UAE banks are gradually stopping paper statements and switching to online account statements for security and environment reasons.
Many of the country’s 23 national banks and 28 foreign units have already stopped the paper statement service and shifted to the more secure e-statement.
The United Arab Bank (UAB) was the latest unit to do so by sending an alert to its clients on Monday telling them it has decided to stop the paper service.
“Dear customer, as part of our Green Initiative, we will discontinue paper statements and move to e-statements effective March 2016,” it said.
UAB and other banks told their customers they could view their account statements on their e-mail or by subscribing to “online banking.”
Many other UAE banks, including the government-controlled Abu Dhabi Commercial Bank (ADCB), have already decided to stop the paper statement service.
In a recent statement on its website, ADCB said the service would be free.
“This free and secure service will automatically send you your regular statements by email instead of through the post. By making the simple switch to e-Statements you will be helping to save trees, which is great news for the environment,” it said.
According to the banks, the benefits of e-statement are:
Easy Access – e-statements will be delivered straight to email inbox, and clients can view, print and save the bank statement electronically anytime.
Security – Added protection - e-statements are in PDF format with 128-bit encryption and require a unique password for access.
Organization – Organize account statements electronically.
Free - This service is free of cost and offers fast and convenient access.
Environmentally Friendly - Reduce impact on the environment by eliminating unnecessary paper.