Got an E-Mail: Amex wants to discontinue sending paper statements

[Rambuster]

I like to keep paper statements. I have the enitre history of the last >10 years filed at home.

[SusanDK]

Originally Posted by mia

If your US bank offers online billpay you can remit electronically,and IDC now offers email reminders at the closing date.

Thanks, mia. I don't have billpay on my current U.S. accounts because I think it costs something like $5.95 per month extra (or did when I last checked) and this is the only bill that I don't already pay directly online. Since I have both personal and business cards on my IDC and separate expenses, I always send two cheques to pay each statement, one from my business checking account and one from my personal checking account. So I'd have to add Billpay to both accounts, and it just isn't worth it for only one payment a month.

Susan

[skofarrell]

Originally Posted by Rambuster

I like to keep paper statements. I have the enitre history of the last >10 years filed at home.

Save the PDF's to a disk drive?

[Jonobigblind]

Originally Posted by biggestbopper

What if your email does not arrive due to net failure or other error--remember even gmail has been down several times lately.

Doesn't make a difference here as it's my responsibility to remember to pay my bills on time, I don't rely on anyone else for this. 90% of the time I've already been on my internet bank and made an online payment to Amex.

Bottom line is that postal strikes, light fingered postal workers or email servers being down shouldn't affect anyone's ability to make a timely payment. It's the same time each month, not too far from payday for me.

[biggestbopper]

I agree that it is the card holder's responsibility to pay the bill in timely fashion. But, it is also the card company's responsibility to send out timely bills that are actually received. That's why the Fair Credit Bill Act makes non-receipt of a bill a billing error.

You may recall the many banks that fudged the dates they sent out bills and got payments so they could hit customers with lots of wacky late fees and overlimit charges. Until the SF DA's office shut one biggie down (Providian). But, it still happens.

For a starter on Providian's crooked ways see: http://www.nytimes.com/2000/12/29/bu...5-million.html

[gum]

Originally Posted by mia

Precisely. To the extent possible I have stopped all postal bills and statements from banks, broadband, credit cards, electricity, telephone, water, etc. We still receive statements from one credit card and two banks which have not implemented paperless options, but I periodically complain because they do have good web access in place.

Thank you for the info. But I just think it's one of the curiosities of modern technology that they are used for such time-consuming (and nearly useless) things like logging in at every of your accounts, credit cards and so on.

So I have "divided" my bills and access into two categories:
+ One is the "paper world", this means statements; bills, receipts which I use for getting an overview of the "flow of money" or for tax purposes
With my credit card statement, I can't influence anything. Just pay the monthly bill and may sometimes order a MR reward.

+ The second type is the direct banking with shares and so on where I need this access. There you can INFLUENCE something by logging in and selling/buying shares. There I really see the advantages of the e-world instead of the p(aper)-world.

So as long as the great Amex company offers the choice of both, everything is ok.

And will just use the "e-world" to buy some shares of this great company again after the next months have passed
and we all may have a more clearer picture where the economy will go. (That is only a private opinion and NOT an advice for a share transaction. So noone could sue me.... )

[mia]

Originally Posted by gum

What about the time you lose

It does not take much time to review the accounts. I use the online data consolidator Yodlee. I refresh and review the accounts using my wireless phone enroute to work on the bus. If there is anything unexpected I look at specifics when I reach the office.

[carraher]

I use the Chase Bank IPhone app together with the Mint app to view and pay all bills and credit card accounts. Have stopped using Quicken on the PC since this is way more convenient.

[anaugle]

Originally Posted by exiled2tx

My Corporate Card (I work for a large US based corporation) went to paperless a month or two ago. Don't know if it was AmEx driving it or my employer negotiating for a reduced cost.

Same here for corporate card. It was an Amex move -- discontinuation of the mailed paper statements -- we had no choice. I complained to no avail.

So, now I have to remember to log-in on the day the statement is ready, print to PDF, and e-mail to my assistant. No way I'm giving her my log-in credentials -- nothing good will come of anyone at the office seeing my personal card statement.

