Recordkeeping Tips to Keep Fraudsters at Bay
Make it more difficult for thieves to access your account information by opting in to eDocuments.
Want to make a fraudster happy? Make it easy for them to access your bank records.
Few things are more tempting and an easier target than an unattended, unlocked mail box. If a thief takes your bank statement, they know your account number, how much you have in the bank, and your shopping habits.
In fact, a clever thief doesn’t even need access to your mailbox to get their hands on your paper financial statements. A Miami couple learned this the hard way when a thief rerouted their mail for a number of weeks. As detailed in a MarketWatch article, the results were a nightmare.
What are eStatements and eTax Documents?
An eStatement is a digital copy that looks the same as the equivalent paper account statement. Both deposit and loan accounts are available as eStatements.
An eTax Document is a bank-generated IRS form that can be used for your annual tax preparations. This includes familiar forms like the 1099-INT Interest Income, 1099-MISC Miscellaneous Income, and 1098 Mortgage Statement.
It also includes less common tax documents such as the 1099-C Cancellation of Debt and 5498-IRA IRA Contribution, in addition to many more. It is convenient to have these important records available whenever you need them.
These documents are basically PDF copies of your bank records and they won’t get anywhere near a mailbox. Instead, they are available as a benefit when you are enrolled in Zions Bank online banking services.
How to sign up for eStatements and eTax Documents
Once you have signed into your online banking, you can find eStatements, eTax Documents and eNotices on the menu. Each month you will get an email informing you when a document is available to view.
An eNotice is any notice, disclosure, agreement, fee schedule, transaction record, invoice or loan statement that Zions Bank sends you electronically rather than by regular mail. You will be notified by email when an eNotice is generated for you.
Note that eStatements and eNotices are available for the life of your account. eTax Documents are available for the previous three tax years.
The eDocuments are also a great resource for something else that can get you in trouble — you. With printed statements, it is all too easy to lose or misplace documents. With eDocuments they are just a few clicks away.
When you limit access to your online banking and mobile banking to those in your household with approved access, you make it extremely difficult for your important bank documents to get into the wrong hands.
In our modern world there are plenty of ways for thieves to try to get to your money. But with eDocuments, you have one less thing to think about.
Don Milne is Financial Literacy manager for Zions Bank.