Paper Statements


#1

In BBC News article on Open Banking (http://www.bbc.co.uk/news/business-42655716) it claims (at the end of the article) that people now have a legal right to free paper statements every month.

I see that as a real financial hit for fintechs (or funtech in Monzo’s case!) if many people request this.

Could Monzo perhaps consider some inventive to users to remain paperfree? e.g. a higher overseas ATM allowance, lower percentage on overseas ATM use, lower daily overdraft charge, or higher free overdraft buffer?


#2

I read that, too. Nteresting as I’d not seen any coverage of that prior to today.

Whilst paper statements are required from time to time (and should be provided free), I think it’s a retrograde step to require firms to issue these free every month. Huge financial and environmental costs.


#3

seems like a bad move that will only slow down the process of other parties accepting non paper statements as proof


#4

We’ve been moving towards paperless for some years now with utilities, banks and others encouraging it.

Initially sceptical and reluctant, I embraced paperless.

When it falls down is when other organisations require a utility statement as proof of identity/address but won’t accept PDF to print out of PDF from supplier.

Or when Post Office would only accept paper Insurance Certificate for buying Vehicle tax. Thankfully, this can now be done online.

Having just opened an account with B (Yorkshire/Clydesdale), one of the frustrations is their sending me paper statements without my requesting them.


(Gareth) #5

I am not a lawyer.

I’m guessing this is regarding Clause (61):

“Member States should be able to require that monthly statements of payment accounts on paper or in another durable medium are always to be given free of charge.” (keyword: should)

In the FCA, BCOBS 4.2.1 (b) still appears to be in place, even after other changes for PSD2.

[except where] “the retail banking service is provided at a distance by means of electronic equipment”


(Tom ) #6

A durable medium also includes PDFs

https://www.fca.org.uk/firms/durable-medium


#8

Where does it say PDF?

It seems to suggest that the medium can be electronic but has to be physical (eg CD-Rom).

Having said that, the item you link to say:

“instrument used must be:
(i) appropriate to the context in which the business is to be carried on; and
(ii) specifically chosen by the recipient when offered the choice between that instrument and paper.”

Which to me suggests that the law requires that you offer the choice but if the consumer picks paper, you have to provide paper.


(Tom ) #9

In the FCA link I posted above regarding what the term ‘durable medium’ means.

emphasisis mine

FCA definition of durable mediums:

A PDF is an electronic document that can be clearly addressed, stored and allows unchanged reproduction. A PDF can therefore meet the definition of a durable medium.


Monzo Does Bank Statements
(Change Works) #10

Durable medium, eh?

I shall not rest until I can receive statements on vellum :wink::wink:


#11

Carved into tablets of stone and kept on a hilltop? Vellum does deteriorate.


(Change Works) #12

I know. I didn’t want Monzo to bankrupt itself over postage.

Besides, I don’t have a hilltop. :wink:


(Patrick) #13

There’s an option in the B app to change to paperless - but even then they occasionally sent me paper statements.

There’s no option for paperless credit card statements with B, when I complained they said it was a legal requirement to have paper statements for a credit card. But my Nationwide credit card and American Express are paperless so I’m not sure what they’re on.

With my other cards I get an email or notification saying my statement is available and if I want it I download the PDF.

Shockingly - I received a paper statement from Tandem the other day. Wasn’t expecting that!

As for companies saying they will not accept printed at home statements for ID - if you have the original PDF, what is the difference between it being printed by the company and posted or printed by me?
I’ve had several companies say they won’t accept a printed at home statement but sent them one anyway and they haven’t even noticed and it’s been accepted fine.


(Patrick) #15

Yeah, I just print them on my regular inkjet printer and they still don’t notice.

Only problem is that Nationwide ones have a watermark that says ‘duplicate’ right accross the middle. But there are plenty that are pretty much just the original file only not printed.


(Jolin) #16

I was once required to submit a council tax bill for proof of something, and was told that it had to be a scan of a bill received in the post. I tried sending the PDF I download from my council’s website, but got a reply saying they really needed me to scan in a bill that had been posted to me. I converted the PDF (which was vector-based, so had selectable text) into a JPEG at a compression level with noticeable artefacts, and converted the JPEG back into an image-based PDF. Submitted that and it was accepted without question. :joy:


#17

Oh, that one had me literally laugh out loud!


#18

I once was told by one accounts lady that they can’t accept PDF but if I print it out and hole punch one side and fold it perfectly down the centre, put it in an old envelope and crease it up a bit, then send it with a covering letter saying originals enclosed please return, then it was likely to get thru as it would not be checked rigorously. But don’t know how she got away saying that if their calls were being recorded.

However another company pointed out that most utility bills have just your address on the PDF version but the original paper versions sent thru the post have a machine readable block which incorporates not just your postcode but your DPS too. He said they use that to tell if you printed yours out yourself or not.


(Bruce) #19

I’ve definitely played the system this way with smaller entities requiring proof. Literally don’t accept a print out. Do as you described to the exact print out and accepted. Sure it won’t work everywhere though as per your point


(Andrew Hinshaw) #20

Disclaimer: I have no knowledge or experience in this topic but I’m willing to offer my opinion regardless.

Ultimately the auditor (hmrc, company finance…) could contact Monzo and confirm the information