Banks try to 'force' move to electronic account statements | General comparisons | Discussion forum

rhvic said

I have accounts at RBC (I know, they certainly don't belong in this web site). Recently they sent me a paper account statement with a flier which said that they would automatically switch me over to electronic statements in the future - I didn't have to do a thing! This is one of those 'negative option' situations where your inaction changes they way they do business with you, in their favour of course.

I wrote to RBC and told them that if they did want to switch me to electronic statements, they should credit me with 50 cents per month (which by the way far exceeds any interest they pay me!) - only fair considering what they save on postage and paper. I also told them that Achieva gives me $1 per month for selecting electronic statements, so they could do this too! They wrote back and declined, saying I would therefore continue to get paper statements.

It's a small victory indeed. I'm not overly attached to paper statements, but if they are going to make a change which makes them money, I expect to have some of that passed back to customers (not just shareholders).

I presume other banks will try the same.

Good on you!
I was responsible for a main frame system years ago. No doubt some things are more automated. I would imagine you should have asked for a higher amount. And here is what goes into it all.
Process time...that would happen anyways for paper or paperless.
Computer operator..happens anyways
Computer room and environment...happens anyways
Paper.....costly
Storage, retrieval and aligning to printer
Printer maintenance.
Printer ribbons or maybe laser
Move printed paper to burster
Cost of envelopes
Stuffing and licking envelopes....just joking.....done by machine too.
Running envelopes through a stamping machine....maybe pre printed with a permit number now.
Possibly pre sorting the mail by city or code, bagging, and move to shipping dock for Canada Post to pick up OR for the bank to pay a carrier to deliver to post office.

So if they can eliminate the delivery piece of a paper statement that has been theirs all along and should continue to be a no cost option to the customer....THEY COULD DO THE WORK OF GENERATING STATEMENTS FILES BY CUSTOMER THAT COULD BE EMAILED TO YOU...OR AN EMAIL REMINDER FOR YOU TO RETRIEVE BY SIGNING ON TO YOUR ACCOUNT...WHICH THE 2 LATTER POINTS ARE NOT DONE BY MOST OTHER BANKS....THEY COULD DO ALL THAT IN ANOTHER COUNTRY!!!!

This allows the banks and the likes to increase profit and decrease their costs and lay off a few more of their employees.

I still say some of us in our golden years will not have Internet or computer access or will be incapable...then what do they do?

There was on online article a few days ago suggesting internet should be more of a right and only the best levels of service should be provided for all. It was suggesting the CRTC be involved. Something like that anyways....only browsed the article.

So while I am at it:
Just received my Manulife statement Feb 10 for year end Dec 31. Over five weeks!! And if I go online THE DAY AFTER month end I can get a nice month end summary on 2 pages for both wife and I. But mailed copies come in their own envelopes and pages and pages of 2 sided statements in colour and splashed with all of their slogans to make me believe in them and have my trust...ha.

ITrade has them ready to retrieve 4-5 working days after month end and they always email for stuff that is ready...statements, buys, and sells. Of all the places for online statements,,...they are the best I have dealt with.

Yesterday Telus calls me with a deal for Internet. I think it was their Malaysian division calling. Asking me all kinds of questions that they all have answers to. How much do I download....on my statement every month...why ask? How many can be logged on at once....is that for just my wife and I or when the 8 grandkids are here....once again even they know....it is all held in the modem....I access it every now and then. So no doubt you may figure I don't like someone calling, asking a bunch of dumb questions, for them to only suggest to tell me I would be better off with another more expensive package. The called ended and she offered to call back...I said no problem (and I will be better prepared ) What are they up to? Does it have anything to do with the upcoming changes in TV selection and they don't want to lose any of of the $130 per month that I now pay for the 3 services?

So Internet has to be the best money making for Telus and Shaw etc. As some are losing home phones and is there as much profit in home phones and TV? I guess TV, because some of it is all free to them anyways.

So their is my quarterly rant...I hope you see how I see how it all ties in all together.

So any vendor billing now becomes OUR cost to print, buy ink, and receive with our Internet access.

Ps. BMO often has an online message for a convenient, 24/7/365 option to access accounts and statements. They are now soft pedalling it vs their take it online or be charged approach. I have little to nothing there and enjoy my "no fees" grandfathered account. Will I change? Not likely.

Pps. Maybe Canada Post should take over Internet services for all of the country.

SlowPoke said

HA! Isn't RBC is one of those banks that only allow online or paper statements, if you choose paper the online only goes back a few months.

Noticed TD started the same for credit card statements if you select paper you lose access to Online statements

Their little way of encouraging all of us to umm Save trees yeah that's it really banks wouldn't try to deceive anyone for gain nope not at all

So lets assume something. You go paperless and accept the digital statement. You are a real saver on not using paper so you keep only the digital copy on the banks site and you opt to not save a copy on your home device. We have to save records for CRA for 7 years....so would the bank not have to do the same for you? I believe that is what BMO is offering....7 years. And Amex offers similar but you have call (online) for older statements in the archive and they usually arrive for access within a day or two.

Here is BMO's spiel:

With eStatements you can securely view and store your BMO Everyday Banking,
BMO MasterCard®*, line of credit and BMO Mutual Fund account statements online.
Safe and Secure

eStatements are only available through Online Banking. Our secure sign-in
process and strong encryption provide you with a safe online banking experience. We will reimburse you 100% for any losses to your personal bank account resulting from unauthorized transactions through Online Banking1.
Exact Replica

eStatements provide the same information, look the same and remain on the same statement cycle as your paper statements.
Stored Electronically

eStatements are stored for seven years so you can access them easily2.
Accessible

See your transactions online without having to wait for your paper statement.
BMO Alerts

Sign up to receive alerts so you know when your statements are ready for viewing and to stay on top of your payments3.

"A lot" is two words.

That's why going into your CRA online account is a good idea once a year, it'll show your TFSA activity.