A bank statement must be mailed to customers each month
Not necessarily. While it's true that banks used to mail paper statements to customers on a regular basis, many banks have transitioned to electronic statements (e-statements) as a more cost-effective and environmentally friendly option.
In fact, many banks now offer e-statements as a default option for customers, and some may even require customers to opt-out of receiving paper statements. E-statements are typically sent to customers via email and can be accessed online through the bank's website or mobile app.
There are several benefits to receiving e-statements, including:
- Convenience: E-statements are available 24/7 and can be accessed from anywhere with an internet connection.
- Environmentally friendly: Paper statements can generate a significant amount of waste, so switching to e-statements can help reduce your carbon footprint.
- Cost savings: Banks can save money on printing and mailing costs, which can be passed on to customers in the form of lower fees or higher interest rates.
- Security: E-statements are typically more secure than paper statements, as they are encrypted and can be accessed only with a username and password.
That being said, some customers may still prefer to receive paper statements, and banks may still offer this option to accommodate their needs. However, it's generally considered a more modern and efficient practice to receive e-statements.