Mass. — If you like to get a paper statement for your credit cards, be sure to read the fine print. Some companies are now charging you a fee to get that statement in the mail.
It’s a push to get consumers to start receiving and paying electronically. Credit card companies charge you a fee to get a paper statement in the mail.
Consumers are speaking out on Facebook.
When Karen Ruetschle noticed her American Eagle credit card was charging her $1.99 for her paper statement, she called customer service to get the fee waived.
Synchrony Bank, which provides credit to retailers like American Eagle and TJ Maxx, shows the paper statement fee in the fine print.
There’s no federal law banning paper statement fees. But companies must get your consent to switch from paper to electronic statements.
Business professor Elaine Luther from Point Park University says electronic statements and payments can open you up to data breaches.
And she adds, low-income consumers can have a difficult time navigating online payments.
Ruetschle calls the paper statement fee for any consumer – ridiculous.
In a statement from Synchrony Bank, the company says in part:
“Due to changes in regulatory conditions, and to ensure -- a full range of benefits, tools and rewards-- we are making updates to some of our account terms across select credit card programs.”
The company says it does have some exclusions in place to accommodate customers with various situations. So it’s worth a phone call to see if you can get a paper fee waiver – or they will help you switch to digital statements which are free.
This is a developing story. Check back for updates as more information becomes available.
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