A new initiative to move credit card users to a digital statement will now come with a penalty for those who do not wish to comply.
Credit card companies Major retailers have quietly implemented a $1.99 fee if you want to continue receiving paper statements.
One of the biggest offenders is Synchrony Bank, and they have co-branded and store-affiliated credit cards with over 100 cards in their lineup, including the Sam’s Club® Credit Card, the Lowe’s Store Card, and the Amazon Store card.
In November last year, Citibank issued new guidelines for its customers, stating that going paperless was “now required to access your account on Citi.com and the Citi mobile app.”
However, there is no law prohibiting paper statements, but permission is required to begin paperless billing.
In a report to NBC Los Angeles Alicia Galowitsch said the change is starting to pay off for them. They represent every penny.
“It’s very tight. It’s very tight where we had to start going to a food bank“, Ms. Galowitsch said. “It’s going to cost $11.94,” Galowitsch said.
The couple has a number of credit cards and receives statements to help them get organized.
“If I’m not there, the payments will be late because Mark won’t know what to do. With paper declarations, everything is written for him,” she noted.
Other concerns come from users who are not tech savvy.
Point Park University business professor Elaine Luther says online the bank can ask a threat to security.
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Reddit Users Online also expressed concerns about fees.
“I have the Paypal mastercard and I received a letter in the mail today. Starting in April, they will start charging if you don’t use e-statements. It’s a small fee of $2.50, but it’s just a warning if anyone has cards at home and might want to check.
“Closing my account,” one user wrote in a thread titled: Synchrony will start charging for paper statements,” they said.