Improve Your Life (Really!) with Electronic Bank Statements
BY: Sam Huntington
After reading the title of this post, you might be thinking, "Can electronic bank statements really improve my life?" A reasonable question, surely, but the answer is yes! In my opinion, electronic statements are simply the best banking service available to our customers. And what makes the humble eStatement such a game-changer? Let’s run down the list:
- They're incredibly secure. Security is #1 in everything we do. By making your statements available to you on our secure website, we eliminate theft from postal mailboxes and unlocked mailboxes, common sources of fraud.
- You get immediate access to your statements. Business accounts at State Bank of Cross Plains typically have statement cycles that match the calendar month, so our clients can access their statements on the first business day of the month. Postal delivery of statements takes a minimum of three to five days, not including weekends and holidays.
- They offer unmatched convenience, because they're on our website, where you do your online banking. There's no reason to make room for paper statements in a drawer, file cabinet, or safe. And you can control exactly who has access to your online statements, giving you external and internal account security.
- They're always available. You can access your statement from anywhere using any internet-connected device. You can also choose to download your statements for storage on your own network or cloud-based drive, allowing you to see them even when you’re offline.
- eStatements are environmentally friendly. By eliminating paper production, fossil fuel use in mail delivery, and the associated costs of eventual shredding and disposal of paper, eStatements help play a role in reducing the carbon footprint of bank services by utilizing an alternative that is better for both the parties involved and the planet.
- The price is right. Cost isn’t everything, but it's undeniability something. In addition to the benefits listed above for business clients, banks love eStatements because of the reductions in fraud and statement expenses. Simply put, since we see the value in eStatements for the bank and our clients, we don’t charge our clients for the service.
A common question we get from customers is how potential email fraud factors into the security of eStatements. We remind clients that eStatements are not delivered by email, but reside on our secure website, which requires users to be authorized and authenticated to access. If desired, we can send an email notifying clients that statements are ready to be viewed on our website, although many just remember that the first of the month is when statements are available.
If you would like to make your life better with eStatements or learn more about general account security, please reach out to me, contact any of our locations, or call the Treasury Management area at (608) 798-2400 today.