June 1, 2023Making the Switch from Paper to Digital

More businesses and financial institutions are embracing digital documents. With protection against paper statements or bills being lost, stolen, or misplaced, digital versions are quickly becoming the norm.  

If you’re still receiving paper statements or you’re someone that prefers to write and mail checks, now is the perfect time to switch. Not only will you experience greater security, but you will also be helping the environment.  

What are Digital Statements? 

Digital statements, or e-Statements, are electronic versions of your credit union account statement. While you may currently receive a paper statement in the mail each month, digital statements are sent to you via email. 

A common misconception about e-Statements is that the statement is sent via email as an attachment – thus, making it possible for someone to log in to your email and steal your banking information. That’s not how e-Statements work today.  

Instead, when your statement is ready, you will receive an email from the credit union letting you know your statement is available to view. You will then log into your credit union account via secure online banking to access the document. From there, you will have the option to view, download, or even print a copy for your records if you prefer.  

Digital statements extend beyond your financial accounts – most major companies, such as wireless and internet providers, landlords, and utility companies, also offer digital account statements.  

What are Digital Payments? 

Digital payments are a quick and secure alternative to paying your bills with checks or money orders. You can complete these payments easily through the credit union’s Bill Pay service within PEFCUOnline.  

Once enrolled in Bill Pay, you can add all your billers to your account. Simply use the vendor’s contact information and your account number listed on the bill to set up each payee. Upon adding the biller to your account, you will then be able to make payments directly to them from your account. You will even have the option to set up automatic or scheduled payments each month – helping you prevent missed or late payments.  

Another option is to make payments directly through the biller’s website. However, you will be required to visit each vendor’s website to make your payments. While still secure, it does require more steps than utilizing PEFCUOnline.  

4 Reasons to Switch to Digital Statements & Payments: 

1. Security. Electronic versions of your account statements and bills eliminate the possibility of your information being lost in the mail or stolen from your mailbox. Likewise, you ensure your paper check doesn’t become misplaced via the mail when using digital payments.  
2. Time. Instead of waiting days for your statement to arrive in the mail, it will be made available instantly with e-statements. When using bill pay, your payments will also deliver immediately – ensuring your payment is never late due to slowdowns with mail service. 
3. Money. With the cost of stamps continuing to rise, you’ll save money each month with digital payments. Plus, you’re less likely to miss payments or be late, which could end up costing a lot more in late fees.  
4. Organization. A great perk of e-statements is that they are stored within online banking. If you ever need to go back and review a past statement, at least 12 months of statements will typically be available. Likewise, all your biller information is stored within bill pay, along with a record of all your past payments.    

We’re Here to Help!  

While switching from paper to digital may seem like a hassle, it is the safer and more convenient option. When you make the transition to digital, you’ll also have 24/7 access to various credit union account features, such as viewing your statements, setting up account alerts, paying for loans, and transferring funds.  

If you’re considering going paperless or have any questions on digital banking, we’re ready to help. Please visit any of our convenient branch locations or call 800-226-6673 today. 

 

 

Each individual’s financial situation is unique and readers are encouraged to contact PEFCU when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.