What Is an eStatement and How Do You Get One?

An eStatement serves as an electronic version of a financial statement, providing a digital record of an individual’s account activity. These statements are offered by various financial institutions for different account types, including banking, credit cards, and investment accounts. They fulfill the same reporting function as traditional paper statements, presenting a summary of transactions and account balances.

Understanding eStatements

An eStatement typically contains a comprehensive overview of financial transactions, account balances, and any applicable payment due dates or interest rates for a specific period. This information mirrors what would be found in a traditional paper statement, detailing deposits, withdrawals, purchases, and fees. A key difference from paper statements is their digital format, which allows for immediate availability and reduces physical clutter associated with mailed documents.

Electronic statements offer advantages such as faster delivery compared to postal mail, making financial data accessible more quickly. They can be viewed from nearly any internet-connected device, enhancing convenience and accessibility. Furthermore, storing statements digitally with the financial institution can help mitigate the risk of account information being compromised through mail theft.

Accessing Your eStatements

Enrolling in eStatements begins by logging into your financial institution’s online banking portal or mobile application. Within these platforms, users navigate to a designated section, often labeled “Statements,” “Paperless,” or “Document Center,” to manage their delivery preferences. The enrollment process requires consenting to electronic delivery terms and conditions, which may include verifying an email address for notifications.

Once enrolled, newly generated eStatements become available within the same online portal. They are provided as downloadable PDF files, allowing users to save them to their devices. Many financial institutions also send an email notification to account holders when a new statement is ready, prompting them to log in securely to access their latest records.

Managing and Protecting Your eStatements

After accessing an eStatement, it is advisable to download and save copies to a secure, organized digital location, such as an encrypted folder on a personal computer or a reputable cloud storage service. Regularly reviewing these statements is important to verify transactions, detect any errors, or identify unauthorized activity promptly.

Maintaining these records is also important for tax purposes, as the Internal Revenue Service (IRS) generally advises keeping financial statements for at least three to seven years, depending on the specific circumstances. For instances of substantially underreported income, the retention period can extend to six years, while records related to property ownership should be kept for the duration of ownership plus several years after disposition.

Protecting eStatements requires adherence to several security practices. Using strong, unique passwords for all financial accounts is fundamental, and these passwords should be changed periodically. Enabling multi-factor authentication (MFA) adds an extra layer of security, requiring a second verification step beyond just a password. Users should also exercise caution against phishing scams, which often involve fraudulent emails or text messages attempting to trick individuals into revealing login credentials. Always ensure you are on a secure internet connection, avoiding public Wi-Fi networks when accessing sensitive financial information, as these can pose security risks.