Major banks AXE paper statements in ‘huge blow’ to millions of customers – check if you’re affected

A MAJOR banking group has axed paper bank statements for millions of its customers.

Lloyds Banking Group, owner of Bank of Scotland, Halifax and Lloyds Bank, has scrapped physical bank statements for selected customers.

Customers who bank online with any of the three subsidiaries will stop receiving physical statements after November 1.

It comes after a Halifax email to some customers read: "From November 1 2023 we're changing the way we send statements for some credit cards, current and savings accounts.

"We're experiencing some issues and may not be able to send as many by post as we normally do.

"As you use online banking, we'll only send your statements to you digitally. 

"This means you'll only be able to see them in online banking or our mobile banking app and we'll send you an email to let you know when they're ready.

"We're sending you a letter which will include a list of your affected accounts so please look out for this."

The change only affects those who bank with the , Halifax or Lloyds Bank online.

Those who don't bank online will continue to get paper statements as normal.

A Lloyds Banking Group spokesperson said: "We've written to online banking customers to let them know statements will only be sent to their secure digital inbox in future and there's no change for customers who prefer not to bank online."

However, online banking customers can still get access to paper statements if they need to.

It means that customers without a working printer will have to visit their local bank branch to request a paper statement.

But those who can't get to a branch might have to resort to paying to have their bank statements printed at a local printer.

One consumer rights campaigner has called the change a "huge blow" to loyal customers.

Martyn James said: "It's no surprise that Lloyds have finally managed to get its online customers off paper statements.

"This is a huge blow for all of the bank's customers.

"Banks save a fortune in costs by making us bank online, they are shutting branches en masse and we are seeing none of the benefits.

"At a time when the latest research shows people are turning back to cash to beat the cost-of-living crisis, more of us are relying on paper statements to keep on top of our spending.

"This unnecessary move just makes it harder to keep on top of your finances."

Customers of the bank have taken to X (formerly Twitter) to vent their frustrations about the change.

One person said: "Hard luck for elderly customers who may not have printers or like internet banking."

In response, another person said: "I don't have a printer so l can't print my Halifax statements.

"Apparently, you can have them printed in your local branch.
Mine will be closing next year, though."

"Doesn't feel like that fits with the new consumer duty principles," said a third customer.

If you need to get in touch with Lloyds Bank call their customer service line on 0345 300 0000.

If you're a Halifax customer call 0345 720 3040.

And if you're a Bank of Scotland customer call 0345 721 3141.