I recently received a letter from CIMB Bank, encouraging customers to go paperless for monthly bank statements.
This is a commendable move for a greener environment.
But the letter also stated:
"If you would like to continue receiving paper statements, a nominal fee of S$1 or its equivalent would apply for each account from Jan 1 onwards."
I believe that going paper- less would save the bank some money, while maintaining the status quo would not result in additional costs. Hence, it would not be reasonable to levy the fee.
Furthermore, some customers - senior citizens, children or those from the low-income group - may not be savvy enough or have access to Internet banking.
The bank should reward those who opt to go paperless instead, while allowing a minority to continue receiving paper statements.
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