Santander has confirmed it will stop sending annual fee statements to customers from August, moving the service entirely online. The statements provided a breakdown of charges such as overdraft interest and overseas fees incurred over the previous year.
Industry-wide Shift to Digital
The UK banking industry historically sent over 5.2 billion paper documents annually. Digitising these processes reduces overhead costs related to printing, stationery, and postal delivery. By removing paper, institutions save over £1 billion each year, eliminate the risk of physical mail interception, and reduce their carbon footprint.
Once the service is scrapped, Santander customers will need to check their banking costs online. However, the bank assured customers that the process remains straightforward, stating: “Your statements already show any fees or charges. Customers can view fees for a specific account by looking at their Fee Information Document. This can be done anytime, wherever you are.”
Customer Guidance and Concerns
Those worried about missing charges are urged to regularly check their banking app to stay on top of potential costs. This change aligns with a broader trend of banks pushing for digital-only services to cut costs, enhance customer security, and meet sustainability targets.
High street banks attribute branch closures to increased use of online services. However, charities have warned that vulnerable people risk being left without access to banking services. According to Which? data, banks and building societies have closed 6,871 branches since January 2015, at a rate of about 53 per month. This represents 69% of branches that were open at the start of 2015.
Branch Closure Statistics
Lloyds Banking Group, which includes Lloyds Bank, Halifax, and Bank of Scotland, has closed 1,611 branches—the most of any banking group. NatWest Group, comprising NatWest, Royal Bank of Scotland, and Ulster Bank, has closed 1,565 branches. Barclays is the individual bank that has reduced its network the most, with 1,236 branches now closed.
