I always seem to get closing statements from most banks even though it’s all paperless. Total waste of money.
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Especially for a Pot with no Sort Code or Account Number (it does have one on the backend).
I guess this is the only way they can appear to be providing a fintech feature.
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Oh yeah, well that’s is a waste for sure.
How did the Pot work with Natwest? I saw they have them, but I haven’t looked too closely since they don’t earn interest…
Move money in, move money out, can’t assign bills or make payments from it ie card payments.
Very basic. Linked to Current Account. Transfer in and out.
On the backend, it’s a new account on your home sort code, but these account details aren’t provided to the customer. It’s essentially a full account masquerading as a Pot.
Essentially the usual legacy banking workarounds to appear more fintech.
I only opened one as I was curious, it’s never been a feature that has appealed to me.
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There must be some sort of legal requirements for banks to do so tbf. Particularly necessary for financial disclosures.
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There is no such rule for closing statements, otherwise I wouldn’t have found it odd.
The only requirement is to send via “a durable medium”. E-Mail is perfectly compliant.
I suspect it’s simply a case of legacy banks not being setup to send via e-mail, so they have reverted to something they are already setup for, sending via post.
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I did the same, opened and closed out of curiosity and received a closing statement.
The same happens if you close a “Travel account”, which work very similarly to pots, just in euros or dollars.
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Having done some digging, it looks like the closure statement is triggered when you close your final pot, as this closes the hidden account used for all of your pots.
The hidden account is opened when you create your first pot, of course.
At least they aren’t wasting an account number for each individual pot, that’s something.
Pretty poor implementation.
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I’m still amused by the idea that when you create a virtual card, someone makes a real one then immediately throws it in the bin.
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Please tell me that’s not actually what’s happening haha