Would it be wise for banks to stop charging money for paper statements, or at least lower the fees? We ask because, according to the largest consumer organization in the Netherlands, the Consumentenbond, these fees are one of the biggest gripes of bank customers.

As much as 600 consumers contacted the Consumentenbond over the past two years with complaints about their bank.

One of the biggest annoyances were the fees charged for the privilege of receiving paper bank statements. The five largest banks in the Netherlands send bank statements with intervals varying from one to four weeks. If you want to get one more often, you’ll have to pay.

The fees that are charged in the Netherlands for receiving a weekly bank statement vary from 6 to 26 euros per year. This way, banks hope to compensate their expenses and motivate people to use Internet banking.

ANBO
It appears, though, that charging (too much) money for basic services such as providing paper bank statements could drive customers away. According to an article in the Telegraaf, the Dutch elderly association ANBO advises members to switch banks if their current bank forces them to do their banking over the Internet.

The ANBO reacts to the numerous complaints they receive on the matter. According to a spokesperson of the ANBO, many elderly see the charges as a subtle push to use the Internet for banking. Which is simply not realistic because at least 1 million Dutch households, half of which are aged, still lack Internet connectivity. Many elderly still have trouble using an ATM and prefer using cheques, or go to a branch office to deposit or withdraw money, which is becoming increasingly difficult.

Unjustified charges
Similarly, banks often charge companies to send out paper transfer forms to their customers, and companies in turn pass these costs on to their customers. But most people nowadays copy the information from the transfer forms into their Internet banking account and pay electronically, thus saving their bank the effort to process the hand-filled forms. This makes the initial fee charged by the banks unjustified, according to the Consumentenbond.

Many people are unaware of these charges. Consumentenbond thinks that these fees should be made transparent and consumers should always have the choice of multiple payment methods, some free and some charged.

Other annoyances are failing bank cards and the need to open a checking account before you can open a savings account.

Luckily, there is light at the end of the tunnel. The Netherlands Bankers’ Association (NVB) and the Consumentenbond agreed on a new set of general terms and conditions to be used by all Dutch banks starting November the 1st. These new terms and conditions dictate that banks should be transparent and inform their clients in simple terms on all charges, fees and rates. This makes it easier for consumers to file official complaints.

What do you think? Are banks right to charge money for sending bank statements and are the fees acceptable? Should banks continue to charge or should they stop to prevent clients from switching banks? How should banks deal with people unable or unwilling to move their banking to the Internet? We look forward to hearing your opinion.