Lloyds withdrawing paper statments

[JohnB]

Nationwide are still sending me and mum paper statements, I also get them from Barclaycard, Halifax and First Direct. EDF and Thames Water are on paper too. I push hard to keep them, companies that don't offer the service don't get my custom, so Lloyds are on notice.

[Dod101]

I stopped all paper statements many years ago. What do you do with them? I know, file them away carefully and then in about ten years time take them out and shred or burn them.
I am not particularly green but the utter waste of paper, printing and mailing costs if you think about it is ridiculous.

Try without them and see if you miss them.

Dod

[88V8]

I stopped all paper statements many years ago.
Try without them and see if you miss them.

I miss my contract notes when it comes time to reckon my CGT.

V8

[JohnB]

I write on them as I go through the paper receipts or consider if items are valid, and put them in lever arch files which are easy to scan for years past. Of course I could leap into action when the annoying "your statement is available" arrives, go through 2FA, download and print the PDF, or import the records into a spreadsheet, or view them online until they vanish after a year or so. But no, I'd rather use a pen, and don't want to be told my life would be easier if I dance to their tune.

And as for my mother....

[Lootman]

The last paper statement I received from Nationwide was March 2021. As far as I recall they gave me no choice.

Surely they can only force online statements onto you if you have agreed to have an online account with them? Or at minimum an email address that they could attach a PDF file to?

I still get paper statements from Natwest (bank account and credit card) and HSBC, Halifax and M&S (credit cards). No online account with any of them.

[richfool]

They (already) know that we use online banking through their Apps. The (enforced) change also applies to their credit cards. I find it irritating, as I do rely on the paper statements on my credit cards to see at a glance the month's transactions and particularly how much they will be direct debiting and when, in payment.

[Lootman]

They (already) know that we use online banking through their Apps. The (enforced) change also applies to their credit cards. I find it irritating, as I do rely on the paper statements on my credit cards to see at a glance the month's transactions and particularly how much they will be direct debiting and when, in payment.

Then perhaps one is only at risk of not getting paper statements if one has an online account? Then they can force online statements onto you.

In my case the accounts and cards are all between 10 and 30 years old. Meaning that they were set up before there was all this pressure to "go online" or "get the app". In a couple of cases they do not even have my email address. And they cannot force me to have an online account.

So I get paper statements in the post because the banks have to provide statements and they have no other way to provide them.

Of course many people are not willing to not have online access, so this strategy won't work for them.

PS: I do wonder if these days, when you open a new current account or credit card account, whether they force you to do an online account setup?

[kempiejon]

I opted out of paper statements so long ago. With monthly statements coming from a dozen plus institutions it seemed too many so I was glad to opt out and see the back of most. Being forced out of the paper system would be no hardship as I prefer to use online access. My current niggle is with Virgin, they removed PC access to the current account, I could only use an app, slightly annoying as I don't use a mobile device but I had an ipad mini that I could download the app onto. A few years later the bank app update was too much for my operating system and the ipad wouldn't take the newest iOS so I had to get a new iPad to keep managing the bank account.

[Dod101]

Dinosaurs, all of you. I think HSBC provides several years of statements, certainly more than I need.

Dod

[Lootman]

I opted out of paper statements so long ago. With monthly statements coming from a dozen plus institutions it seemed too many so I was glad to opt out and see the back of most. Being forced out of the paper system would be no hardship as I prefer to use online access. My current niggle is with Virgin, they removed PC access to the current account, I could only use an app, slightly annoying as I don't use a mobile device but I had an ipad mini that I could download the app onto. A few years later the bank app update was too much for my operating system and the ipad wouldn't take the newest iOS so I had to get a new iPad to keep managing the bank account.

I do not think that anyone here is saying that online accounts, access and statements should not be available to those who prefer that. My sharedealing account is 100% online.

It is attempts at taking away the choice of paper/postal documents that we are complaining about.

[kempiejon]

I opted out of paper statements so long ago. With monthly statements coming from a dozen plus institutions it seemed too many so I was glad to opt out and see the back of most. Being forced out of the paper system would be no hardship as I prefer to use online access. My current niggle is with Virgin, they removed PC access to the current account, I could only use an app, slightly annoying as I don't use a mobile device but I had an ipad mini that I could download the app onto. A few years later the bank app update was too much for my operating system and the ipad wouldn't take the newest iOS so I had to get a new iPad to keep managing the bank account.

I do not think that anyone here is saying that online accounts, access and statements should not be available to those who prefer that. My sharedealing account is 100% online.

It is attempts at taking away the choice of paper/postal documents that we are complaining about.

