All customers who receive monthly statements are being moved to quarterly statements unless they opt out of the change. The move to paperless billing by some firms has been criticised by consumer groups and those protecting the vulnerable in society.
Mobile phone company O2 led the move to e-billing, with Vodafone following suit. Lobby groups said customers should have to agree to move to online billing, rather than automatically be switched over.
Bank of Ireland said that 300,000 customers - or 30 per cent of current account holders - had monthly statements. The majority (70 per cent) were already receiving biannual or quarterly bills. A spokeswoman said that the change in statement frequency was a move toward efficient and environmentally friendly policies, rather than a push to get people online.
Unlike the phone companies, she said there would be no additional charge for remaining the recipient of a monthly statement. However, the Money Advice and Budgeting Service (Mabs), which advises people in financial difficulty, is concerned about the number of utility providers reducing documentation sent to customers.
‘‘This is falling into a trend now,” said Michael Culloty, of Mabs. ‘‘People on a reduced income like to see billing and accounts as frequently as possible. Anything which moves that to bi-monthly or a less frequent scenario just makes managing money on a low income more difficult. It’s a savings mechanism for the banks but, for many consumers on a low incomes, it may not be suitable.
‘‘For people who are computer savvy and on the internet every day, it’s second nature, but vulnerable consumers and the elderly will find these changes the most difficult. Rather than the bottom line becoming the most important thing, I think banks and other service providers need to put the consumer first.”
So far, 50,000 notices have gone to Bank of Ireland customers saying that, from November 1,the frequency of personal account statements will be reduced to every quarter. A form must be submitted if customers want to receive the monthly documents. A spokeswoman said a prepaid envelope would be provided with future notes going out to other customers.
Souce: The Post (Ireland)
