Citibank's Squeeze: I'm Not the Only One

Banks used to give out small appliances for new accounts.
Tangible non-monetary rewards look good now. (TVtropes)

Twelve days ago I wrote about my irritation at being arm-twisted into paperless banking by Citibank. Apparently, I am not the only financial dinosaur. [bold added]

Citi’s policy is one of the harshest yet for the holdouts. The effort is part of a beta program rolled out to a small number of customers who access accounts online but still get paper statements, a Citigroup representative said.

The bank didn’t say how many people received these messages. Though the policy requires customers to enroll in paperless billing to continue using their account online, they can switch back to paper later and retain access to the bank’s site and app, the representative said.

Comment 1: at least Citi didn't say "a small number of technophobic, antiquated customers."

Comment 2: Switching back to paper is not easy. "After multiple calls to the bank’s customer-service line, he was able to reinstate the paper billing."

Paper statements and invoices have been a part of audit controls for decades. For example, accountants would stamp invoices "paid" and attach a copy of the purchase order authorizing the expenditure and a copy of the check. If necessary, the cancelled check could be retrieved. I have yet to be persuaded that doing everything electronically provides as much assurance as a paper trail.

Paper invoices are a more useful reminder than e-mailed ones, which get buried in the hundreds of daily messages in my inbox. Also, because I currently handle most of the household's billings (my wife is equally capable and used to do it before my retirement), mailed invoices make it a lot easier for her to review and pay if something should happen to me.

Citibank is not the only major bank that has raised fees and minimum balances while cutting back on services. Squeezing customers occurs in a host of industries--banking, cable TV, cellphone, and magazine subscriptions, to name but a few.

I put up with it because it's a hassle to change until my tipping point--admittedly different for everyone--is reached, then my group of accounts goes elsewhere.