How long do banks keep records

~Bella~

Hi...

Does anybody know how long banks keep records of closed (or defaulted) accounts?

Went BR in 2009... but Barclays still have a list of all my previous accounts and Barclaycard (all closed at BR). Managed to catch a glimpse of the screen in branch recently and noticed that they are all listed.


Many thanks

Dave101t

id say they keep them forever, my bank has recently said we can now have access to up to 6 years history but they will have it all.

Ineedaname

They must comply with the Data Protection Act though, the eight defining principles of which are:

1. fairly and lawfully processed;
2. processed for limited purposes;
3. adequate, relevant and not excessive;
4. accurate;
5. not kept for longer than is necessary;
6. processed in line with your rights;
7. secure; and,
8. not transferred to countries without adequate protection.

miggy

Certain records have to be kept for 7 years: are financial records among them?

dojoman

Ineedaname wrote: »

They must comply with the Data Protection Act though, the eight defining principles of which are:

1. fairly and lawfully processed;
2. processed for limited purposes;
3. adequate, relevant and not excessive;
4. accurate;
5. not kept for longer than is necessary;
6. processed in line with your rights;
7. secure; and,
8. not transferred to countries without adequate protection.

But how long is deemed necessary?

Ineedaname

That's the problem Dojo, banks will say necessary is xxx period of time, perhaps until death of the customer. BUT, I think this could be challenged if you are no longer a customer of the bank and haven't been for over 6 years at which time their records would no longer show on a credit file.

Miggy - the 7 years is generally for tax purposes for businesses. Perhaps that will apply to customer records with the banks, not sure.

dojoman

There are too many ambiguous areas, and something should be done about it.

cookie.monster_6

Thanks for the responses guys

Seems to be a very grey area...

Hopefully it is 6 years - but knowing how the banks work, I doubt it very much.

lilibet1

This is an interesting question as recently i went into my bank and asked them to clarify a date that i opened an account on. I sat down by the assistant and had full view of the screen and i could clearly see that they still had the account details of my first husbands, first wife there who died in 1991! I asked the question as to why her details were on the screen and she told me that they never get deleted. I only noticed though as i have a very uncommon surname and there were only three of us on the screen, me, first husband and his first wife.

Hope this helps.