Paper Statement Fee FAQ

Basic

What is the Paper Statement Fee? Which accounts / customers will be charged for receiving paper statements?

Commercial banking customers, who continue to receive paper statements for the following account types, will be subjected to a fee of HK$20 per each (set of) paper statement delivered:

  1. BusinessVantage Plus account(s)
  2. BusinessVantage account(s)
  3. HSBC Business Direct account(s)
  4. Hong Kong Dollar Current and Foreign Currency Current account(s)
  5. Hong Kong Dollar Statement Savings account(s)
  6. CombiNations Statement Savings account(s)

 

Why does HSBC impose a Paper Statement Fee on commercial customers?

Every year, HSBC issues approximately 2.4 million paper statements1 to our commercial banking customers, which amount to cutting down around 300 trees2. We are committed to protecting the environment and contributing to the sustainable development of Hong Kong by further reducing paper consumption. Today, 60% of our commercial banking customers prefer eStatements and eAdvice to paper for their everyday banking. It is free, plus it is faster, more secure and convenient to manage banking statements digitally in your business environment. The charging of a Paper Statement Fee is based on the "Pay the Paper" principle, which aims to encourage company customers' adoption of eStatement and eAdvice.

Note : 1Projected number is based on the October 2014 statistics that scoped paper statements sent for Business Integrated Accounts, current accounts and statement saving accounts. 2It is assumed that one tree that is 12.192m tall and 15.24-20.32cm in diameter accounts for 7,560 pieces of A4 paper.

 

How much is the Paper Statement Fee?

The Paper Statement Fee for commercial banking customers is HK$20 per each (set of) paper statement for the relevant accounts (or equivalent amount for foreign currency account).

 

My company needs paper statements for daily operation / audit purposes. How can I avoid the Paper Statement Service Fee?

Your company can avoid the Paper Statement Fee by simply registering for the eStatement service that will suppress the issuing of paper statements. HSBC eStatement is free and offers many other benefits:

  1. It is presented in the exact format and has the same recognition as the paper statements sent by post;
  2. You can access the statements faster;
  3. You can print out your statements only when you need them to meet your operation needs; and
  4. Our Business Internet Banking can help you store your statements up to 24 months for easy management.

Please click here to learn more about the features and benefits of the eStatement and eAdvice service.

 

How to register for eStatement and eAdvice Services?

It is simple to self-register for the eStatement and eAdvice service

  1. Via Business Internet Banking
    1. Logon to HSBC Business Internet Banking
    2. On the "My HSBC" page, click "eStatement and eAdvice"
    3. Choose a company and then click "Next Page"
    4. Click "Maintain eStatement and eAdvice" to choose the delivery method for the statement and advice for each account
  2. Download and complete the "Direct Advice / eStatement / eAdvice Registration Form (For Business Account)" from HSBC Public Website > Commercial > Form Download Centre > Other Forms; then submit it to HSBC branches or mail it to HSBC.

 

If I register for the eStatement service now, when will I start to receive an eStatement?

The eStatement registration will be effective immediately, and you will receive your eStatement in the next statement cycle.

 

What will the collected Paper Statement Fee be used for?

The charging of a Paper Statement Fee is based on the "Pay the Paper" principle, which aims to encourage customers' adoption of eStatement and eAdvice. The collected Paper Statement Fee will be used for investment to enhance our internet banking platform, which will further enrich our eStatement and eAdvice service. It will also cover the costs of providing the paper statement service by the Bank.

Customer Notifications

Will I receive prior notice (i.e. a standalone fee debit notification) on the Paper Statement Fee?

No, the Paper Statement Fee will be directly debited from each relevant account. It will be reflected in the following account statement. In accordance with the paperless concept, there is no separate notice of this debit.

Charging Scope

My company has an investment account bundled under an integrated account (BusinessVantage Plus/BusinessVantage/HSBC Business Direct). Will I be charged HK$20 if I select to receive paper statements for this investment accounts under my Integrated Account?

No, both standalone investment accounts and investment accounts bundled under integrated accounts are not subjected to the Paper Statement Fee.

 

If my company continues to receive paper advices from the Bank such as Time Deposit Maturity Advice, will they be charged?

No. Only statements for certain types of accounts are subjected to the Paper Statement Fee and paper advice of this nature will not be charged. Nevertheless, you are always recommended to sign up for receiving eAdvices to enjoy the hassle-free benefits of managing eStatement and eAdvice service online in one-go for free.

