Annual Paper Statements - A Legal Must?

meatandtwoveg

I ask, i have always banked online, always saved online, always opted for paperless statements, never had to recieve a paper statement. But now........

I opened a C&G 3 Year Stepped Rate Bond

http://www.cheltglos.co.uk/savings/fixed-rates/

Now i know C & G are a bit old fashioned, but is it true by law they have to send out an annual statement?

I ask because i requested them to put a hold on all paper mail until maturity, mainly for two reasons, one because i hate paper mail, and two, should i spend some time abroad, maybe a year or two i have no one in the UK who i can re-direct my mail to. So the lady at the C & G call center stated, well we have to send one out and it will get sent to your UK address we have on file whether you are there or not?

Strange, i have put a block on paper mail before, is it really a legal thing or are they being difficult?

Cheers..........

noh

but is it true by law they have to send out an annual statement

There is no legal requirement to do so.

meatandtwoveg

noh wrote: »

There is no legal requirement to do so.

I am going into branch tomorrow, anyone got any links to back up the "no legal requirement to send a paper annual statement"?

Just to back up my case.............

rb10

Whilst there is no legal requirement to send paper statements, there is also nothing to stop a bank from insisting on sending paper statements.

meatandtwoveg

rb10 wrote: »

Whilst there is no legal requirement to send paper statements, there is also nothing to stop a bank from insisting on sending paper statements.

Having thought about it, i suppose non online accounts, the statement showing how much tax you have paid per tax year has to be sent out via post i guess? Also you need this tax paid statement to claim back any allowances?

GiraffeMan

meatandtwoveg wrote: »

Having thought about it, i suppose non online accounts, the statement showing how much tax you have paid per tax year has to be sent out via post i guess? Also you need this tax paid statement to claim back any allowances?

Would seem logical yet, banks do not have to send this information out automatically. A minority still await customers to ask

opinions4u

Paper statements are required legally. If the terms and conditions state "we will send a statement to you by post".

meatandtwoveg

opinions4u wrote: »

Paper statements are required legally. If the terms and conditions state "we will send a statement to you by post".

I will check, good idea. Its just i want to go travelling for a year or two. I have no family in the UK, so no forwarding address. I am stuck. I will have to see what i can do?

meatandtwoveg

opinions4u wrote: »

Paper statements are required legally. If the terms and conditions state "we will send a statement to you by post".

Checked cannot see anything about "we must send you a statement"...........

MoneySaverLog

I have the paperless option with Lloyds TSB this cuts out a lot of mail, but they still send the annual tax statements in the post. If you've asked for paperless that should really cut out monthly statements. Worst comes to the worst you could ask for half yearly or yearly statements.

oldvicar

meatandtwoveg wrote: »

Having thought about it, i suppose non online accounts, the statement showing how much tax you have paid per tax year has to be sent out via post i guess? Also you need this tax paid statement to claim back any allowances?

ING do tax certificates online