Waste of Bank Paper

  Ex plorer 15:34 08 Aug 2011
Locked
Answered

Hi Today I received my usual yearly bank letter to say that my overdraft was to continue.

I do all my banking on line and stopped all paper statements from my accounts years ago.

I don't even use a cheque book now.

It took 6 pages to inform me about rules interest rates and a load of other jargon.

Why don't they send it by email to my bank in box and save all this paper. There mus be a great deal who bank this way today.

Or is it more time consuming to send emails, against the cost paper, envelopes, and postal charges.

  tullie 15:35 08 Aug 2011

Maybe legally they have to do this?

  Pine Man 16:16 08 Aug 2011

Ex plorer

Did you consider asking your bank rather than a bunch of anonymous forum readers? ;-)

  interzone55 20:30 08 Aug 2011
Answer

It's a legal requirement to inform you in writing of the reassessment of your overdraft / credit limit, plus outline the t & c of the overdraft / credit facility.

Not everyone trusts emails from their bank, even if they're secure messages in their online banking pages

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