There’s no federal law banning paper statement fees . But companies must get customers’ consent in order to switch from paper to online statements . Federal laws require banking and utility companies to provide customers with important financial information, including monthly statements showing all of a person’s transactions or payments they owe.
Banking companies are required to “mail or electronically deliver statements at least 21 days before the payment due date,” the Office of the Comptroller of the Currency. In some cases, people who want to keep getting paper statements are now required to pay an additional fee. VERIFY reader Christina reached out to ask if the fee for paper statements is legal. There’s no federal law that prohibits banking or utility companies from charging customers a fee to receive paper statements, Consumer Action. Banking companies are, however, required to make customers aware of any changes to how they get their statements
Source: News Formal (newsformal.com)
Paper Statement Fees Federal Law Banking Companies Utility Companies Consent Online Statements
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