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Electronic Bank Statements: Right for You?

“Electronic Bank Statements: Right for You?”

Consumers and businesses will soon be able to receive their bank account statements over the Web, thanks to an interim rule approved by the Federal Reserve. Banks will be allowed to transmit checking and savings account statements by e-mail or to enable customers to view them on the bank’s Web site.

Is it right for you? Banks favor the electronic distribution of these required documents because of the potential for substantial savings. Consumer groups and some lawmakers are concerned that consumers and businesses could wind up receiving less of the information mandated by consumer protection laws.

Consumers will have to give written consent for electronic delivery of their banking info.