Paperless Banking - Disadvantages

Tokmon

Thrugelmir said:

Download a PDF a copy of the account statement. No need for paper copies. 

Just to add to this any PDF's, spreadsheets or other documents can be stored in a cloud service (e.g. OneDrive) and the folder shared with your partner so no need to go looking for downloaded files on specific PC's or Tablets.

mgdavid

Gers said:

Original utility bill (NOT a mobile phone / store / charge card statement or bill printed from the internet)

If you have a decent printer how can they tell the difference, am I missing something?

kaMelo

mgdavid said:

Gers said:

Original utility bill (NOT a mobile phone / store / charge card statement or bill printed from the internet)

If you have a decent printer how can they tell the difference, am I missing something?

It's not just about how good your printer is though if there are physical differences
For example, Lloyds produced paper statements have a QR code on one side that is not present on the PDF version.
NatWest and RBS paper and PDF statements are totally different in both layout and page size, they look nothing like each other at all and I'm sure there will be others too.

Important to remember though that whilst the bank know exactly which is which, will the company/organisation with whom you're trying to prove identity know the difference?  Probably not.

jbuchanangb

I have an account with the Co-operative bank which has 2 transactions each month. The purpose of the account is to provide my wife and I with worldwide travel insurance, mobile phone insurance and credit file monitoring. All this for £11 pm. The 2 transactions are the credit from my current account with another bank and the debit by the Co-op for these services. I have no reason to log on to the Co-op account to look at statements. Many years ago I informed them that an annual paper statement would be acceptable. It would list the zero balance and the 24 transactions. They advised me that some regulation or other requires them to send me a statement for any month in which there is a transaction on the account. So I get a paper statement every month. They also send me an annual statement for the linked savings account which has a balance of 3p.

tempus_fugit

Thrugelmir said:

Download a PDF a copy of the account statement. No need for paper copies. 

Some institutions that require a paper statement won’t take home-printed ones and insist on having one that has been sent to you. I’ve been trying to get one for a pension withdrawal this week and it’s been a nightmare. Have had to ask Virgin Money twice for one as the original one never arrived. If I trek into a branch (they’ve closed all the ones near us) it’ll cost me £5 for the privilege. Tried First Direct but I couldn’t even get through to them. I’ve switched the Virgin Money account to paper statements so hopefully I will get one eventually so that I can make the pension withdrawal.

tempus_fugit

Steve_PL_too said:

colsten said:

This is complemented with a password manager, as well as a will which contains instructions on where to find what. 

Hi Colsten,

Out of interest, how do you then keep the password to the password manager secure?  My wife knows mine (and vice versa), but I wouldn’t want it any wider than that.

cheers

Same here, my wife and I have ours memorised. I reckon that that’s all I want, after we’ve both gone people will have to go through the normal post-death process to access the accounts.

tempus_fugit

mgdavid said:

Gers said:

Original utility bill (NOT a mobile phone / store / charge card statement or bill printed from the internet)

If you have a decent printer how can they tell the difference, am I missing something?

The one I got said “Digital” on it, so they will know it’s a downloaded one and not an original.

colsten

jbuchanangb said:

I have an account with the Co-operative bank which has 2 transactions each month. The purpose of the account is to provide my wife and I with worldwide travel insurance, mobile phone insurance and credit file monitoring. All this for £11 pm. The 2 transactions are the credit from my current account with another bank and the debit by the Co-op for these services. I have no reason to log on to the Co-op account to look at statements. Many years ago I informed them that an annual paper statement would be acceptable. It would list the zero balance and the 24 transactions. They advised me that some regulation or other requires them to send me a statement for any month in which there is a transaction on the account. So I get a paper statement every month. They also send me an annual statement for the linked savings account which has a balance of 3p.

There is no regulation that obliges them to send you a statement. All they have to do to stop the paperwork is to go paperless. I know this is an option with the COOP as I have exercised it myself.

colsten

If you have a Starling account, which can be fully operational (i.e. debit card and online access) within 5 days of application, you can produce your own statements on demand, 24x7 365 days a year. Starling offer an instant ‘certify’ option, too, which confirms that your statement is not forged. I recently used one of those successfully with NS&I, who can be quite difficult about proof of ID / address / that your bank account is in fact held by yourself.

There is really no need for one-armed combat to get a one-off statement from the dinosaur banks.

[Deleted User]

Gers said:

I recently had to set up a special circumstances redirection of mail.  The list of documents Royal Mail requires made it very difficult for me to do:

Applying at a Post Office®
1 valid proof of new address from this list dated in the last 6 months:

Original utility bill (NOT a mobile phone / store / charge cardstatement or bill printed from the internet)
Original credit card statement
Original mortgage statement
Original bank or building society statement or passbook

I phoned Royal Mail about my lack of original documents, the agent was adamant that I needed to produce the required documents or it couldn't be done - and a special circumstances rediretion can't be done online. My way round this extremely frustrating situation was to go to a PO where the staff knew me and accepted a letter to me from HMRC.

I heartily agree with the drive towards being paperless, however it needs to be fully accepted by organisations before the change can be fully effective.

I use my Driving Licence, Council Tax bill or get a utility/credit card paper bill sent where needed.