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PPI question re old Bank Records


Nontek
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Bearing in mind the number of non-computer related questions put on these Forums, I think this particular Forum should not have the word Tech in its' title!! But that is just a thought.

My question, not computer related, is does anyone know how long Banks, Building Societies etc are obliged to hold/retain customers account details, (which I think is 6 Years) and what actually happens to these details after the six year point - would it be possible to recover/find out such details even after the six year point if the details had been destroyed/deleted - having in-mind that items on computers are not actually deleted in the normal run-of-things.

I am asking on behalf of a friend who has been told by the Bank that they no longer hold certain details relating to PPI claim, and as a result are only suggesting a very much smaller sum than was actually anticipated.

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wee eddie

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You are mistaken about the '6 Year' limitation.

This is the period required of an individual, or business, for records to be kept for the purposes of the Inland Revenue.

Banks will, almost certainly, keep their records for considerably longer. When I banked with Coutts, we had a look at my partner's grandfather's Accounts which were several decades old. All hand written as, of course, were ours!

Your bank will have those records but will be unlikely to anti-up, without a Court Order.

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wiz-king

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Yup - WPB = waste paper basket. I cant imagine most high street banks would have records going back donkeys years. They may have them archived at head office but whether they will be available would depend on the bank. My account has been taken over by three different banks in the last 20 years, this would not make things easy.

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wiz-king

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Yup - WPB = waste paper basket. I cant imagine most high street banks would have records going back donkeys years. They may have them archived at head office but whether they will be available would depend on the bank. My account has been taken over by three different banks in the last 20 years, this would not make things easy.

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BT

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It doesn't make much difference if they can't even manage to keep one years' records.

A friend of mine who is self employed was doing his Tax return a few weeks ago and was dismayed when he found that Santander had lost this years records. They managed to recover them eventually but caused him several days anguish as the Tax deadline approached.

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Nontek

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Final Update

My friend has told me that her bank has informed her that only the hard-copy of her records are destroyed after six years, but that the electronic records are held indefinitely, so all was not lost, the required information was still available. Good news for my friend!

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deadlydanscott

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I had a relatively painless experience with Barclays dating back to a loan from 2004. I do actually bank with them which may make a difference so I simply said that there was a loan attached to my bank account details, I couldnt actually find the details of how much the loan was for, or the repayments etc. All I did was fill in the proformer off the barclays website they asked me to do. That was it. After about 6 weeks I was repaid a very nice sum of money. This was in Novemeber of last year so it was 8 years ago the loan was taken out. My point is, the data is probably there, somewhere. They are just making it difficult.

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Batch

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Even though an organisation may keep the "electronic records" for a very long time, there is the matter of whether these are accessible. This, of course, raises the question as to whether there is any point in keeping them.

Organisations change their computer systems periodically. Some (relatively recent) old records may be transferred, but much older ones will almost certainly not be and the software and data layout will probably be different than for the newer systems. Organisations may keep an old computer system around in order to access old records for a period of time, but not for a large number of years (as keeping old systems available costs money).

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wiz-king

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Thats why I have a win 3.1 system still running!

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