Bank Account Statements

moz414

I currently have 2 accounts (Barclays & First Direct). As I do the majority of my banking online I no longer want to receive statements, I can check online far quicker than waiting a month for the statements to arrive. First Direct were fine, no problems and no more statements. Barclays on the other hand say that, by law, they have to send me statements. Is this true? I never receive any statements from First Direct at all now. I know they are an internet bank but surely if there is a law they should also send statements out? So, can anyone tell me who's right?

Thanks

Ian

ckerrd

So according to Barclays, First Direct must be breaking the law.

Seems unlikely.
If they wont stop sending them just shred them when they arrive

moz414

ckerrd wrote: »

So according to Barclays, First Direct must be breaking the law.

Seems unlikely.
If they wont stop sending them just shred them when they arrive

I do shred them but I'd sooner they just stopped sending them cos I'm a lazy person

ckerrd

Fair point.

Get them to quote you the exact part of the law as it pertains to their statements, there may be some differences in the way the accounts are operated that means Barclays and FD can work in different ways?!?

Biggles

ckerrd wrote: »

So according to Barclays, First Direct must be breaking the law.

Seems unlikely.

OMG, LloydsTSB are breaking the law too! Who shall I shop them to?
;-)

"We're obliged by law" is the last resort of the incompetent. Most of my credit card providers no longer send me statements but when I rang Morgan Stanley, the mental dwarf on CS said they had to keep sending them "because it's the law".

Mikeyorks

It's not 'the law' .... but the Banking Code that gives them guidance.

Statements
9.1 To help you manage your account and check entries on it, we will give you regular account statements unless this is not appropriate for the type of account you have (such as an account where you have a passbook).
9.2 We will normally give you a statement every month, every three months or, in any case, at least once a year. You can ask us to give you account statements more often than is normally available on your type of account, but there may be a charge for this service.
9.3 If you have a card which allows you to withdraw money from your account, we will provide you with account statements at least every three months if the card has been used.

Where you are 'paper free' - they tend to issue a Statement when there are changes to the terms of the account, they have to advise you of. So the statement gives them the name / address vehicle to stick the booklet in with. But my Bank certainly doesn't adhere to 9.3. I only get a statement very infrequently - normally with a booklet advising changes to T&Cs - and the statement is just for that month. But they do let me file 2 year's worth in their online archive system.

(Apologies the fonts went a bit funny!)

Biggles

Mikeyorks wrote: »

But my Bank certainly doesn't adhere to 9.3. I only get a statement very infrequently - normally with a booklet advising changes to T&Cs - and the statement is just for that month. But they do let me file 2 year's worth in their online archive system.

Surely, if they send you an email each month saying you have an online statement, they have complied with 9.3? There's nothing to say they have to send you a piece of paper, just that they provide you with a statement?

oldagetraveller

It might be worth keeping a current "original" bank statement for identity or proof of income etc. to use when applying for credit, other accounts etc. Some places will not accept copy statements as printed out from online banking.
I'm all for less paper but it is needed sometimes.

Mikeyorks

Biggles wrote: »

Surely, if they send you an email each month saying you have an online statement, they have complied with 9.3? There's nothing to say they have to send you a piece of paper, just that they provide you with a statement?

That's absolutely correct. Too involved with trying to tame the fonts in my post, to think that through properly.

regularsaver1

Many banks are trying to encourage customers to go paper-free for environmental issues

does Barclays not support this then?

jonesMUFCforever

regularsaver1 wrote: »

Many banks are trying to encourage customers to go paper-free for environmental issues

does Barclays not support this then?

I don't think it has anything to do with environmental issues at all - just cost saving.

I know I'm an old cynic!