Digitalising bank statements

MrWillyWonka

Hi,

Since last summer all my bank statements are now digital PDF downloads, I love the fact it is available anywhere and massively reduces the amount of paper I need to keep. I have now started the process of digitalising my paper statements from prior to last summer.

I just wanted to ask to see if there is any reason why I should not throw away the paper statements? I usually keep them for 6 years before destroying them, if I could get rid of 5 years of paperwork (2x very full binders) that would be great!

I am also contemplating digitalising other paperwork such as old car insurance paperwork, JSA paperwork, tax paperwork etc - should I?

eskbanker

Have you ever been asked to produce original copies of the paperwork you're referring to?

http://www.hmrc.gov.uk/sa/record-keeping.htm suggests keeping tax-related records for a year after use but doesn't actually mandate this being in original paper form.

It seems to me that activities requiring original documentation (e.g. car insurance no-claims proof at renewal) are on the decline, although some banks seem to want to see original documents for proof of address, including bank statements and utility bills, but only recent ones within something like 3-6 months.

Buzby

By digitising you keep a permanent record - even when I am asked for originals a print of my digital copy is accepted. I scan everything, then shred the source documents (always keeping an off-site backup).

MrWillyWonka

I have been asked in the past yes, however they usually have to be less than 6 months old. The way I see it, in a few years all the statements will be paperless anyway - I'm just speeding up the process!

Thanks for the HMRC link - will give it a read.

EDIT: Buzby, that's good to know copies are being accepted. And I already have an offsite backup of all my photos so will put the digital paperwork with it too.

PeacefulWaters

Digitising is nice.

What happens if you're hard drive fails? How secure is the hard drive or alternative storage options?

EarthBoy

PeacefulWaters wrote: »

What happens if you're hard drive fails? How secure is the hard drive or alternative storage options?

No saving option is guaranteed 100% secure. Even if you save the paper copies they could be lost if your house burns down or get washed away in a flood. The latter is quite likely to have happened recently if you live on the Somerset Levels.

Gromitt

PeacefulWaters wrote: »

What happens if you're hard drive fails? How secure is the hard drive or alternative storage options?

MrWillyWonka has already stated they have off-site options.

I also digitise paperwork, but I like to keep the last 12 months in paper form as it's not much to keep and can become handy in certain situations instead of having to re-print.

I keep all digitised documents and other important files in a secure encrypted file. This is kept on both PCs at home, at work, at an online storage company and even on my phone (it has 64GB of data storage, so why not)

Archi_Bald

Dropbox? Google docs? Other free cloud storage? If free storage doesn't rock your boat, you can also pay for storage. I have been using MozyHome for a few years now for critical stuff but there are many others.

Stevefromdonny

Hang on, my bank allows me to access statements online. Why bother even downloading them? Just view them "live" online and close them after you. Let your bank take care of storage and security.

DCFC79

Stevefromdonny wrote: »

Hang on, my bank allows me to access statements online. Why bother even downloading them? Just view them "live" online and close them after you. Let your bank take care of storage and security.

I do this, if I want a particular statement (which I've needed to so far) Ill request it.

Archi_Bald

Stevefromdonny wrote: »

Hang on, my bank allows me to access statements online. Why bother even downloading them? Just view them "live" online and close them after you. Let your bank take care of storage and security.

V good suggestion. But if you switch your account, you will lose all the documents overnight. and there are plenty of other documents I store - such as T&Cs for offers, or communication with banks (and plenty of other outfits).