Royal Bank Of Scotland Finds 7.4 Million Account Holders Remain Oblivious, Leave Statements Unopened

When looking at recent research it had conducted, The Royal Bank of Scotland discovered that it may be wasting its time when sending out paper copies of account holders' bank statements. The bank found that 7.4 million or roughly one

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When looking at recent research it had conducted, The Royal Bank of Scotland discovered that it may be wasting its time when sending out paper copies of account holders’ bank statements.

The bank found that 7.4 million or roughly one-fifth of the bank’s current account holders never open their monthly bank statements.

A further 23% say while they may check their statements for accuracy from time to time, they do not do so on a regular basis.

To offset the apparent apathy toward paper statements, the bank has teamed with the University of Bristol’s Personal Finance Research Centre to develop an online tool it calls the Current Account Quotient.

The quotient grades users on their “account saviness” much like an IQ score, the bank says.

From the score users receive tips on how to manage their account more effectively.

The study also found that cash is suffering under the weight of plastic, with 50% of account holders using debit cards to pay for day-to-day items and 94% of holders having at least one direct debit or standing order on their account at any given time.

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