How long do banks keep information?

InsideInsurance

You really need to give much more information about the background of the case to have any clue of what you actually need.

In general, the DPA encourages companies to delete data as soon as possible however they can retain data if they can justify a business need to retain it.

As law of limitations is 6 years on things like contract and tax law a prudent if a bank doesnt want to keep data for longer then they will generally dump it after 7 years unless they are already aware of litigation ongoing in connection with the data.

Natwest/ RBS got hammered over Enron because of a lot of data they were holding for which they had no real purposes to be holding onto (10 year old emails arranging office parties etc). But because they were holding it when the case started they were required to search it all and share what they found despite they could have deleted the lot the day before. As a consequence a lot of banks got a lot better at records management to prevent the same happening to them.

You could attempt a SAR but the SAR only covers data that is held electronically or in a highly structured manor. Microfilm rarely meets this requirement as its in a simple date order and so no reasonable way of finding every transaction involving you but for the sake of £10 it may be worth a punt.

antrobus

ERICS_MUM wrote: »

I've worked in international banking in the C of L for 40 years, much of that with overseas payments and never have I heard of this "15 year rule". ...

It's in the Limitation Act. Let me explain

Now, I don't know precisely what the OP's complaint is. I'm guessing it's a negligence claim, where the claim has to be made either within (a) six years from the date on which the "cause of action accrued" or (b) three years from the date of acquiring "knowledge required for bringing an action for damages in respect of the relevant damage and a right to bring such an action".

Subject to an overriding time limit of fifteen years

See section 14
http://www.legislation.gov.uk/ukpga/1980/58

Presumably therefore, the OP has only realised sometime in the past three years that there was a problem arising from this now nine year old transaction, and therefore can still sue, since it happened less than fifteen years ago.

jonesMUFCforever

As the claim seems to be for an overseas company does this solicitor know anything about the legal system in that country?
Does the ''15 year rule'' apply there?

janice_short

Hi all,
A little clarification.
The solicitors are an English/Spanish company with the main office in Spain. They are very active on the Eye on Spain forum and have been in UK newspapers for winning cases in exactly the same situation as us. I've been in contact with the people who have won a case, although of course I don't know 100% if their reports of success can be taken as true.
The reason that the bank statement will not suffice is that it only gives very limited information. The document we require is a 'Bank Transfer Document' which shows the details of the bank account the money was transferred to. The statement doesn't do this, it just gives the receiver's name and no bank account number. So it's a bit like it saying 'Smith' and nothing else - it doesn't solidly identify that the money went into a particular Mr. so and so Smith's bank account. And since it's the bank I'm interested in and not the person, the bank account number (which identifies the bank) is crucial.
The money went into a Spanish bank, the BBVA.
So I've spoken to NatWest at some length and they say that categorically all paper and electronic records are deleted after 7 years.
Interestingly enough though, they could still look at the relevant bank statement from 9 years ago.
I asked if they could raise a new Bank Transfer Document but they say they don't have the information - just the name of the company to whom it went - i.e. what is on the statement.
So what I'm going to do now is to sort through all the records I've got and see if anywhere I can find anything where it says the bank received this money.

jonesMUFCforever

To be fair to the bank you would have had to give the bank details to send the money in the first place and they would have sent you a copy.
Why do you not have the details.

colsten

If it is a transaction that dates back 9+ years and that can be contested in a (UK??) Court for 15 years after it took place, and if it is a transaction that was serious enough to challenge 9+years after it occurred, then surely there must be some other documents, such as a purchase contract of sorts?

What does your contract say about the laws of the country that apply to your contract? Assuming it is not UK law, how much does your lawyer know about Spanish law?

janice_short wrote: »

The solicitors are an English/Spanish company with the main office in Spain. They are very active on the Eye on Spain forum and have been in UK newspapers for winning cases in exactly the same situation as us. I've been in contact with the people who have won a case, although of course I don't know 100% if their reports of success can be taken as true.

I am sure I am wrong but it sounds like "spanishpropertylawyersforyou", probably spawned from "injurylawyersforyou".

janice_short

colsten wrote: »

If it is a transaction that dates back 9+ years and that can be contested in a (UK??) Court for 15 years after it took place, and if it is a transaction that was serious enough to challenge 9+years after it occurred, then surely there must be some other documents, such as a purchase contract of sorts?

Funny you should say that. On going through the paperwork again just now, it is there in full detail on the contract - bank name, bank address and bank account number of where the money was paid to, plus confirmation that is was received. Which I would have thought is actually better proof than the Bank Transfer Document as that doesn't confirm it was received.
So now i am back on to the solicitor.