Bank statements/utility bills, etc. and online access. Declutter or personal finance

[ToomuchStuff]

This could go in both declutter and personal finance (mods move if think it appropriate, please)

Let me start with this: http://www.usa.gov/Topics/Money/Personal-Finance/Managing-Household-Records.shtml

I know a few here have talked like they do the online banking and stuff. How does this affect your recordkeeping? Do you still receive paper statements, and if not, did you for a while before switching?
I haven't switched, but do have access online, if I so desire. I am wondering since my account always reconciles, and I have online access, do I keep the paper statements? Shred them?
(I should say I am starting with the bank statements before anything else, I understand keeping CC statements that have tax related stuff, etc)

Thanks in advance.

[SteveinMN]

I don't keep any paper if I have access to electronic copies -- either through the issuer (bank/CC company/vendor) or if I've printed the invoice/payment to PDF and stored it on my computer's hard disk (and backup disks). I do end up printing a few at tax time, so maybe those would be worth keeping. But you already have all the info you need electronically to know what was charged, contest incorrect charges, and acknowledge your payment. Why file things twice? :)

[fidgiegirl]

I have always liked this system:

http://www.missminimalist.com/2012/05/my-minimalist-filing-system/

ETA: Just reading the post again myself and all the comments, which have a ton of good additional ideas. I like this thread, Toomuchstuff . . . I've had this stuff on the brain lately, too.

We haven't kept bank statements for years. I am just getting DH to agree that we can go back to paperless on a bunch of stuff. We had one late payment, which wasn't even from not getting a statement in the mail, it was from a ridiculous number of steps required in the online payment process and we were still pretty new to it, so missed the final "submit." He freaked, we had to set a bunch of things back to getting statements in the mail, but now I think he's ok if we give up some of the statements. They are all living online so we've just gone and printed out what's needed in that case, like when we did our refi and needed bank account statements - just downloaded them and printed them out for the processor.

[Tammy]

I do everything possible electronically. I get nothing of value in the mail anymore. All statements are online, I print none.

[Tradd]

Yes, as little paper as possible. It really keeps the paper at home down to a minimum. My mailbox is virtually empty of anything I want.

For those utilities (such as the electric company) that don't offer a paperless statement themselves, MyCheckFree.com (free) is a good option. I don't pay any bills through this service. I simply use it to get the electronic statements. I get an email telling me X has a new bill of $ amount, with a due date. I pay all my bills from my bank's website. I have no need to keep any utility, etc., statements for tax purposes. It's nice and minimal.

[bunnys]

For those utilities (such as the electric company) that don't offer a paperless statement themselves, MyCheckFree.com (free) is a good option.

I use mycheckfree.com, too. It also keeps a 6 month record of the payments/bills. As far as I'm concerned, why would I want to keep my electric bill longer than that?

[catherine]

I'm a document packrat (I have paystubs going back to when I worked at NBC in 1974--I don't know why--I get some kind of pleasure seeing how much I made 40 years ago), but I have been doing more and more online, and I am in the process of decluttering a lot of stupid paper that serves no purpose, like monthly credit card statements and utility bills.

HOWEVER, I would advise printing out anything tax-related, like 1099s or Mortgage Interest Statements, etc.

[Gingerella72]

This is probably going to be a silly question, but what about if something happened that left you without online access? Server crashes, internet hacking, power outages, etc. I love the idea of paperless storing, but fear losing the information or not being able to access it, for whatever reason. The idea that my entire financial history could be wiped out in one keystroke prevents me from doing it. (yes, I know the same thing could happen in a fire to paper documents. Somehow that threat doesn't seem as possible as the other.)

[ToomuchStuff]

This is probably going to be a silly question, but what about if something happened that left you without online access? Server crashes, internet hacking, power outages, etc. I love the idea of paperless storing, but fear losing the information or not being able to access it, for whatever reason. The idea that my entire financial history could be wiped out in one keystroke prevents me from doing it. (yes, I know the same thing could happen in a fire to paper documents. Somehow that threat doesn't seem as possible as the other.)

I think a compromise could be had. One relative I have, keeps last months utility bill and bank statement, until the new one comes (keeps them longer if they have tax stuff, but that is a different file). That shows what the balance was as of last month (shows current on stuff).

[SteveinMN]

what about if something happened that left you without online access? Server crashes, internet hacking, power outages, etc. I love the idea of paperless storing, but fear losing the information or not being able to access it, for whatever reason. The idea that my entire financial history could be wiped out in one keystroke prevents me from doing it. (yes, I know the same thing could happen in a fire to paper documents. Somehow that threat doesn't seem as possible as the other.)
I think it's a matter of picking your spots. I trust that my credit union and the VISA folks are maintaining the data and will be able to bring it back in the event of a disaster; on-line access may be interrupted, but it will return. I do have some redundancy in my own Internet access, with accounts through both my ISP and my wireless carrier.

That said, I am wary of less-regulated Web sites like dropbox.com or rememberthemilk.com or mint.com . While there may be some privacy regulations they must observe, their continued operation is not as assured. They could close up shop tomorrow and ... poof! Not to scare anyone; it's just a risk I chose not to take on-line.

Oh, and I can't think of any service which will let you wipe out history with a keystroke. Between confirmation prompts and Web sites' willingness to keep you on the line, it can be very difficult to close an on-line account.