Dayton Reporter

WASHINGTON, D.C. – Congressman Mike Turner (OH-10) has put forward the Protecting Against Paperless and Electronic Requirements (PAPER) Act, a bill that aims to prevent banks from compelling customers to switch to electronic bank statements and instead ensures that paper statements remain accessible.

Congressman Turner emphasized the need for financial institutions to prioritize the reasonable utilization of banking services for Americans. He stated, "For America's senior citizens or those living in rural or underserved communities across the United States, online banking is not a viable alternative to paper billing, and the ultimatum of losing one's account runs counter to the principles of economic freedom that we hold dear." He added that the PAPER Act would prohibit institutions from restricting their services and guarantee that all Americans can participate in the banking system, regardless of their ability to connect to the internet.

The PAPER Act consists of two key measures. Firstly, it requires banks to offer customers the choice to receive paper statements. Secondly, it prohibits banks from withholding paper services unless customers switch to exclusively digital statements.

The need for this legislation arises from recent reports that banking institutions have started compelling customers to go "fully digital." Citibank, for example, recently implemented a pilot program where customers were obligated to give up paper statements in order to maintain access to their online bank accounts. Such policies pose a significant challenge to senior citizens and individuals without reliable internet access.

According to the U.S. Department of Commerce, one in five American households remains without internet access. Despite this, banks and other financial institutions are increasingly pushing customers to rely solely on online banking services, discontinuing paper statements.

The PAPER Act aims to ensure that all Americans can access their banking records, irrespective of geographic realities or socioeconomic status. It seeks to strike a balance between technological advancements and the needs of those who rely on paper statements.

To learn more about the PAPER Act, the full text of the bill can be found here.

To learn more, click on this link: https://turner.house.gov/2023/12/turner-introduces-legislation-preserving-access-for-consumers-to-paper-bank-statements