Three Ways to Store eStatements
Take advantage of technology that lets you better monitor and organize your finances
According to a 2010 article on DailyFinance.com, a study conducted by Javelin Strategy and Research found that 62 percent of individuals who switched to eStatements said that they preferred the digital version to a traditional paper statement because it was easy to access online. These results aren't surprising, since going through months' or years' worth of paper statements looking for one small charge can be daunting. The use of eStatements is a paper-free solution to account-activity tracking that is better not only for organization and management, but also for the environment. It can be a more secure way to receive sensitive information and make operations less expensive, as well.
Simplified financial organization tools still, however, require a reliable storage system. Individuals receiving eStatements must track and organize their statements so that they have quick access to them, even if they've moved on to another financial institution. Here are three easy ways to store your eStatements:
1. Desktop folder
You can create a folder on the desktop of your computer for quick and easy eStatement storage. Every month when your statement is issued, simply download a copy and save it to the folder. Make sure that you add this folder to your normal system backup procedure so that the data isn't lost in the event of a hard drive failure or other problem. If other individuals have access to your computer, make sure you password-enable the folder.
2. Password-protected flash drive
If you want your statements to be portable, use a password-protected flash drive to hold your statements as you download them. Because passwords can be hacked, it is important that you keep the drive in secure locations only.
You can burn the statements onto a CD-ROM and then password-protect access to it. If you buy rewritable CDs, you can continue adding new statements until they no longer fit. It is important, as with a flash drive, that you keep the discs in a safe place and label them properly.
Off-site storage isn't always vital for your electronic records, especially because your financial institution will generally archive past statements. Check with your financial institution to find out the length of time that it archives your statements. Depending on the product (checking account, credit card, student loan, for example) the length of time generally ranges between two and seven years.
Electronic statements provide you with quick, easy access to your financial information, in a form that offers greater durability and security and less impact on the environment. Speak with a representative today to learn more about our electronic statement options.