Citibank defers paper statement delivery fee

Citibank has postponed the charging of its Paper Statement Delivery Fee until further notice.

This developed after Laban Konsyumer, Inc. president Victorio Mario Dimagiba and other customers complained of the R50 delivery fee.

Citibank Client Service Head Melanie Motus in a letter to Dimagiba also encouraged its clients to enroll to e-Statements to experience the value, security, and convenience that the said service provides.

While it noted that the Consumer Act requires a creditor to send periodic statement of charges to borrowers, the bank said that the law does not specify how such statement should be transmitted.

It also noted that there is no provision in the Consumer Act or the Electronic Commerce Act that prohibits the imposition of a reasonable fee to produce physical copies of statements, particularly when there are alternative ways to access the statement free of charge.

The e-Statement Facility also allows clients to receive their monthly statements through their registered email addresses via password protected PDF file or to receive a link to their Citibank Online accounts where they can also access their monthly statements.

In addition, the Citi Alerts facility allows clients to receive an email or SMS to their registered email address or mobile number to inform them of important updates on their account such as the availability of their monthly statement, an approaching payment due date of the posting of a credit payment.

This facility is also free of charge. (BCM)