There’s no federal law banning paper statement fees. But companies must get customers’ consent in order to switch from paper to online statements.Federal laws require banking and utility companies to provide customers with important financial information, including monthly statements showing all of a person’s transactions or payments they owe.
Banking companies are required to “mail or electronically deliver statements at least 21 days before the payment due date,” the Office of the Comptroller of the CurrencyIn some cases, people who want to keep getting paper statements are now required to pay an additional fee. VERIFY reader Christina reached out to ask if the fee for paper statements is legal.
Banks and credit card companies may provide an upfront notice to customers that says paper statements will cost extra, Daniel Cohen, founding partner of Consumer Attorneys explains. TheBoth Wells Fargo and U.S. Bank do not charge customers a fee for choosing to receive paper statements instead of online statements, spokespersons for the banking companies confirmed to VERIFY.
In other words, companies cannot charge customers extra for choosing to receive paper statements instead of electronic statements. The New York law, however, does not prohibit companies from offering an incentive to opt-out of paper statements. While a company may not be able to charge more for choosing to receive a paper statement, you may be missing out on a discount if you choose the paper option over an electronic one. telecommunications company Frontier to stop charging customers for a paper bill.