Don’t write off paper bank statements just yet

Here’s what you can expect from bank statements in the future and how to decide whether sticking with paper makes sense for you.

A MORE DIGITAL FUTURE

Banks have encouraged customers to opt into electronic statements, or “go paperless,” for over a decade, and the push continues; a quarter of banks now charge a fee to send a paper statement, according to 2014 data from banking analytics firm Novantas.

‘PAPERLESS’ ISN’T FOR EVERYONE

About 61 percent of checking account customers only receive electronic statements, according to a 2017 survey by Javelin Strategy and Research. But some people don’t benefit from e-statements. About a third of U.S. households don’t have access to broadband, or high-speed, internet at home, according to a 2015 study by the Pew Research Center. Banks, by law, have to make paper statements available as an option.

WHY SOME PREFER PAPER

• To cut through information overload online. Emails about statements can get overlooked.

• To keep a more permanent record.

• To make it easy for family to find, if necessary. If an older person can no longer manage their finances, relatives might need to step in.

SAVE YOUR STATEMENTS

Tax audits, lawsuits and other situations may require a bank statement. — Nerdwallet