Digital eStatements vs. paper statements: 8 reasons it’s time to go paperless

Looking for ways to declutter your space and reduce the amount of paper in your life? If so, consider going paperless with digital account statements, also known as electronic statements or e-statements.

An eStatement is essentially the same as a paper statement. Both documents contain the same financial information. The only difference is that eStatements are delivered digitally (no need to travel to the mailbox) and can be conveniently accessed using your computer or mobile device (24 hours a day, seven days a week).

The process of transitioning from paper statements to digital eStatements is incredibly simple. If you are a Scotia customer, you can turn on digital statements for all Scotiabank products (chequing and saving accounts, credit cards, mortgages, and investment accounts).

Simply switch your statement preference delivery from paper statements to eStatements in minutes online or using the mobile app. We walk you through 8 reasons why it’s time for you to make the switch. 

With eStatements, you can access your statement  sooner than if you have to wait for a paper statement to arrive in the mail. This gives you more time to review the information on your statement and pay your bills.

Get notified as soon as your eStatement is available with Scotia InfoAlerts. Using this service, you can set up notifications through the Scotiabank app, email alerts, or both so you know when your eStatement is ready to view.

You can set up InfoAlerts on any of your bank accounts, credit cards, lines of credit, or business accounts. They can help make sure you never have to worry about missing a bank or credit card statement again.

Going paperless can help to save you money since the digital option is always free. On the other hand, paper statements may have a charge associated to cover the costs associated with printing or mailing your paper banking or credit card statement.

Instead of trying to fit one more sheet of paper into your filing cabinet or bookshelf, let Scotiabank take care of the storage. Archive digital statements are available for open accounts up to seven years, at no cost to you. It's easy to view, download, and even print up to 24 months of your transaction history.

Stop wasting time searching for misplaced paper bank statements. Digital record-keeping of your monthly statements and transaction history can help you to stay organized. With eStatements, you can easily access all your banking information with just a few clicks.

If you're worried about keeping your personal information safe, eStatements are more secure than having a paper statement mailed to you. Mailed paper documents have the potential risk of being physically intercepted by someone who's looking to steal your identity information. A paper statement can include personal details like your name and address as well as the name of your bank and your account number. This is valuable information for someone interested in stealing your identity. Paper mail can also be misplaced or mistakenly delivered to the wrong address. 

Complete the transfer from a paper bank statement to an eStatement online in three easy steps.

• Click on 'Manage my Accounts'
• Select 'Document Delivery'
• Select your statement preference delivery option and select 'Continue'

For a demo of how to make the switch to eStatements using online banking or mobile banking, visit the Scotiabank website here. If you would like assistance, you can reach out to any Scotiabank branch staff in person or over the phone.

With so many benefits to offer, making the switch from paper to electronic delivery is worth a try, even if you're still on the fence about going digital. If you decide that eStatements are not right for you, you'll still have access to printed statements. Or, you can make the switch back to paper statement delivery. You really have nothing to lose — except some paper clutter!