PDFs for my tax accountant. Not all banks keep a full year's worth of statements online, so it's a good idea to download a couple of time a year.
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08-11-2014, 10:24 AM
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#6
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Recycles dryer sheets
Join Date: Jul 2013
Location: San Diego
Posts: 144
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My credit union's power checking account gives 2% on the first 25K, but only if you sign up for paperless statements, make 15 transactions per month and use direct deposit. They were kind enough to waive the direct deposit requirement when I retired earlier this year!
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08-11-2014, 11:10 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
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A high security member of this household likes to save paper records (lord protect the ceiling rafters from box upon stacked banker box of paper files going back decades..). Some institutions won't allow some records like 1099s to be forwarded by the PO, so since we are in California during the tax season we arranged to have the statements mailed to us there. Cali tax genies picked up on that and sent me a nice note insisting that I pay Cali taxes, which was fun to contest, as we are Oregon taxpaying residents. Now most everything is delivered online and we work out the home printer making paper copies.
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08-11-2014, 04:26 PM
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#8
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,357
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I remember paper, but don't see much of it anymore.
OTOH, I have a LOT of pdf files on my drive.
One of the best investments I ever made was my ScanSnap. I have the older S1500M model, but the newer version is here:
Fujitsu ScanSnap iX500 Scanner
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08-11-2014, 04:30 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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We have experienced this about 10 years ago. I am glad that we no longer get paper statements for anything. It reduces the amount of mail we shred every week.
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08-11-2014, 05:27 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,674
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I still receive all of my financial statements (including VG) via us mail. I'm holding out until they force me or reward me for going paperless. If they give me an option or force me to go paperless, I can live with it.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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08-11-2014, 05:40 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Jul 2011
Location: Bernalillo, NM
Posts: 2,717
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Quote:
Originally Posted by braumeister
I remember paper, but don't see much of it anymore.
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I just recently saw some multi-part carbon paper. a blast from the past!!!
__________________
"We live the lives we lead because of the thoughts we think" ...Michael O’Neill
"We can cannot compel others to do our will" ....Norman Goldman
"There never is shortage of the gullible to accept the illogical"...Anonymous
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08-11-2014, 06:31 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Oct 2008
Posts: 2,796
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David1961, My credit union went over to the dark side last year and now charges $2 for each monthly paper statement. They gave me an option to go "paperless" and avoid the fee, but I chose to take the $24 hit per year, and keep the paper.
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08-11-2014, 06:43 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,660
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No paper and rarely open the PDF statement either. All transactions reviewed by other means as they happen.
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08-11-2014, 06:45 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Jul 2011
Location: Bernalillo, NM
Posts: 2,717
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Quote:
Originally Posted by RetireAge50
No paper and rarely open the PDF statement either. All transactions reviewed by other means as they happen.
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+1 we just check the bank web site where the transactions are listed.
__________________
"We live the lives we lead because of the thoughts we think" ...Michael O’Neill
"We can cannot compel others to do our will" ....Norman Goldman
"There never is shortage of the gullible to accept the illogical"...Anonymous
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08-11-2014, 07:07 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,671
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Quote:
Originally Posted by RetireAge50
No paper and rarely open the PDF statement either. All transactions reviewed by other means as they happen.
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Same here. I keep the PDFs because they have copies of the canceled checks including the bill-pay checks. These come in handy when the IRS audits you.
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08-11-2014, 09:47 PM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,695
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Quote:
Originally Posted by mickeyd
I still receive all of my financial statements (including VG) via us mail. I'm holding out until they force me or reward me for going paperless. If they give me an option or force me to go paperless, I can live with it.
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Same here. My bank (BofA) stopped including at no charge images of canceled checks a few years ago, now charging a fee. I had just started online banking at the time so I print them off instead. I get my brokerage statements on paper every month from Fido but every quarter from another institution which is fine. They are available in pdf so I could print them off that way if I needed to.
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Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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08-12-2014, 06:08 AM
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#17
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Thinks s/he gets paid by the post
Join Date: Dec 2012
Location: Georgia
Posts: 2,240
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Occasionally we get some paper that we need to scan to PDF before discarding (typically a doctor's bill - not the insurance statement, but rather a bill from the doctor's office), but generally we've set aside any service providers who have refused to go all-electronic. It has made our lives so much easier.
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08-12-2014, 06:49 AM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,304
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We've actively dropped paper statements and all snail mail for years, retrieving and archiving PDF statements is a lot easier. Folks who still insist on paper statements should pay a small fee, paper obviously costs more, not sure why others should subsidize that cost. YMMV
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No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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08-12-2014, 08:11 AM
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#19
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 227
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Speaking of bank fees, I was very surprised to learn that the bank charges my quilt guild a fee for depositing cash. I am the Treasurer & we have a "small business" account. We just had our biennial quilt show which of course took in a large amount of cash. They charged 12 cents per $100, for any cash over $5000 in a month. Thus we incurred a fee of $4.20 last month. Irritated, I considered changing banks, but they all probably have their version of "hidden" fees, & then we'd also have to pay for new checks & deposit slips.
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Every step of the journey is the journey.
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08-12-2014, 09:23 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,263
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Personally, I don't need paper for every transaction or monthly statement. But, I do like a quarterly or yearly paper record.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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