I'm just wondering what will happen to my bank statement when contactless takes off - assuming I use it. When I think about the large number of cash payments (30p here, 60-odd p there, a couple of quid on something else) that could be switched on to a contactless
debit card, the paper bank statement I get each month could be impressive in size.
I assume that all payments will be separately itemised on my account. If not, I for one wouldn't use the contactless capability and will stick with cash. I know that, once I've withdrawn cash from my account, I don't keep a record of where the money goes,
but there's a world of difference between knowing that you withdrew £50 and lots of debits totalling the same amount that you can't remember doing. I think it's something to do with control and I would be nervous about money going from my account if I couldn't
reconcile where it went, and on what. At least with the cash withdrawal, I know I made it...
So, it's big statements for me then, or sticking with the folding stuff. I guess my postman will need to go on a bodybuilding course, and I'll need a bigger filing cabinet.
And no, I won't move completely to paperless at this point - not until someone comes up with a properly secure means of delivering electronic statements to me (and the bank pays me for saving them money).
It'll be interesting to see how the RBS pilot works out, what the detail is of how it works, and what the customers make of it.