If you have signed up for online banking then you probably don’t receive paper bank statements anymore. However, you still need to check your bank statements regularly. Most people and businesses do this by printing the bank statement out and physically checking each item. This is especially important in business as the bank statement needs to be reconciled before the accounts can be produced.
Of course, if you’ve printed the statements then you’re going to want to file them for future reference or to back up your reconciliation.
But, after 5-7 years, you’ll be able to get rid of the statements. Putting them in the bin isn’t an option, there are too many financial details on the statements which can be used to steal money from you or even, take your identity. You need to dispose of the statements properly.
Invest In A Shredder
The best option is to take a look at these industrial shredders and invest in the one that suits your needs best. An industrial security shredder will slice the statement into thin strips vertically and horizontally, making it very difficult to put it back together.
Purchasing cheaper shredders can appear to do the job but they may only slice vertically, making it surprisingly easy to put the paper back together and find out your financial secrets.
It is possible to burn your old bank statements and other important documents. Of course, this will depend on the volume of paper you have to burn. The more you have the longer this will take.
It’s also worth noting that paper doesn’t burn as well as you may think. Unless the fire is extremely hot, it won’t burn through a bundle of statements. You’ll have to feed a few sheets in at a time. You also have no control over how much is unburned and whether there is enough for someone to access your financial details.
Finally, fire is not good for the environment. That makes it an option for destroying old bank statements but not the best one, especially as its efficiency cannot be guaranteed.
Use A Disposal Service
Your third option is to use a dedicated disposal service. This is a company that will collect your bank statements and other documents and shred them for you. Of course, you’ll need to do plenty of research to ensure you have chosen a business that is reputable and will dispose of your bank statements properly.
This is really only an option if you have a large amount of paperwork that needs to be disposed of, including your bank statements. If not, the service is an expensive option. The safest and cheapest option is to invest in a shredder. It will take care of your bank statements for years to come.
Don’t forget, it’s not just bank statements that need to be properly disposed of. Anything that has your personal information on should be shredded. It’s the best way of keeping your business and your customers safe.