MOUNT VERNON — Banks have been mailing monthly bank statements to customers as far back as the 1960s, when computers first began to play a role in the industry. Now, more and more banks are moving toward paperless bank statements, which some view as not only quick and convenient, but, in an age of identity theft, safer.
Gordon Yance, president of First-Knox National Bank, said the bank recently began offering paperless statements, although customers still have the option of choosing the paper version. Banks are required to provide customers with period account updates.
“After the first two days we offered e-statements, we had 100 people sign up,” he said.
Yance said customers could access their account information online before the bank began offering paperless statements. The e-statements, however, are more formalized, look exactly like their paper counterparts, and can be printed. He said there are a number of safeguards in place to prevent criminals from stealing the personal information.
James Thurston, spokesman for the Ohio Banker’s League, said he thinks using e-statements is a lot safer than having a statement in the mailbox.
“We find that some of our member banks are going to e-statements solely,” he said. “A lot of community banks are also making that change.”
Thurston said it’s important to for the public to know that e-statements and electronic banking in general is very safe, despite news stories about data breaches.
“It adds a new level of efficiency,” he said. “And a lot of customers are willing to make the change.”
James Baker, president of Ohio Heritage Bank, said his bank started offering paperless, e-mail statements about a year ago, and the change has been met with great success.
“Do the majority of the customers do it? No. But it’s something I think, over time, more and more people will switch,” he said. “We’re tickled with the success.”
Baker said that, as an added bonus, the move toward paperless statements cuts down on the amount the bank spends on paper and postage. He added that the bank devotes a great deal of time and resources to make sure the paperless statements are safe and secure.
“I’m very pleased with the level of security [for our e-mailed statements] we have to prevent [identity theft],” he said. “Nothing is 100 percent safe, but compared to regular mail, where anyone can reach into a mailbox, the number of people who can hack into the system is very limited.”
Thurston said the use of paper checks has decreased significantly in the last two to three years. He said there are two reasons for this: The increasing number of consumers who use debit cards to make everyday purchases such as groceries, and the growing number of people who pay their bills online, which eliminates the need for checks.
Baker said the use of debit, credit and gift cards has certainly led to a decrease in paper check use, but there are still millions of checks in the world. Paper checks, he said, will continue to be used in years to come.
