First Direct Switching T&C's vs GDPR Rules

A16XJD

First Direct have long held the rule that you can only qualify for the switching bonuses if you've "not previously held a first direct product"

My question is, aren't banks legally compelled to delete all personal information after a set number of years retention period once you've closed all your accounts with them?

In which case how is this criteria actually enforceable if you haven't had a first direct account for an extended period?

Has anyone actually managed to receive multiple switching rewards from FD if they've had a long gap between appications?

WillPS

GDPR does not set an absolute limit on the length data can be held. Financial service companies can and do justify that consumer financial data is needed to be held longer - depending on your age it's likely some data about all your historic bank accounts is still held in some form or another.

To answer your other question, yes - I received a bonus for switching to FD in 2017, another bonus for switching away 6 months later (back when they did that) and I got a fresh bonus for joining in 2023 - although I'd have had no cause for complaint if they didn't payout that last time of course. I did use a different email this time, not sure if that makes a difference.

Largs

I was knocked back last year as I got one around 2003.  They must have some computer system to remember this.  I never liked them first time round anyway.

Ergates

A16XJD said:

My question is, aren't banks legally compelled to delete all personal information after a set number of years retention period once you've closed all your accounts with them?

No.  Banks can retain data for as long as they can justify it for a legitimate business purpose - "We want to know if a customer has had a bank account with us before" would meet that.  They would have to limit the data they store to the minimum needed to meet this purpose.

Nasqueron

A16XJD said:

First Direct have long held the rule that you can only qualify for the switching bonuses if you've "not previously held a first direct product"

My question is, aren't banks legally compelled to delete all personal information after a set number of years retention period once you've closed all your accounts with them?

In which case how is this criteria actually enforceable if you haven't had a first direct account for an extended period?

Has anyone actually managed to receive multiple switching rewards from FD if they've had a long gap between appications?

The bank could quite legitimately archive data away somewhere for as long as they can justify it but also have a database of customers who had a bonus as that is a legitimate business purpose

35har1old

Nasqueron said:

A16XJD said:

First Direct have long held the rule that you can only qualify for the switching bonuses if you've "not previously held a first direct product"

My question is, aren't banks legally compelled to delete all personal information after a set number of years retention period once you've closed all your accounts with them?

In which case how is this criteria actually enforceable if you haven't had a first direct account for an extended period?

Has anyone actually managed to receive multiple switching rewards from FD if they've had a long gap between appications?

The bank could quite legitimately archive data away somewhere for as long as they can justify it but also have a database of customers who had a bonus as that is a legitimate business purpose

Applied for Co-op account with no switch and was surprised when I went to setup a new payee there was a list of payees from previously closed accounts