How long do banks keep information?

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  • agrinnallagrinnall
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    It's unlikely that you would ever get to speak to anyone at the bank who could tell you whether the data you are interested in is retained in any format for longer than the statutory 7 years. It'll be completely outside the scope of call centre staff. Your only hope is to pay the £10 for a SAR, perhaps specifying what it is you are looking for, but don't be at all surprised if they say either that they don't have it or that it will be too costly for them to either find out if it exists or to retrieve it.
  • agrinnall wrote: »
    It's unlikely that you would ever get to speak to anyone at the bank who could tell you whether the data you are interested in is retained in any format for longer than the statutory 7 years. It'll be completely outside the scope of call centre staff. Your only hope is to pay the £10 for a SAR, perhaps specifying what it is you are looking for, but don't be at all surprised if they say either that they don't have it or that it will be too costly for them to either find out if it exists or to retrieve it.

    Good point - I'm only likely to get an 'off the shelf' answer. I'll definitely get onto the SAR first thing in the morning.
    This has all been really helpful.
  • ThrugelmirThrugelmir Forumite
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    If the document you require is in relation to a banking transaction. Then in all likelihood the SAR will be worthless.
    Real insurance claim quote : -

    "Going to work at 7am this morning I drove out of my drive straight into a bus. The bus was 5 minutes early.".
  • ArmoricaArmorica Forumite
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    ^^ The SAR is cheap so might as well do it.

    My middle para - different banks simply have different retention periods for information. And by type of information. E.g. some may keep their CHAPS records for a long time, and Bacs transaction can be retrieved from a central source. The reality is you should have asked for this information years ago and kept a copy. The statement entry may be too high level for the purpose you require.
  • This is a CHAPS/SWIFT transaction so there may be some hope. I've already tried writing to the bank - no reply. And when I've telephoned, they've said they would look into it, but didn't hear any more.
    And prior to that, what turns out to be time-wasting with another solicitor who didn't ask for the bank transfer document. But now I'm on another tack and the new solicitors do require it.
  • jonesMUFCforeverjonesMUFCforever Forumite
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    Was it CHAPS payment to UK bank or SWIFT payment abroad?

    If you have not started proceedings (just talking to solicitor?) are you not out of time?
  • Hi there,
    It was a SWIFT transfer abroad.
    The solicitor says we have 15 years from the date of payment to the receiving bank. Not that I plan on waiting any longer.
  • edited 16 December 2014 at 8:43AM
    ERICS_MUMERICS_MUM Forumite
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    edited 16 December 2014 at 8:43AM
    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". I've worked with financial consultants and IT companies to design and install payment investigations systems and this so-called rule was never raised as a requirement.

    Methinks your potential new solicitor is either rogue or rubbish. Sorry, I'm negative but realistic.

    Also an overseas payment has a chain of several links between the payer and payee, the payment transfer document might not include most of it. Please be careful, don't be drawn into any suggestion from the lawyer that he/she try to trace the payment right through - could be a long and very expensive job.
  • All these pieces of information are valuable and helpful - also thank you for your concern which is much appreciated.
    The 15 years I was referring to is, according to the solicitor, 15 years from the payment transaction to taking them to court. Sounds like a long time but as we know there are quite a few historic cases going on at the moment, although not in finance. Maybe I made it sound like it was years to get records from the bank.
    I'm planning on ringing the bank this morning (again) so if there are any other thoughts from anyone, I'd be pleased to hear!
  • stclairstclair Forumite
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    Which bank is it? Their is a lloyds Bank rep on here.
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
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