NatWest and RBS have decided to stop posting monthly paper statements to their current account customers, opting to send them every three months instead. But are you embracing the idea of paperless banking?
Many high street banks already give customers the option to ‘switch off’ their paper statements and manage their accounts online instead. But NatWest and RBS are the first banks to stop monthly paper statements altogether.
As part of the new arrangement, all RBS and NatWest customers who currently receive paper statements will start receiving them on a quarterly basis instead. Those who wish to keep receiving monthly statements will be able to opt back in.
So could this move be another nail in the coffin for the humble paper bank statement?
The rise of online banking
Internet banking continues to grow in popularity and, for many, is the easiest way to manage your money. I decided to opt out of receiving paper statements a while ago, when I realised that I’d been hoarding quite a sizeable collection of them that I didn’t have any use for. This has helped me cut down on clutter, and I no longer feel guilty about wasting so much paper.
Issuing fewer paper statements is a positive move where the environment is concerned, and of course NatWest and RBS will benefit financially as a result of lower administration and postage costs. But what does it mean for their customers?
Paperless isn’t always an option
For many, it probably won’t make any difference. But I can’t help thinking that the decision doesn’t consider the needs of people who still rely on paper statements to manage their money and budget effectively.
Millions of people in the UK still have no access to the internet, and those who do might not always feel comfortable managing their bank account online. For those people, there’s going to be an increased risk of payment errors or fraudulent activity going unnoticed if they can only monitor their accounts on a quarterly basis.
Do you think regular paper statements still play an important role in personal banking? Or would you like to see other banks follow in NatWest and RBS’ footsteps?
Do you use or want monthly paper bank statements?
Yes - I find monthly paper statements useful (65%, 186 Votes)
No - I don't need monthly paper statements (23%, 67 Votes)
I wouldn't mind if they were sent quarterly (11%, 32 Votes)
Total Voters: 288