 

My company has made a request to reprint a copy of a previously issued statement for which I have already paid for the relevant duplicated statement copies request fee for this service based on HSBC's commercial tariff. In this case, do I still need to pay the Paper Statement Fee of HK$20?

We will only charge the duplicate statement request fee, and no Paper Statement Fee will be charged for this request.

 

My company has registered for eStatement; however, the Bank issues a paper statement to me due to email bounce back. In this case, will I need to pay for the Paper Statement Fee?

No. As you have selected to receive eStatements, the Paper Statement Fee will not be imposed due to an email bounce back scenario.

 

I understand that only certain types of accounts will be charged with the Paper Statement Fee. If I sign up for the eStatement service, can I still choose to receive paper statements for some other accounts?

Yes, the enrollment on eStatement can be arranged on an account level on your Business Internet Banking, and it can be tailor-made based on your specific needs. Nevertheless, you are always recommended to sign up for receiving eAdvices to enjoy the hassle-free benefits of managing eStatement and eAdvice service online in one-go for free.

Charging Mechanics

My company holds both BusinessVantage account and Hong Kong Dollar Current account, for which the Paper Statement Service Fee is applicable. How much will it be paying to receive paper statements each month?

The Paper Statement Fee of HK$20 applies to each account that is subjected to the fee. The fee imposed will be based upon the number of set of paper statements issued for the respective account(s) on a monthly basis.

For example, if your company continues to receive one set of paper statement for your BusinessVantage account and one set of paper statement for Hong Kong Dollar Current account between 1 and 31 August 2015, you will be subjected to a fee of HK$20 for your BusinessVantage account and HK$20 for your Hong Kong Dollar Current account. For integrated accounts, the fee will be debited from the Hong Kong Dollar Savings account.

 

When and how will my company be charged if it continues to receive paper statements?

We will directly debit HK$20 on the 4th working day of the following month for each set of paper statement consumed in the previous month from your relevant account(s). For HSBC Business Direct accounts, BusinessVantage accounts and BusinessVantage Plus accounts, the standard charge will be debited from your Hong Kong Dollar Savings account. For CombiNations Statement Savings account, the standard charge will be debited from the foreign currency account with the highest account balance.

 

My company has previously chosen to receive daily statements for the current account. If I want to continue receiving paper statements for this current account, how will the Paper Statement Fee be charged?

The Paper Statement Fee is charged based upon the number of paper statements issued for the respective account(s) on a monthly basis. If you are receiving your statements via post on a daily basis and assuming that there are 20 sets of paper statements issued to you in a month, a Paper Statement Fee of HK$400 (20 sets x HK$20) will be charged.

To save on the Paper Statement Fee, you can simply sign up to receive eStatements to enjoy the hassle-free benefits of managing eStatement and eAdvice service online in one-go for free. Alternatively, to minimise the Paper Statement Fee, you can choose to reduce the paper statement issuance frequency.

 

If my company registers for eStatements and suppresses paper statements in the middle of the month, will it still be charged?

If the suppression of paper statements is effected before the start of the next statement cycle of your account(s), and there is no paper statement issued to your company in that month, there will be no charge imposed on you.

 

My company has a current account with your Bank that receives statements by post. However, we usually keep a low balance in this account. Will the Bank still debit the account if there is insufficient funds?

Yes. The Paper Statement Fee will still be debited from your account. To avoid account overdraft that incurs debit interest, we encourage you to switch to eStatement to enjoy hassle-free management of your statements online.

Others

My company has only registered for HSBCnet but not for Business Internet Banking. Does it have other alternatives to receiving eStatements?

Yes, the eStatement and eAdvice service can deliver eStatements via email directly. Please click here to learn more about the features and benefits of the eStatement and eAdvice service.

 

Where and how can I check if my company is receiving paper statements for these account types?

You can check your company's current delivery method for its account statements via Business Internet Banking under the "Maintain eStatement and eAdvice" section. If you do not have Business Internet Banking, you can contact your Relationship Manager or call our hotline (852) 2748 8288.

 

My company receives a lot of paper statements. Does the eStatement and eAdvice service have any limitation on the maximum number of eStatements or eAdvices to be displayed?

You may select either to access your eStatements and eAdvices via Business Internet Banking or receive them via email. Please note that Business Internet Banking can store up to the latest 400 sets of eStatements and eAdvices for each account, and you are advised to archive your eStatements and eAdvices more frequently in case of necessity.

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