[skofarrell]

Originally Posted by anaugle

Same here for corporate card. It was an Amex move -- discontinuation of the mailed paper statements -- we had no choice. I complained to no avail.

So, now I have to remember to log-in on the day the statement is ready, print to PDF, and e-mail to my assistant. No way I'm giving her my log-in credentials -- nothing good will come of anyone at the office seeing my personal card statement.

You can add an account agent or manager on a card by card basis. As an agent or manager, your assistant won't have access to your personal accounts unless you specifically give them access.

Here are the two levels:

Account Manager
This level of access is often designated to a spouse, family member, or attorney. You will need the Account Manager's date of birth, Social Security number, e-mail and mail addresses, and phone number to complete the setup.

Account Managers can:
# Check account balances
# View statement activity
# Pay the bill
# Add services
# Manage the account
# View Expense Management reports (Business Cards only)


Account Agent
This level of access is often designated to an attorney, family member, or personal assistant. You will need the Account Agent's date of birth, Social Security number, e-mail and mail addresses, and phone number to complete the setup.

Account Agents can:
# Check account balances
# View statement activity

[anaugle]

Originally Posted by skofarrell

You can add an account agent or manager on a card by card basis. As an agent or manager, your assistant won't have access to your personal accounts unless you specifically give them access.

Thanks for the info, I did not know this.

[allga]

I've been on a concentrated campaign to move everything possible to paperless statements, including credit, utilities, brokerage, retirement accounts, the works.

Bank and credit accounts have updated daily to Quicken for many years now; I glance at the screen and deal with anything unusual on an exception basis. I find something goofy maybe once every two years, and never have had any trouble straightening out the problems. Once a month I download all statements as PDF's to my hard drive, with autobackup to an external hard drive. Once a year I burn all statements to two CD's; one for the file and one for the safe deposit. I never print a statement. I know the cycle dates for all accounts, and will certainly investigate if a statement fails to appear, but that has never happened. Ever.

Now, all my year-end tax reports are provided via PDF to me and via whatever sort of feed he prefers to my accountant. So statements that used to run literally hundreds of pages now consume no paper and no file drawer space, and are provided to the IRS as part of my electronic tax return, which my accountant also provides to me as a PDF.

I am one of those who favors reducing residential US Mail deliveries to alternate days for residential service (group A M-W-F, group B Tu-Th-Sa) as the smartest way to reduce ballooning costs. Truth is, I wouldn't care if mail delivery were reduced to once or twice a week. The postal service has been truly marginalized for residential customers in this day and age. Most of our mail consists of junk and charitable solicitations. I often don't even look at it for days on end.

So if anybody insists on moving their statements to e-delivery, my answer is, "Already doing that."

[PIONEER]

Originally Posted by mia

If your US bank offers online billpay you can remit electronically,and IDC now offers email reminders at the closing date.

Point of interest: Even though we might pay on-line, the bank (or 3rd party processor) still prints and mails a check to AmEx or whomever. Further, I think in most if not all cases, even though the bank might have numerous payments going to the same payee on a given day, they mail numerous separate checks rather than one consolidated payment.

BTW I totally agree with the comment about the Post Office and the possibility of going to every other day service. Much of it is junk, and none of it is all that urgent. The thing that really frustrates me is that we continue to receive numerous catalogs (particularly now that Xmas is approaching) even though we've tried to stop them and haven't bought anything from a catalog in years. The problem here is that the P.O. offers such low rates to the mail order companies.

[mia]

Originally Posted by PIONEER

Even though we might pay on-line, the bank (or 3rd party processor) still prints and mails a check to AmEx or whomever.

While this may be true of your bank, there's no reason for it and I wouldn't generalize from it. Our bank pays national companies such as American Express and other banks electronically. The only paper checks are to local entities and individuals.

However, these days I use the bank's online billpay primarily for recurring payments (e.g. mortgage) and pay credit cards using the issuer's own site because I'm logged on anyway and the payment is typically credited overnight and debited from our checking account a day later.

[PIONEER]

Thanks Mia I didn't realize that the procedure had changed for the national companies. But you are correct, in the case of the local payees, there are still multiple checks being mailed.

That's also good advice about using the credit card company's web site.