Service To Accumulate Montly Bank Statements?

obi | Jul 3, 2023 | 14 posts since 2014

I have more than a few bank accounts due to rate chasing in this environment. I would really like to have a local copy of each monthly statement, whether it is electronic or hardcopy. In the banks that don't charge for mailing hardcopy, I select that. However, most pressure you into a monthly download by a charge or limiting online features.

So in principle I should just do the downloads every month. However, its such a hassle that I don't. Between logging in through various different security arrangements, and finding the right sequence of links and buttons its just too much.

I keep wondering if there is some software to automate this, or a service that does it.

I know various of the banks and financial service companies can link your accounts for current totals, but I haven't seen any that actually grab the statements. Even those with linked accounts usually don't have the current interest rate of the linked account.

1

Answers

betaguy | Jul 4, 2023 | 180 posts since 2022

I totally agree Obi.
Beyond the hassle is also the fact that they seem to purposely make it difficult and a hassle. This is worrisome to me.
Why do they not want clients to have easy access to their records? That's the big question.

Also, how legal and/or legitimate is a downloaded statement anyway. It can be altered easily.
I really don't think you want to authorize access to a 3rd party service.
This thought makes me think that in the not so distant future the banks will start charging for easier access.

1

happyharold4 | Jul 4, 2023 | 388 posts since 2022

My dilemma is that I have had sooooo many NPCD's and each time they raise the rates I have to close them all and open again, as well as yourself with also multiple FI's and other accounts. I finally gave up trying to figure year end 1099 interest income. I just take the amount I have spread out and multiply that by 5% as my best estimate.

1

choice1 | Jul 4, 2023 | 370 posts since 2023

Why do you really care when FIs can do e-debit and you’ll never see a cancelled check…or how did you solve that?

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betaguy | Jul 4, 2023 | 180 posts since 2022

"Why do you really care when FIs can do e-debit and you’ll never see a cancelled check…or how did you solve that?"

What does that word salad mean?

5

Janicefr48 | Jul 6, 2023 | 40 posts since 2022

I have money in 9 different financial institutions through Raisin (formerly SaveBetter) One of the many advantages I have found in investing through them is having one monthly statement that includes all 9 accounts. I have never seen an easier way to move money in and out. I too was doing the NPCD's but now that the rate is higher (5.15%) on the MMA and saving accounts, I moved all the money into them except for one 17 month NPCD at 5.06% that I decided to hold onto for now. I have numerous other accounts that I do have to go to the website and download statements. I have several years worth of each bank account and credit card account filed in my cloud drive. A few of the Financial institutions do include all accounts with them on one statement.

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