Paper statements are mandatory?
Update: based on the first comment to this post, looks like the "no more paper statements" option will soon become a reality!
Since when are paper statements mandatory? Last year, I made multiple phone requests to Citizens Bank (my favourite bank) to stop sending me paper statements... every time they assured me it was going to be done. But I kept receiving paper statements.
So this past week, ever the persistent one, I sent an e-mail request, hoping that maybe they'd fixed their "paper statement stopping" system. But this is the reply I got:
"Thank you for contacting Citizens Bank of Canada. In regards to your message, please note that Citizens Bank does not offer electronic statements. We are required by law to issue a paper statement to all of our members. Members can view their account activity any time by logging in with their Personal Access Code (PAC) and account number on our website: www.citizensbank.ca"
How can we be environmentally responsible if the law forces our banks to send us redundant paper statements? Or is that really the law?
Comments
Yay! Thanks for the info.
Yay! Thanks for the info.
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Of course, after my initial
Of course, after my initial excitement, I discover that because my account has a credit line (which I never use, by the way) I can't actually discontinue paper statements. Why can't I just receive paper statements only when I use my credit line?
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yayi!!! no more papers at
yayi!!! no more papers at my file drawer!!!
less paper work !!! HORAY !!!
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I just read your post, and
I just read your post, and as an employee of Citizens Bank I’d like to apologize for the confusion. While the bank doesn’t currently offer “electronic statements” I’m happy to tell you that beginning Monday, May 14th you will be able to opt out of receiving your paper bank statements in the mail and view your financial information online via online banking. More information will be available on the website next week at www.citizensbank.ca/savepaper.
Keep in mind though that every financial institution in Canada is required by law to send out paper statements for some loan products. So, if you have a loan product with Citizens Bank, that could very well be why you continue to receive paper statements in the mail.
I'm thrilled that Citizens is your favourite bank and value your feedback. I know they're working on reducing their environmental footprint and cut down on paper usage.