Banks providing montly statements - why?

[syrio]

I've received a notification from Aldermore bank that even though I have elected to receive annual statements, they will now be providing me with monthly statements due to "new legislation which aims to give customers greater transparency across their bank accounts".

I'd much rather receive yearly statements where possible for all my accounts otherwise, I'm going to be receiving over 100 statements a year.

Does anyone have any idea what this "new legislation" is?

[Dod101]

Can they not provide monthly statements electronically? Do you not get monthly statements from your day to day bank or is Aldermore, (which I have never heard of) your main bank? Surely it is normal to receive monthly statements?

Dod

[yorkshirelad1]

I've received a notification from Aldermore bank that even though I have elected to receive annual statements, they will now be providing me with monthly statements due to "new legislation which aims to give customers greater transparency across their bank accounts".

I'd much rather receive yearly statements where possible for all my accounts otherwise, I'm going to be receiving over 100 statements a year.

Does anyone have any idea what this "new legislation" is?

I've had this from Barclays recently too.
I'd managed over a number of years to get my 3 accounts with them all sync'd up to generate statements all at the same time at the end of every quarter. All fine. If it ain't broke, don't fix it.
Then the regulator (apparently) comes along and decrees that Barclays (on its interpretation, maybe) should make statements monthly.
Upsets the applecart. I spend ages online and on the phone to get the frequency back to quarterly and issue date back to the end of each quarter.
All for our protection.......

Banking regulation changes that affect your statements: Recent changes to banking regulations means we'll now be sending you monthly statements. If you'd like to change back to your previous statement frequency, you can do this whenever you want through Online Banking, Mobile Banking, Telephone Banking and in branch. If you have recently updated your statement frequency, there is no further action required

[syrio]

Can they not provide monthly statements electronically? Do you not get monthly statements from your day to day bank or is Aldermore, (which I have never heard of) your main bank? Surely it is normal to receive monthly statements?
Dod

The statements are electronic already, but I don't want 24 statements a year from this bank. Both accounts are savings accounts and one is a 1 year savings account with interest paid yearly.

Current account statements I get monthly, which is fair enough.

[Lootman]

I'd much rather receive yearly statements where possible for all my accounts otherwise, I'm going to be receiving over 100 statements a year.

Personally if there is an error on one of my accounts I'd like to know that within a month rather than within a year.

For all my accounts I get monthly accounts through the mail. Check them, file them, not a big deal.

But once a year is fine for a tax statement.

[AleisterCrowley]

You could set up an inbox rule that automatically dumps them into an Aldermore folder, which you can look at should you feel the need..
There's the risk you may miss an important message that isn't a statement I guess

[edit I think you can automatically move messages from a particular sender with certain words in the subject - eg from 'Aldermore' with 'monthly statement' in subject]

[syrio]

You could set up an inbox rule that automatically dumps them into an Aldermore folder, which you can look at should you feel the need..
There's the risk you may miss an important message that isn't a statement I guess

[edit I think you can automatically move messages from a particular sender with certain words in the subject - eg from 'Aldermore' with 'monthly statement' in subject]

I have to log in to download the statements.

Apparently it is new Payment services directive (PSD2) legislation.

https://www.fca.org.uk/publication/policy/ps17-19.pdf

The Treasury consulted on whether to exercise the member state option in PSD2 to
require PSPs to provide monthly statements and remove the possibility that PSPs
would have to provide transaction-by-transaction information to the payee.
In Treasury’s July 2017 response to the consultation23 they clarified their position
stating that they will mandate that customers are provided with a monthly statement
on a durable medium, thereby avoiding the default scenario.

Really very annoying to me.

[AleisterCrowley]

Ah, see what you mean. Assume they are going to provide an annual summary. Is this good enough, or do you want to see all transactions on 'one sheet''?

[chas49]

I've received a notification from Aldermore bank that even though I have elected to receive annual statements, they will now be providing me with monthly statements

According to the Aldermore Personal Savings Terms and Conditions:

15.3 We will make available a monthly statement
(containing the information set out at 15.2) that you can
view and print via our Internet Banking Service when
there have been transactions on your Account. We will
send you an email notifying you when we have made
available such a statement.

So all you will be getting is an email telling you that your statement is available.

[Lootman]

So all you will be getting is an email telling you that your statement is available.

Agreed, I am at a complete loss as to how anyone can complain that they are getting monthly statements in this or any other manner. It's always been the norm.

[Alaric]

It's always been the norm.

What shouldn't be the norm is why this should be anything to do with the EU. Motor manufacturers needing to import components without custom declarations, I can understand, but why should it matter if French bank account holders receive quarterly statements whilst UK ones receive monthly ones or vice versa?

[PinkDalek]

Agreed, I am at a complete loss as to how anyone can complain that they are getting monthly statements in this or any other manner. It's always been the norm.

Maybe in olden times.

I administer about 20 bank accounts and had set those for which I don't require regular statements to either quarterly, half-yearly or annually. Once this change came in, all were automatically changed back to monthly. I then went through the tiresome process of changing them back again.