Santander Scraps Paper Fee Statements to Push Digital Banking

Starting in August, Banco Santander will scrap its annual paper Statement of Fees, removing the automatic postal breakdown of yearly charges like foreign transaction fees and overdraft interest for millions of customers. To access this information, customers must now use the bank's mobile or online banking services or refer to their account's Fee Information Document. Digital records of these statements will remain accessible for seven years.

The bank reports that 9.2 million customers have already transitioned to paper-free services. This move is part of a broader digital push and a cost-cutting strategy by the parent company, which aims to reduce costs by more than 500 million euros through the accelerated use of artificial intelligence. The organization targets over one billion euros in total revenues and savings by the end of 2028.

In a separate development, Santander has introduced a new regular saver account for current account customers, featuring an 8% interest rate that includes a 5% bonus for the first 12 months.