After yet another visit to my local TD Branch to attempt to extricate money from my daughters’ RESPs, I walked away with the same question I have every time, which is, what is with all the paper?
This time through the Bank Maze, I only had to sign 2 forms (but that is 4 signatures, because I have to get a copy of these forms too, and I must sign those), and then I had to sign two forms that had not been filled in, but would be done later (I kid you not), two more signatures for that. I wondered what might have happened if I walked in with a rubber stamp of my signature and used that, what the “Financial Planner” might do (my guess is, ask if she can borrow it and she might then bang out another 10 forms for various types).
Why did I need to kill so many (more) trees? I was closing two RESPs, and then asking about another one (you sign a form to get information?!?), that is all. I should warn the B.C. forests that I might be going to the bank (so they can fall a few more Giant Red Wood for all the forms).
Banks seem to be absolutely in love with paper trails, with:
- Cheques, those alone must wipe out acres of trees every year
- Forms for every kind of transaction
- Pass Books
- Receipts for every transaction
- Paper Statements
- etc., etc., etc.,
My guess would be that the banks don’t actually have thousands of Warehouses where all this paper is stored, what actually happens is the papers are scanned, and then destroyed, so we are now killing trees for no reason? Banks are also encouraging their clients to stop getting paper statements (where encouraging means charging you for paper statements).
Anyone working in the banking industry care to explain to me the love of paper, and whether all of these forms and such are actually stored in hard copy, or whether they are actually stored digitally?