Online statements provide both convenience and security. They’re available sooner than paper statements, they can be accessed anywhere there’s an Internet location, and they simplify long-term record keeping. Plus, online statements help the environment.
Consumers are thus proving to be increasingly receptive to online statements, especially as mobile banking functionality continues to improve. Nearly 29% of banking customers had opted-in for online statements as of 2013, according to DigitalMailer research, which represents an 11% increase from the year before.
With that being said, the primary goal of this report was to determine the online record-keeping policies of the nation’s largest banks and credit unions – including the length of time records are available for immediate download, what types of historical records are maintained, and the cost associated with accessing them.
Main Findings
- Banks offer better record keeping than credit unions for both personal and business credit cards and checking accounts.
- For instance, banks retain historical credit card statements for much longer than credit unions, on average (78 months vs. 59 months)
- Personal checking accounts provide online statements that are available for immediate download for much longer than business checking accounts (44 months vs. 33 months). Business accounts provide historical statements for 20% longer, however.
- While historical account statements are free at most banks and credit unions, they can cost as much as $7 at certain institutions.
- None of the surveyed institutions provides a bulk download option for online statements.
Detailed Policies by Bank and Credit Union
WalletHub Record-Keeping Scores
Personal Credit Cards
Business Credit Cards
*Institutions not represented in the above chart do not offer Business Products.
Personal Checking Accounts
Business Checking Accounts
*Institutions not represented in the above chart do not offer Business Products.
Online Credit Card Statements
| Personal Credit Card (Available Immediately) | Personal Credit Card (Available Upon Request) | Business Credit Card (Available Immediately) | Business Credit Card (Available Upon Request) | Cost for Request | Bulk Download Option | |
|---|---|---|---|---|---|---|
| Bank of America | 32 months | 52 months | 20 months | 64 months | $0 per statement | No |
| Wells Fargo | 24 months | 60 months | 24 months | 96 months | $0 per statement | No |
| Chase | 72 months | 0 months | 72 months | 0 months | $0 per statement | No |
| Citibank | 12 months | 264 months | 84 months | 0 months | $0 per statement | No |
| U.S. Bank | 84 months | 0 months | 84 months | 0 months | $0 per statement | No |
| PNC Bank | 13 months | 36 months | 13 months | 36 months | $0 per statement | No |
| Capital One | 60 months | 0 months | 60 months | 0 months | $5 per statement | No |
| TD Bank | 12 months | 48 months | 12 months | 48 months | $0 per statement | No |
| BB & T | 24 months | 36 months | 18 months | 36 months | $7 per statement | No |
| SunTrust* | 18 months | 66 months | 12 months | 72 months | $5 for personal, $3 for business accounts | No |
| Navy Federal | 36 months | 36 months | 36 months | 36 months | $0 per statement | No |
| State Employees | 60 months | 0 months | N/A | N/A | $0 per statement | No |
| Pentagon Federal | 84 months | 0 months | N/A | N/A | $0 per statement | No |
| Boeing Employees | 18 months | 6 months | 18 months | 6 months | $0 per statement | No |
| SchoolsFirst | 84 months | 0 months | N/A | N/A | $0 per statement | No |
| Golden 1 | 18 months | 6 months | N/A | N/A | $0 per statement | No |
| Alliant | 18 months | 6 months | N/A | N/A | $0 per statement | No |
| Security Service | 12 months | 168 months | 12 months | 168 months | $0 per statement | No |
| San Diego County | 12 months | 36 months | 12 months | 36 months | $0 per statement | No |
| America First | 18 months | 66 months | N/A | N/A | $3 per statement | No |
Online Checking Account Statements
| Personal Checking Account (Available Immediately) | Personal Checking Account (Available Upon Request) | Business Checking Account (Available Immediately) | Business Checking Account (Available Upon Request) | Cost for Request | Bulk Download Option | |
|---|---|---|---|---|---|---|
| Bank of America | 32 months | 52 years | 32 months | 52 months | $0 per statement | No |
| Wells Fargo | 84 months | 0 years | 84 months | 0 months | $0 per statement | No |
| Chase | 84 months | 0 years | 84 months | 0 months | $0 per statement | No |
| Citibank | 12 months | 108 years | 12 months | 72 months | $0 per statement | No |
| U.S. Bank | 84 months | 0 years | 84 months | 0 months | $0 per statement | No |
| PNC Bank | 18 months | 66 years | 18 months | 66 months | $0 per statement | No |
| Capital One | 18 months | 66 years | 18 months | 66 months | $5 per statement | No |
| TD Bank | 84 months | 0 years | 3 months | 66 months | $0 per statement | No |
| BB & T | 24 months | 60 years | 24 months | 66 months | $7 per statement | No |
| SunTrust* | 18 months | 66 years | 18 months | 66 months | $5 for personal, $3 for business accounts | No |
| Navy Federal | 36 months | 36 years | 36 months | 36 months | $0 per statement | No |
| State Employees | 60 months | 0 years | N/A | N/A | $0 per statement | No |
| Pentagon Federal | 84 months | 0 years | N/A | N/A | $0 per statement | No |
| Boeing Employees | 18 months | 66 years | 18 months | 66 months | $0 per statement | No |
| SchoolsFirst | 84 months | 0 years | N/A | N/A | $0 per statement | No |
| Golden 1 | 84 months | 0 years | N/A | N/A | $0 per statement | No |
| Alliant | 18 months | 66 years | N/A | N/A | $0 per statement | No |
| Security Service | 12 months | 72 years | 12 months | 72 months | $0 per statement | No |
| San Diego County | 12 months | 36 years | 12 months | 36 months | $0 per statement | No |
| America First | 18 months | 66 years | N/A | N/A | $3 per statement | No |
Methodology
In compiling this report, we collected information from the online banking disclosures and customer service lines of the 10 largest banks and the 10 largest credit unions based on deposits. All information was sent to the institutions for verification.
Eleven of the surveyed institutions fully participated in the report and confirmed data regarding its policies, demonstrating laudable transparency. The institutions that were unwilling to share information about their policies with consumers were: PNC Bank, BB & T, State Employees, Boeing Employees, SchoolsFirst Federal, Golden 1, Alliant, San Diego County and America First Federal.
We collected information regarding both credit cards and checking accounts for both personal and business use. In doing so, we attempted to answer the following questions:
- How long are checking account statements available online?
- How long are credit card statements available online?
- How long are business checking account statements available online?
- How long are business credit card statements available online?
- Do financial institutions provide a bulk download option for all available online statements?
- Can consumers make requests to receive older statements?
- How much would requesting older statements cost consumers?
We then assigned each financial institution a WalletHub Record-Keeping Score using the following criteria. There is no maximum WalletHub Record-Keeping Score, as an ideal issuer would not cap the availability of downloadable records.
- 1 Point: For each month a statement was available for immediate viewing and download
- 0.5 Point: For each month a statement was available upon request/archived
- 0.2 Point: For each month a statement was available for a fee.