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How long does a bank keep your info after you close the account?

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DavidApp

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My daughter was opening a bank account recently at a bank that she/we have never banked at but when she started filling in the documents the bank officer asked her if she had had an account with them before and still lived at 199 ** Road. Also they did not have a drivers license on file for her. She was 10 or 11 when her account was closed and moved to a small local bank. Got tired of the national bank service or lack of service.

Turns out the bank that she/we had banked at about almost 20 years ago that had been bought out twice still had all her records.

I would have thought all that information would have been purged at least one buyout ago.

David
 
Also, most banks check credit histories.

And credit sources (EquiFax, TransUnion, etc.) have info back to when the ice cap retreated. Last I checked, TransUnion knew the high school I graduated from, my first employer (a furniture dealer in the 1960s), my first address when I was in college, my first car loan (1971 Ford Pinto!).

Thorough!
 
"If I were king" there would be a mandatory purging of records after seven years, or in the event of an account closure or death. As individuals and companies, we're required to KEEP financial records for seven, conversely the financial institutions should be made to dump our info after the same period.

And don't get me wound up about EquiFax and the rest... :madder:
 
It is my understanding that financial records fall into the "keep forever" category - We have a searchable database at the Bank of Canada for dormant accounts.

(After 10 years they are transferred to the Bank of Canada)

under $1000 they are required to keep the account for 100 years - over $1000 in perpituity. We (not we personally) just recovered 7k from a church that closed about a decade ago.
 
I imagine it's like insurance where I work. While we have period in law that state records past a certain age can be deleted, in many cases they're not in case some lawsuit discovery phase comes looking for proof of something. I personally have been asked to recover information from computer files going back to the early 80s and late 70s that were part of systems retired 30 years ago. The legal mind in company's mandating that sort of thing don't view it like the rest of us, and may be why lawsuits for any type of damagaes have exploded over the years.
 
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