ANZ pays customers $10 to ditch paper statements
BANKS are encouraging customers to choose electronic statements over paper ones with the ANZ offering an incentive for those who make the switch.
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BANKS’ complaints of squeezed margins has resulted in more customers being incentivised to ditch paper statements to save institutions money.
ANZ is the latest institution to offer customers a one-off $10 credit if they choose to kiss goodbye receiving the old-fashioned method of a statement in the post.
If they continue to receive hard copies they will not be charged a fee.
In recent months financial institutions have complained of regulatory pressures and budget squeezes impacting their profits — this has resulted in lenders looking to tighten their belts.
The ANZ paperless incentive, which is being trialled on thousands of ANZ customers, could expand to the bank’s wider customer base if successful.
It is understood it costs a bank about $1 to process and send one paper statement to a customer.
The nation’s biggest financial institution, the Commonwealth Bank, recently revealed they would begin charging some personal customers $2.50 per bank statement if they received more than two paper statements per year in the mail.
Pensioners, youth and customers with special needs are exempt from the charge.
The bank, however, has delayed the rollout until later this year.
An ANZ spokesman said they have already seen a huge shift in customers migrating from paper to electronic statements outside of the $10 switching trial.
“Since October 2015 we have had more than 1 million accounts choose to switch off their paper statements,’’ he said.
“As part of that trial we are offering select customers $10 to move to electronic statements.
“While many customers are choosing electronic statements, we realise this might not be convenient for everyone, which is why this trial is an opt-in only.’’
CBA’s subsidiary bank Bankwest is among other institutions issuing email alerts to customers encouraging them to bank faster and more easily by switching to electronic statements.
Consumer group Keep Me Posted this week advocated for the right for Australians to choose how they receive bills and statements.
Keep Me Posted’s executive director Kellie Northwood said there should be no charge for people who choose to receive their paper statements from any institution via the post instead of digitally.
“Consumers are more informed and have greater comprehension when receiving printed statements, they also pay quicker, which must be a positive options for companies,’’ she said.
sophie.elsworth@news.com.au
Originally published as ANZ pays customers $10 to ditch paper statements
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