TSB 555 offer - interest subject to paperless banking

balsingh

sorry if this has been discussed already. Was tempted by the new TSB offer as mentioned in the MSE weekly email.


However, noticed that it says the 5% interest is subject to having the account operated fully paperless which is putting me off. Heard stories of people going paperless and then having to pay for paper copies if a company requests a proper copy (as opposed to a printout) .. hence I have been reluctant to do this beforehand. There is also the 'keep 7 years paper statements' brigade!


Should I go paperless?? What are the general experiences of others?


Thanks!!

HappyMJ

I use the TSB account for saving earning 5% interest and for the 5% rebate on contactless payments.

I use an account with a different bank for the direct debits and for any money coming in.

Therefore if I am ever asked for bank statements I'll produce the mailed ones from the bank account with my direct debits and I won't produce the TSB ones at all.

colsten

You don't have to go paperless if you don't want to. You just won't get any interest if you don't. Your decision.

YorkshireBoy

You can order a paper statement free of charge from within TSB online banking.

Futuristic

I am not a TSB customer but most banks (except Natwest) will give you option to see a PDF version of your statement which looks the same as the one you would receive through the post.

DragonQ

Which companies demand non-printout paper copies of statements? In this day and age it's an unreasonable and ultimately pointless request. I've only had one request for such a document and they actually rejected a copy I specifically got from my bank. They did, however, accept my own print out of my online statement.

ChiefGrasscutter

If you are asked for ID verification the requester will want to see an original of a recent document showing your address.
Bank statements are one such............

DragonQ

ChiefGrasscutter wrote: »

If you are asked for ID verification the requester will want to see an original of a recent document showing your address.
Bank statements are one such............

Print-outs are accepted in my experience. Every bank and utility company pushes for online communication so they can't exactly turn around and say "original paper copies only" when requesting evidence.

Of course, this kind of stuff is usually for proof of address; proof of ID is typically more vigorous and passports and driving licences are staples for that.

Westie983

Branch printed statements, are accepted by many companies, (they are where I work) as they state on them printed in branch X at 00:00 on x/x/xx so this shows its a valid statement.

After all most people have paperless statements or online billing to reduce the paper and admin, and some companies charge more for paper billing over paper.

Westie983

Futuristic wrote: »

I am not a TSB customer but most banks (except Natwest) will give you option to see a PDF version of your statement which looks the same as the one you would receive through the post.

you can view a PDF of your statement but some companies wont accept printed versions of these, but you are able to go into branch and get it validated by branch stamp or printed at branch X verification.

ChiefGrasscutter

DragonQ wrote: »

Print-outs are accepted in my experience. Every bank and utility company pushes for online communication so they can't exactly turn around and say "original paper copies only" when requesting evidence.

Well they certainly can request originals - and do
Here is one chosen at random from the internet which took me 30 seconds to find: Yorkshire Building society.

"Documents must have been posted to the address
Documents printed from the internet are not acceptable"

Amongst the list of acceptable ones are statements from a UK Bank/Building society
See: http://www.ybs.co.uk/pdf/savings/verifying-your-identity.pdf