How Should Banks Notify Paperless Statement Customers Of Changes?

When a growing number of bank customers go paperless and statement-free, is notifying them of new fees or policy changes only on their statements enough? Becky doesn’t think so. She’s annoyed that Key Bank instituted a $9 per month fee on some accounts recently, but only announced it on the statements that, thanks to online banking, she has no reason to pay attention to.

Key Bank has started charging fees without properly notifying their clients. Apparently it was noted on a monthly bank statement, but since I do everything paperless I don’t look at my bank statements, I just review my actual account. There were no letters sent out, no electronic messages, nothing else. Now I just discovered I’ve been getting charged $9 a month since June. I had no idea and think a lot of other people are getting charged without knowing it as well (my roommate for one!).

I don’t think noting it on a bank statement is notice enough. Given that they still send me offers via regular mail and notices about new things through their online messaging center they absolutely could have notified me these ways as well, but they did not. I think they purposely were sneaky about it in order to start charging people and making money off of them! GRR!!

Have you heard of this happening already? I’d be curious how many other people are being affected and don’t even know it.

There must be soe other Key Bank customers out there in our viewing audience: have you been smacked with this fee, too?