Bank Charges Reporting via Post

gurinder

Hello All,

I've few bank accounts (being a MSE you have to) and registered for electronic communications.

However if there is change in Bank Charging structure e.g. changing overdraft fee; Bank always send letter by post.

I wonder why is it so, is there a regulation that prompt them the information have to be by post?

If so can an informed user point me to such a regulation at FSA or similar.

Many Thanks

Neil_Jones

Some important (and maybe sensitive) information is a requirement to be sent by post. Online communications aren't regarded as secure. Overdraft fees can affect some people more than others depending on how overdrawn you are/get and not everybody reads or follows online communictions - at least in writing you have a copy of the facts.

gurinder

Neil_Jones wrote: »

Some important (and maybe sensitive) information is a requirement to be sent by post. Online communications aren't regarded as secure. Overdraft fees can affect some people more than others depending on how overdrawn you are/get and not everybody reads or follows online communictions - at least in writing you have a copy of the facts.

I'm completely agree with you however I'm seeking if this is a mandate.

JuicyJesus

It depends on the bank. There's nothing mandating post for most things but so long as you are notified in some means regulatory requirements are satisfied.

Ballard

First direct still send interest advices by post but there is (or at least was) a comment on them to say that if I didn't require it I could ring them to get them to discontinue. After ten minutes on the phone they said that they were legally obliged to send it.

It's a shame because I normally pay pennies interest a month and all that happens is I cut out the details before putting the letter in the recycling bin.