Statements - do I still need to keep them?

choc_mouse

opinions4u wrote: »

144 sheets a year? Come off it, I buy printer paper in 500 bundles and it fits in a small draw. If it really is a problem file them in the loft each year when you get the Christmas tree down!

If people choose to retain documents electronically, don't use the hard drive of a personal PC or laptop. If the damn thing breaks you lose the lot!

There's an average of 3 sheets of paper with each of my bank or credit card statements. With investments there are an average of 20 sheets/6 months or 5 sheets per contract change. But fair point, it doesn't take up a huge amount of space. This goes back to the OP - do you really need them?

When I saw the amount of paper building up and my files not closing because there were so many statements, I just made the judgement that I don't need physical proof of my account balance in 2002 (wow, come to think of it, I had bank statements since 1994 when I got my first current account!).

Of course there will be some situations where it would be useful to have them. Recently I needed to receive a payment from a foreign government organisation and they required a recent bank statement, showing my account details in my name. I had gone digital for the past 2 years so I didn't have any... However, they were able to accept a signed letter from my bank. (Note: This will be case by case as in another situation, a letter from the bank might not be enough if they asked for a statement.)

I think for the average citizen who doesn't need to worry about taxes etc, statements are useful to have but not a requirement to keep. If it became a requirement, you would need an accountant.

Anyway, I'm sure if you paid a "fee" to your bank, they would happily print any statement you requested.

loulou_1984

choc_mouse wrote: »

Anyway, I'm sure if you paid a "fee" to your bank, they would happily print any statement you requested.

Correct - you can request the statements in writing from your bank - they have to give you them, but could charge a nominal fee - £5-£10. I think I'll shred them and do that if an occasion arises where I need them!

Many thanks for all the responses!