This gives me a sense for how much a financial institution wants people to switch away from paper statements:
If you've chosen to switch away from paper statements and bills, have you put any measures in place to deal with this issue? If so what have you done?
Win A Windfall With Online StatementsI like the idea of online statements and bills because I hate filing and don't like the waste of paper. But for important stuff like utilities and financial records, I'm continuing to insist on paper. My reason is that if something happened to me so that I couldn't monitor them myself, then someone else would have to know and keep track of all the accounts and all the passwords for checking whether bills were due and checking the financial statements. It seems a lot easier for such a person if the stuff comes in the mail.
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If you've chosen to switch away from paper statements and bills, have you put any measures in place to deal with this issue? If so what have you done?
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My main reason has more to do with the way that, for me, receiving the physical item serves as a better "to do" reminder than an email notice does, but I also think it would make it easier for, whoever, in the case of an emergency involving me, to deal with those things.
So paper bills for me are just a waste of postage and paper. My electricity bill now comes as an emailed link / reminder to check online, which is nice. Ironically my internet bill steadfastly remains paper.
(1) My credit card is paid off each month as a direct debit, so I don't pay interest on it. The advantage of paying by credit is that I get reward points, which from time to time can be turned into, say, a breadmaker.
I've specifically told the financial people who bother listening that I will not make account transactions online, and to fire up the fraud alarms if I appear to do so.
Not really interested in saving all those folks a buck or two a month so that they can shift a pile of security risk to me. If they really wanted to do electronic delivery, they could use their current channels to give me a key and send stuff encrypted. But go to their web site, nuh-uh.
Your objection is a cogent one, I think, and something that I hadn't thought of.
P.
I haven't filled out the form yet, but I think it's very thorough. I plan to fill it out and give it to a couple of different family members.
I'm thinking of giving my SO and one sibling an In Case of Death file with the account info and such. Maybe some passwords, although those change since I can't remember them.
i've got all our financial information in an encrypted file, more than one copy, stored offline and off-site. what we haven't done yet, is to give one copy to an executor, in case both the paramour and i bite the dust at once (the *poing* and i have separate finances).
Edited at 2009-10-03 04:17 am (UTC)
But, I have set up autopayment from my bank accout to cover our regular bills in full, and a reasonable minimum payment for the credit cards. This way, it buys a few weeks of extra time before poo+fan.
If I knew the estatements would be in a pseudo-open format like pdf, then I'd switch. But, none of the places actually tell you this important fact. And when I've asked, none of the reps know.
After filing a BBB report saying I hadn't seen the message they agreed to revert to the former rate and close the account.
If they can solve little issues like that, and guarantee that I will always forever have complete history of my documents available for all accounts open or closed, then I may consider going back.