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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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spuds

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Personally I would not take much notice what the bank states, and really more on what the Ombudsman or Martin Lewis as to say or recommends.

I have just had half an hour with my banks Asian customer services wanting to report a possible website breach, and I have come to the opinion "I just cannot get any sense out of them". Letter to the CEO en-route.

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Phoenix21

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wiz-king Can you tell me what WPB refers to, please?

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spuds

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I would imagine: WPB= Waste Paper Bin?.

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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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Phoenix21

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deadlydanscott I agree entirely. They had the information all along, and it was only when the Financial Ombudsman told them they had to repay it, did they do so...AND, due to their workload, it took the Financial Ombudsman 12 months to write to them. So now, a year on, I am waiting for the money to be paid into my bank account.

This isn't the first time that I've had problems with my bank, so I've decided to close my account with them and open a new bank account with another bank. I just hope the new bank's customer care and honesty is better than the one I have at the moment.

My thanks to everyone who contributed to this post and to my friend, Nontek, who asked for help on my behalf.

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