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A new attempt to move credit card users to a digital statement will now come with a fine for those who don’t want to comply.
Major retailer credit card companies 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 more than 100 cards in their lineup, including Sam’s Club® Credit Card, the Lowe’s Store Card, and the Amazon Store Card.
In November last year, Citibank issued new guidelines to its customers, stating that going paperless was “now required to access your account on Citi.com and the Citi Mobile App,”
MasterCard and Visa cards are seen in this illustration photo taken in Krakow, Poland on March 29, 2024. (Photo by Jakub Porzycki/NurPhoto via Getty Images)
However, there is no law that prohibits paper statements, but permission is required to start paperless billing.
In a report to NBC Los Angeles, Alicia Galowitsch said things were starting to change for them. They are responsible for every cent.
“It’s very tight. It’s very tight where we had to go to a food bank,” Ms. Galowitsch said. “It will be $11.94,” Galowitsch said.
The couple has a number of credit cards and receives statements to help with organization.
“If I’m not there, the payments will be late because Mark doesn’t know what to do. With paper statements, everything is written down for him,” she noted.
This photo illustration shows one and five dollar bills. (Photo illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Imagehoto Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images))
Other concerns arise for users who are not technologically savvy.
Point Park University business professor Elaine Luther says online banking can pose a security threat.
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Online Reddit users have also expressed concerns about the fee.
For its report, WalletHub analyzed nearly 5,000 deals from the Black Friday ad scans of 21 of the largest retailers in the US (iStock) (iStock / iStock)
‘I have the Mastercard from Paypal and received a letter in the mail today. Starting in April, they will start charging fees if you don’t use electronic statements. It’s a small fee of $2.50, but still a heads up if anyone is carrying cards and wants to check them.”
“Upon closing my account,” one user wrote in a thread titled: “Synchrony to start charging for paper statements,” they said.
