One of the issues that people have with using debit cards is that it can be quite hard to keep track of how much money is being spent. This is where online bank statements can be very useful.
Online bank statements are statements that are held on a website rather than printed out and sent through the post. Banks have become big promoters of online bank statements for a number of reasons. The first is that the banks have to pay less money for an online bank statement as there is not the need to send the statement out, and this means that there is less cost involved in posting, putting the statements into envelopes and printing the statement out.
Another saving that banks get from online statements is through not having queries about bank balances which are dealt with in branch or over the phone. There are also savings from the way in which people are now able to tell with far more accuracy and in a more timely way as to whether they are likely to go into overdraft. This can save a large amount of money on the administration.
Banks have also pushed online bank statements in order to reduce their environmental footprint. As bank statements involve quite a lot of paper and ink, as well as taking up some transportation through the postal system then bank statements through the website can have a lot of impact on the environmental performance.
Many banks now send bank statements through email. This can either be a copy of a recent bank statement or a links to the statement on the internet. In all cases there will need to be a username and password entered in order to access the bank statement, this is in order to stop people getting the bank details and to be able to use it to divert funds into their own accounts.
Although online bank statements in most cases will mark whether a transaction has been made through a debit card, they are not always separated automatically. There are usually settings to enable a debit card holder to do this.
One danger of having just online statements is that unauthorised transactions may not be seen as quickly as with paper statements. This could affect the zero liability guarantee that card providers offer. It is a good idea to make a habit of reading bank statements every month.