Santander to axe key annual bank statements forcing hardworking customers to track their banking costs online

SANTANDER is scrapping annual fee statements for customers, meaning millions will have to check their own banking costs online instead. The high street bank confirmed it will stop sending out the yearly statement of fees from August. The document currently gives customers a clear, single breakdown of any charges they’ve paid over the past 12 months. For example, this could include interest charges from your overdraft, or fees for using your card abroad. Sign up for the Money newsletter Thank you! Santander insists customers will still have everything they need to keep track of their money. The bank said: “Your statements already show any fees or charges on your account.” It added that customers’ annual account summary will continue to include the interest they’ve earned. However, anyone wanting a full breakdown of fees will now have to check Online and Mobile Banking themselves. Santander says this can be done “anytime, wherever you are”. Customers can also view all the fees a specific account charges by checking its Fee Information Document. Most read in Money The move comes as banks increasingly push customers towards managing their accounts digitally, rather than through paper statements. Anyone worried about missing charges is being urged to regularly log into their banking app to keep on top of costs. Comment now