Online banking gives you access to your funds virtually. This option is quickly becoming the greener choice over traditional banks. Banking once required paper checks and carbon copies. These were retained for years as a physical record of bank transactions. Any time a deposit was made, a paper deposit slip or ticket had to be filled out and the bank would offer a receipt in return. Monthly statements for each account were sent in the mail only to pile up, unheeded.
Online banking has solved many of these problems. Check cards and debit cards have replaced the need to write checks. Deposits can be wired virtually to the bank and bills can be paid online. Most banks offer online banking for their customers. A special log in allows the customer to view his accounts. Depending on the policies of the individual bank, the monthly statements for most accounts can be viewed on the bank’s website. An email reminder is sent to the customer, but the bank will never ask for the customer to submit information through an email sent to the customer’s personal account.
To determine if your bank offers paperless options, read the policy information about the online banking program. If eligible, you will never get a paper account statement mailed to you with one exception. A final tax form based on the interest earned in the accounts will be sent in the first quarter of the year to help you to file taxes on the interest earned in those accounts.
Simply put, most checking and savings accounts through online banking will allow you to go paperless.