First branches, now banks axe paper statements

NATWEST is to make customers look at their bank statements online rather than send them through the post from the New Year.

Thousands of customers were emailed the news last week and were told that: ‘From January, we’re going to stop sending you payments statements.’

Instead, many with online access to current or savings accounts will have to check their spending on a computer or phone. It means customers who once relied on paper statements must be extra vigilant and regularly go online to avoid nasty surprises – such as incurring a penalty for slipping into the red if they forget to check when credit card payments are due. However, they will be able to keep receiving paper statements if they alter the settings on their bank account online. There will be no charge for continuing to receive statements by post.

Other high street banks have already been pushing customers into accepting online statements – as it saves on printing and postage costs. Barclays has already made paperless statements an option, but the bank told the MoS that all customers could still request paper statements at no extra cost.

Santander says all bank statements must be read online as a ‘default’ option unless you specifically ask for them to be sent in the post. But it says those opening a 123 current account in a branch can choose between paperless and posted statements.

New HSBC customers ‘are automatically signed up for paperless statements for their convenience’ – but can change to paper ones. Existing customers can continue to have them sent through the post if they choose.

Lloyds ‘automatically’ puts bank statements online for those signing up to an account online but gives customers the choice to opt out. Those already receiving statements through the post will continue to do so.

Guy Anker, of consumer group MoneySavingExpert, says: ‘I suppose NatWest’s decision is all about giving customers choice.

‘Online statements save banks money – so encouraging customers to go paperless is in their best financial interests. But for those who do not rely on the internet and prefer to check on their budgeting and spending on a paper statement, the move towards a paperless statement world will be disconcerting.

‘For other people, paper statements are unnecessary. Saving on paper is good for the environment – and even with paperless statements you can still print out the pages if you want to.’

Banks are keen to jump on the ‘green’ bandwagon – claiming that environmental issues are a key reasons for dropping paper statements. NatWest says last year it printed more than 450 million sheets of paper and 100 million envelopes.

NatWest says: ‘The changes are about adapting to the digital age.’

Lloyds says: ‘Paper-free is a way to receive electronic statements for current accounts, credit cards, savings accounts and loans.

‘It is a secure and convenient way to cut down on your filing and to find the information in one central place – to view, print and download when needed.’