Ah I see, in that case it would be no hardship to me. Not like, for example, the removal of PC access to online accounts

[Lootman]

I do not think that anyone here is saying that online accounts, access and statements should not be available to those who prefer that. My sharedealing account is 100% online.

It is attempts at taking away the choice of paper/postal documents that we are complaining about.

Ah I see, in that case it would be no hardship to me. Not like, for example, the removal of PC access to online accounts

Sure, being forced to use a phone to access an account would be a major hardship for me, given that I refuse to do anything financial on my phone.

A choice of phone, PC or paper should always be available.

[SebsCat]

I stopped all paper statements many years ago.
Try without them and see if you miss them.

I miss my contract notes when it comes time to reckon my CGT.

V8

Why? Are you saying that if a contract note gets lost in the post then you are submitting incorrect CGT calculations on your tax return? I do have a preference for paper statements, but you seem to be suggesting that they can be relied on in a way that electronic copies cannot which is just nonsense. I've always kept a copy of my transactions (used to just be in a spreadsheet, now also in Sharescope) which is updated at the time of the transaction and then used for calculations (Sharescope has the advantage of performing the CGT calculations for double checking - albeit that it does need some thought when it comes to takeovers, etc) so any communications from the broker are secondary. But to rely on physical copies received is 20th century thinking about the reliability of the post

[Gerry557]

It's fine everything being on line but it has side effects.

When that person passes away how do you know what accounts they had?

At least a filing system will allow you to see who they had been corresponding with. Even a drawer stuffed with papers gives you a clue. Yes I know you can make a death file and keep it up to date but not everyone does that.

In this age online account control is a growing issue even for none finance accounts like Facebook etc.

So how do you let your beneficiary know what you have stached?

[88V8]

I miss my contract notes when it comes time to reckon my CGT.

Why? Are you saying that if a contract note gets lost in the post then you are submitting incorrect CGT calculations on your tax return? ...to rely on physical copies received is 20th century thinking about the reliability of the post

Yes.

Last year I omitted a largeish gain for that reason. Not that it mattered as I had losses to shelter it, and I included it this year.
I do keep a spreadsheet of divis, but not of buys & sells.

The post is not what it was, but everything arrives eventually, even if it does sometimes get nibbled by the snails.

V8

[CliffEdge]

How is my executor meant to cope if there are no paper statements? Cheeky buggers. I'm tempted to open a new account to get the cashback and then "migrate" us to another bank. Any recommendations?

Are credit card statements required for an executor?

[Gerry557]

How is my executor meant to cope if there are no paper statements? Cheeky buggers. I'm tempted to open a new account to get the cashback and then "migrate" us to another bank. Any recommendations?

Are credit card statements required for an executor?

It might help with the historic gifting and or spending arrangements but ignorance is bliss

[wanderer]

I've just had a similar email from Halifax regarding credit card statements. It sounds very odd.

There is a report in the Telegraph today that the company that produces the statements is close to collapse which is why various banks are going to be unable to send out statements; they (the banks) are therefore taking steps to rationalise the number of statements being sent out so that demand can be scaled down to meet supply.

Apparently 1,000 emoloyees' jobs are at risk. I feel sad for them, especially coming at this time of year

[GeoffF100]

It's fine everything being on line but it has side effects.

When that person passes away how do you know what accounts they had?

At least a filing system will allow you to see who they had been corresponding with. Even a drawer stuffed with papers gives you a clue. Yes I know you can make a death file and keep it up to date but not everyone does that.

In this age online account control is a growing issue even for none finance accounts like Facebook etc.

So how do you let your beneficiary know what you have stached?

A flash drive in a folder marked "financial records". An unencrypted drive on your PC. A read only folder on the cloud with access to anyone with the link, and the link provided to your executor.

[Lootman]

Are credit card statements required for an executor?

It might help with the historic gifting and or spending arrangements but ignorance is bliss

I doubt that many executors go through credit card statements looking for gifts. I certainly did not in that role. I probably make 1,000 card transactions a year - close to impossible to analyse that in detail.

Cash gifts are unlikely to have been made using a credit card, due to the fees involved and the fact that it is not easy to transfer cash via a credit card.

The deceased may have bought items for someone else. But it would be really hard to figure that out from a line item on a credit card statement showing that you spent X amount at a shop or restaurant.

That said I keep all my paper statements going back 7 years in a box, just in case. Much easier to access than having it online somewhere. Best to have the original source rather than a derivative of it, in my opinion.

I am ignoring all attempts to try and get me to open an online account with my credit card providers, figuring they are then obligated to continue to send me paper statements.