Paperless Statements - Good Idea/Worth It?
Discussion
I've been continually asked by my bank to switch to paperless banking in the past. I use online banking, and the messages pop up regarding this matter. Also been sent an e-mail or two.
It's a nice idea in theory, in that you can help save the planet (the trees), less clutter etc. Plus fraudsters appaerently like paper statements.
It seems i can receive 3 months worth of paper statements free of charge, aswell as switch back to if need be.
Just wanted to see who gets paperless statements.
It's a nice idea in theory, in that you can help save the planet (the trees), less clutter etc. Plus fraudsters appaerently like paper statements.
It seems i can receive 3 months worth of paper statements free of charge, aswell as switch back to if need be.
Just wanted to see who gets paperless statements.
We are on paperless statements for banks and some household bills
i check my bank account online now and again so i dont really NEED a statement.
our work has also gone to electronic payslips as well
i think the only time you might need them if when you need them as proof to open an account/take a loan - but always have the option of getting paper copies.
i check my bank account online now and again so i dont really NEED a statement.
our work has also gone to electronic payslips as well
i think the only time you might need them if when you need them as proof to open an account/take a loan - but always have the option of getting paper copies.
If you complete Self Assessment tax returns, you need to ensure that you pull off the data you will need regarding such things as interest received etc sufficiently ahead of the date you plan to submit the tax return. If you wait too long, you will find that the information may not be available to download off the bank's website. The only course of action then is to contact the bank and ask for the relevant paper documents such as a certificate of interest received or duplicate paper statements.
If you leave this too close to the self assessment filing deadline, you may not get the information from the bank in time to submit your tax return.
If you leave this too close to the self assessment filing deadline, you may not get the information from the bank in time to submit your tax return.
I agree that paperless is the answer. The only issue I've had was proving my ID and address history was difficult when I didn't have any bills in paper format with my current address on! The paper statements are of course well out-of-date when you receive them anyway so may as well stick to checking everything online 
Many years ago I was involved in a tax investigation, this was the time when bank statements were produced manually. The Inland Revenue went back many years, both with business and personal bank accounts, and only through having a friend working within the bank, saved me a lot of money getting the statements reproduced.
I learnt at the time that my memory was not as good as I thought it was, and that I must always keep every scrap of paper, that deals with any personal or business financial transactions, and that the same must have plenty of cross references, in the hope it rekindles my memory.
Although I bank online, I now hold, and will continue to hold, bank, building society statements going back to 1993.
My enclosure on this posting is, that by chance the tax inspector had an unusual surname, and whilst banking at another branch of my bank, the young lady who dealt with the transaction had the same surname. So I asked “Is your dad a tax inspector”, she smiled and said “Yes”, I replied “I have to see him tomorrow”.
I learnt at the time that my memory was not as good as I thought it was, and that I must always keep every scrap of paper, that deals with any personal or business financial transactions, and that the same must have plenty of cross references, in the hope it rekindles my memory.
Although I bank online, I now hold, and will continue to hold, bank, building society statements going back to 1993.
My enclosure on this posting is, that by chance the tax inspector had an unusual surname, and whilst banking at another branch of my bank, the young lady who dealt with the transaction had the same surname. So I asked “Is your dad a tax inspector”, she smiled and said “Yes”, I replied “I have to see him tomorrow”.
dirty boy said:
You can still print the statements as a .pdf file and keep them safely on your hard drive.
(probably password protect them would be an idea though)
But only within a fairly short time period. You usually can't go back more than a few months - which is sod all use if you leave it until the end of the year to complete your tax returns. I recommend to my clients to print off their statements regularly throughout the year.(probably password protect them would be an idea though)
Eric Mc said:
dirty boy said:
You can still print the statements as a .pdf file and keep them safely on your hard drive.
(probably password protect them would be an idea though)
But only within a fairly short time period. You usually can't go back more than a few months - which is sod all use if you leave it until the end of the year to complete your tax returns. I recommend to my clients to print off their statements regularly throughout the year.(probably password protect them would be an idea though)
I'm with HSBC, i've just checked and I can access my bank statements back to February 2004!
anonymous said:
[redacted]
Really?!I needed a paper statement for that very reason recently, and HSBC sent what I needed within 3 working days for the grand sum of nowt!
Going back a bit, when all the bank charge reclaiming was going on, the banks were allowed to charge you £10 to release all your statements that you needed (5 years worth).
And isn't that the same ruling under the DPA and requesting personal information (which I assume a bank statement is)?
One of the main reasons I binned paper statements was exactly that
i had about 7 years worth of natwest statements, and each statement was maybe 3 or 4 pages long (A5 size)
when i paid my £10 they sent me about 6 years worth of records all printed out in a nice way on A4 sheets and it was much less clutter
though the print outs were branded they were not as 'nice' as proper statements, so not sure if they will work as proof as a normal statement would.
i had about 7 years worth of natwest statements, and each statement was maybe 3 or 4 pages long (A5 size)
when i paid my £10 they sent me about 6 years worth of records all printed out in a nice way on A4 sheets and it was much less clutter
though the print outs were branded they were not as 'nice' as proper statements, so not sure if they will work as proof as a normal statement would.
soad said:
Thanks for all the replies.
Mine normally sit unopened for ages, as i do check them online normally.
Get shredded later on, i don't bother keeping more than 3 months worth.
Therefore decided to go paperless.
That's fine as long as you don't need to complete Self Assessment tax returns - where you may need to keep records for at least eight years.Mine normally sit unopened for ages, as i do check them online normally.
Get shredded later on, i don't bother keeping more than 3 months worth.
Therefore decided to go paperless.
Eric Mc said:
soad said:
Thanks for all the replies.
Mine normally sit unopened for ages, as i do check them online normally.
Get shredded later on, i don't bother keeping more than 3 months worth.
Therefore decided to go paperless.
That's fine as long as you don't need to complete Self Assessment tax returns - where you may need to keep records for at least eight years.Mine normally sit unopened for ages, as i do check them online normally.
Get shredded later on, i don't bother keeping more than 3 months worth.
Therefore decided to go paperless.
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