HSBC Statement Request

natweststaffmember

This is a quick non bank charges related question. How far back can you order bank statements?
I have been given information that Barclays is 10 years, NatWest is same but am asking for a friend as I have no account with HSBC.
How far back can I order statements on an account for?

never-in-doubt

6yrs is the norm. They have to retain for at least 6yrs in line with DPA.

Extant

Barclays isn't 10 years across the board - you can ask and we might still have them, and I imagine it's the same with other banks.

never-in-doubt

BarclaysManager wrote: »

Barclays isn't 10 years across the board - you can ask and we might still have them, and I imagine it's the same with other banks.

So you'd keep for 6yrs and if they had anything after this then great? But 6yrs is your minimum is it?

natweststaffmember

never-in-doubt wrote: »

6yrs is the norm. They have to retain for at least 6yrs in line with DPA.

The Data Protection Act 1998 has NO TIME LIMIT for data so that is a red herring. Why is there a 6 year time limit?

never-in-doubt

natweststaffmember wrote: »

The Data Protection Act 1998 has NO TIME LIMIT for data so that is a red herring. Why is there a 6 year time limit?

DPA does have time limits - in reference to CRA's, this works in conjunction surely? i.e. because the CRA's can retain data for 6yrs the banks/lenders must, therefore, have to retain it similarly?

That's the logical explanation as far as my mind goes but it is the norm that banks keep them for 6yrs...... some have them longer on microfiche but you would usually always get at least 6yrs on a live account - if closed then my understanding is that they can destroy it after 12mths.

Edit: Just found this link - interesting: http://www.thisismoney.co.uk/bank-charges

To me suggests that as they have to tell you about charges, they will in essence retain statements indefinitely and try and charge for a duplicate.... hmmmmm...

Quotes:
Under the Data Protection Act 1998, you are entitled to get from your bank a list of any charges over the past six years. Banks may charge a maximum of £10 for this.However, statements are not covered by the Act, so banks are using this loophole to charge higher fees. Many customers are finding that when they ask for a list of charges, staff tell them this cannot be provided, but old statements can.

natweststaffmember

never-in-doubt wrote: »

DPA does have time limits - in reference to CRA's, this works in conjunction surely? i.e. because the CRA's can retain data for 6yrs the banks/lenders must, therefore, have to retain it similarly?

That's the logical explanation as far as my mind goes but it is the norm that banks keep them for 6yrs...... some have them longer on microfiche but you would usually always get at least 6yrs on a live account - if closed then my understanding is that they can destroy it after 12mths.

Read the Data Protection Act 1998, and I asked the Information Commissioners Office about time limits on data retention. There is none specified in the DPA 1998. I read the Act as well just to be certain. There has been talk of something called the Crowther Report from 1971 but that is before mass useage of computers.
Mortgage retention period is 12 years if memory serves me right so 6 years has come from somewhere and I still don't know it.
BTW, closed accounts data retention with NatWest is 6 years(I have that in writing from them cos I asked them on a separate issue).

never-in-doubt

natweststaffmember wrote: »

Read the Data Protection Act 1998, and I asked the Information Commissioners Office about time limits on data retention. There is none specified in the DPA 1998. I read the Act as well just to be certain. There has been talk of something called the Crowther Report from 1971 but that is before mass useage of computers.
Mortgage retention period is 12 years if memory serves me right so 6 years has come from somewhere and I still don't know it.
BTW, closed accounts data retention with NatWest is 6 years(I have that in writing from them cos I asked them on a separate issue).

See edited post above:

I know what you;re saying, its one of those unwritten agreements kinda like the CRA's keeping data for a fair period of time, they have all declared 6yrs as this is the maximum allowed time (ICO/DPA) so they pick that even though it isn't entirely fair. Like the maximum charge for a SAR is £10 - they all charge it, but could if they wanted charge nothing or £2!

I guess as a result they use it for statements as well, i.e. retain for 6yrs (maximum time limit to classify as 'fair period of time not exceeding 6yrs'), but reading through google it appears banks keep them forever (electronically).......

Extant

never-in-doubt wrote: »

So you'd keep for 6yrs and if they had anything after this then great? But 6yrs is your minimum is it?

Yes. The minimum is enforced as part of HMRC's requirement to keep six years worth of records.

never-in-doubt

BarclaysManager wrote: »

Yes. The minimum is enforced as part of HMRC's requirement to keep six years worth of records.

that answers the above points raised by NSM then..... its HMRC that outline the 6rs rule? cheers

Extant

never-in-doubt wrote: »

that answers the above points raised by NSM then..... its HMRC that outline the 6rs rule? cheers

To the best of my knowledge, HMRC is the driving force behind the six year requirement. They require six years to be kept for corporation tax and the like, and customer's accounts fall under this as they count as assets and liabilities.