Bank of Scotland releasing Customers Details to Marketing Research Companies

tcp7411

I recently I went to upgrade my current account to their Platinum Current Account. On reading the small print of the pre contact Privacy stipulations I was alarmed to read that the bank was requesting my permission to give my details to a third party and I copied the relevant text:
We will treat your personal information as private and confidential, but may share it with each other and disclose it outside the Lloyds Banking Group if allowed by this agreement:
When we may share your information:
(h) needed by market research companies to assist us in providing better products and services for you.
I find this alarming that my details are being given to a market research, which is, when all said and done a third party which they have no control over, and therefore out with the banks security.
My phone number is ex directory, for a reason, I suffer enough with cold calling without an institution which I depend on, releasing private details. What is their security !!?
I was unable to proceed with the upgrade and was brushed off by my local branch officer when I raised this matter. I was informed that everyone was doing this!
I further contacted the Head office of Bank of Scotland and was politely informed that this was their standard practice, and it was of no consequence. Also this was the generally what all banks are doing,. namely to pass customer's name and phone numbers to a marketing research company so the they could call customers for feedback, and was basically told that if I did not like it I could go elsewhere.
Needless to say I am going elsewhere.
I have discovered that unfortunately that the vast majority of people are not reading the small print, and were horrified to find out that the BOS and similar banks are giving personal details in willy- nilly way.
I wonder how many other banks abuse our trust this way.
It pays to read the small print..

eskbanker

Their wording isn't the best but they do say later on in their privacy policy that "Unless you have given us your consent, we will not provide information about you to companies outside our group to use for their own marketing purposes" so they're not really "giving personal details in willy-nilly way" (unless they're in breach of their own policy of course....).

Obviously you're entitled to take your business elsewhere, but perhaps you'd care to post back with feedback on which banks have better privacy policies after your research?

colsten

OP, the text you provided says ".. needed by market research companies to assist us in providing better products and services for you." The important bit there is the one I highlighted.

BOS are not giving your data to the market research companies for them to do with it as they like but to perform work on behalf of BOS. All banks as well as other companies do this sort of thing. You would expect them to use specialist market research companies instead of running such operations themselves. It is much cheaper and much more efficient for the banks, and in the end for us as customers, to use the experts.

If you find that unacceptable, you will have great difficulties finding any banking or credit card facilities

SurfKing

I'm fairly sure if you have a bank account anywhere already, you will have already agreed to a term like this.

Only yesterday I received two customer feedback surveys from research companies acting on behalf of Santander and TSB, presumably allowed under terms like the one you outline. It doesn't happen often, and to be honest I quite like having people ask me what I think of their services. No big deal.

GingerBob_3

It always amuses me to read this statement in T&Cs;


We will treat your personal information as private and confidential


They then go on to tell you that they'll do nothing of the kind, and in effect, give it to all and sundry.


The only remedy is to provide the absolute minimum of personal information to the banks. Don't take part in any surveys etc, and only update vital personal details when they change.

Archi_Bald

GingerBob wrote: »

It always amuses me to read this statement in T&Cs;


We will treat your personal information as private and confidential


They then go on to tell you that they'll do nothing of the kind, and in effect, give it to all and sundry.


The only remedy is to provide the absolute minimum of personal information to the banks. Don't take part in any surveys etc, and only update vital personal details when they change.

As an added protection, always wear a tinfoil hat. I quite like this simple yet elegant and stylish model:

GingerBob_3

Archi_Bald wrote: »

As an added protection, always wear a tinfoil hat. I quite like this simple yet elegant and stylish model:

Yes, it does look good on you.

Archi_Bald

GingerBob wrote: »

Yes, it does look good on you.

You reckon I could get a catwalk contract with it?