First Direct stops sending paper statements for millions of customers: What will change.

According to The Sun: The online bank with 1.9 million customers is making significant changes to its accounts.

Customers of First Direct Bank will no longer receive paper statements for their savings accounts starting September 1.

Now users can view, download, and print their statements via the bank app or online banking.

This change only affects those who have a savings account with the bank.

Important information was already sent to customers in a letter in July.

Many customers have expressed their discomfort with this change. One saver commented:

“I have been with @firstdirect for 25 years. They are good, except for ONE thing. I want a paper statement.”

Another wrote on Facebook:

“I just received an email from First Direct informing me that they will no longer send me paper statements.”

The change will happen automatically, so customers do not need to do anything.

Some information may still be sent to customers by post.

They will receive an email once their new statement is ready, so they should check that their details are up-to-date.

To do this, they need to go to the 'Profile' section in the app or 'My Data' in online banking.

Can I still receive paper statements?

This decision is not final. Customers who wish to continue receiving paper statements can revert to this format after September 1.

To do this, they need to log in to online banking, click 'My Data', and navigate to 'Statement Preferences'.

If assistance is needed, they can reach customer service in the 'Contact Us' section of online banking.

They can also contact First Direct customer service through the help section in the app.

Other changes at banks

First Direct is not the only bank implementing new changes for its customers.

The National Bank also switched to paperless bank statements last month.

Now customers must log into their bank app or website to view their statements.

They can still request paper statements, but these will no longer be sent automatically.

The Lloyds Banking Group, which operates Lloyds, Halifax, and the Bank of Scotland, also made similar changes in 2023.

These changes affect customers who use online banking.

Additionally, NatWest has increased fees for cash payments, checks, and certain online transactions.

As of August 30, the fees for cash payments at business accounts have risen from 70 pence for £100 to 95 pence, and check fees have increased from 70 pence to 75 pence, regardless of whether they are processed manually or digitally.

Some fees associated with payments through the BACS system have also increased – fees have risen from 18 pence to 21 pence.

How do I switch banks?

SWITCHING bank accounts is a simple process usually handled through the Current Account Switch Service (CASS).

Many banks and building societies have signed up for this service – a complete list is available on the CASS website.

According to the switching service, the process takes seven working days.

You don’t have to worry about automatic payments, as this process is taken care of by the program.

The only thing to do is apply for a new account, and your new bank will notify your old one about your move.

However, before switching, you should consider a few things, including choosing the switch date and transferring previous statements to the new account.

Contact your old bank to obtain prior statements.

When evaluating a new account, you should also consider what benefits are offered, such as 0% overdrafts up to a certain limit or better interest rates on savings accounts.

Some banks offer free travel or mobile phone insurance with their accounts, but remember that monthly fees may apply.