Should we Switch from Paper to Electronic Bank and other Statements – Yes

I’m not going to go into the wasted paper of monthly bill/checking statements as that seems to already been touched on, but I’d like to focus on one thing: how many people I know that have absolutely *no idea!* how much money they have in their checking/savings accounts. My best friend uses her debit card arbitrarily never sure if she has enough to cover whatever CD or rock magazine she’s buying.

I used to have a mental rule (not enforced, obviously) that everyone in life should have to learn two basic actions: driving a standard vehicle and knowing how to balance their check book. The former still applies but I’m waning on the latter with the advent of online checking accounts. I swiched over to ING savings in 2006 and soon after they came out with the Electric Orange checking. All of a sudden, every transaction I made showed up within about 15 min, and that money is already shown deducted from my account. The exact amount you have is always within your reach. All of a sudden I didn’t have to balance my checkbook anymore. I used to love that, but holy cow!

There are alot of people who still don’t believe money is real until they are holding it and smelling it-and that’s important. You have to sometimes go back to cash for awile to realize what it is exactly you are working for. But as for security issues, I have never had a problem online and worrying about something like that is wasted energy. How often are real banks robbed every day?! 🙂 How often are people mugged every day?!

And with online banking your incur a phenomenal interest rate. I love going to ING frequently just to see what interest I got that day alone. And it pays out at the end of every single month…ahh, just more money in the bank 🙂 And there are a ton of free ATMS’s surprisingly, they are on a system called the Allpoints network which includes most of those gas station and drug store dial up ones.

One thing I do shy away from in the digital era-automatic bill pay. People should still be responsible to track when they decide to let it out.