Why online billing / bank statements will not take off
Recently my banks have been on a huge push to get me to subscribe to electronic statements (e-statements) for both my bank statements and credit card bills. The reasons for this are plenty, let alone the environmental aspects it’s costing them at least 52c in postage, likely 10c for an envelope and at least 5c per page to print it (including labour etc)
Factor that with 12 months a year and it’s $8.04 just to mail me a statement for just one account. When one factors in the millions of customers the banks and credit card companies have, it adds up to some serious cash.
Online statements are great in theory, the bill arrives instantly, no chance for it to get lost in the postal system (as too much of my mail has been lately) and lower chances of identity theft. So, why can’t I use it.
Our friends at the CRA (the tax department) require us to keep records for 7 years for anything related to tax purposes. As I (like most people) have some deductible expenses which are proven via bank transactions a statement proving it happened is necessary for 7 years. Some banks (and credit card companies) only store 180 days of online information, half a year and far less than what is actually necessary. Sure, I could print out the statements each month but I would have to remember to do it and I’m not saving anything - it just moves the printing costs directly to my shoulder.
The solution, Canada Post’s e-post an online mailbox for people with important information (bills, tax slips etc) to store your information for the 7 years necessary for legal purposes. I can already get my cell phone bill there (and it stores all of the call history too, so I could see who I talked to 7 years ago) but for some reason my MasterCard (from a large Canadian bank) only provides me with “Minimum Payment, New Balance” and “Due Date” - no transactional history in the e-post copy and their website version only stores a pathetic 3 months worth of data.
Storage is becoming dirt cheap, if you want me to switch to online banking give me the CRA required 7 years history with full transactional history and I’ll switch in a heartbeat.
The ball’s in your court banks and billers. Provide the information you provide in the paper copy to e-post, store it for 7 years and you’ll see people switch in meaningful numbers.
Tags: "e-post", "online billing, banks, epost
26. July 2009 at 14:28
I also don’t understand why banks only store 180 days of transaction history, other than to screw their customer over through extra fees.
3. October 2009 at 14:46
Here’s another reason not to use their service. If someone steals your password or authentication information off of their servers and uses it without your knowledge, you’re responsible for the damage. Read the following from their terms and conditions:
“The use of your Username, Password or Authentication Answer by you, or by any person with or without your knowledge or consent, is legally binding and makes you responsible to the same extent and effect as if you had given signed, written authorization to us. You authorize us to accept, without any further verification, and you agree to be responsible for, all activities with respect to your epost box when conducted using your Username and Password. ….”
“You agree to indemnify and hold us and the Canada Post Parties harmless from any claim or demand, including reasonable legal fees, made by any third party due to or arising out of your breach of these Terms and Conditions, including without limitation your violation of any law or the rights of a third party.”