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swamp

Closing Egg Account And Remove Personal Details - 6 Years

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I no longer have any Egg accounts on-line and have closed all my accounts. I wanted to completely close the account so any login details and personal data is removed. I sent a secure on-line message and the response is below. Is this correct ? If I have no debts and have fully paid off the credit card and closed the savings account.


Dear David

Under the Data Protection Act we have to keep access to your account details for 6 years after the last account with us is closed. Therefore we are unable to cancel the online details.

You do have the option to fail the security access to the account online, however if you do this and then need details from the account you would need to reset the details with us via telephone.

Thanks for your message.

Regards

Elaine Bond
Internet Customer Services

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It's not really the Data Protection Act, but all businesses (and individuals) are required to keep financial information and business records for 6 years. In the case of a bank, this would include keeping your personal details and details of all your transactions.

It is probably covered in the Companies Act and/or Finance Acts. The DPA would then cover how that into is stored, processed, declared and so on.

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[quote name='swamp' timestamp='1323179189' post='3200591']
I no longer have any Egg accounts on-line and have closed all my accounts. I wanted to completely close the account so any login details and personal data is removed. I sent a secure on-line message and the response is below. Is this correct ? If I have no debts and have fully paid off the credit card and closed the savings account.


Dear David

Under the Data Protection Act we have to keep access to your account details for 6 years after the last account with us is closed. Therefore we are unable to cancel the online details.

You do have the option to fail the security access to the account online, however if you do this and then need details from the account you would need to reset the details with us via telephone.

Thanks for your message.

Regards

Elaine Bond
Internet Customer Services
[/quote]


In actual fact I believe many companies keep details for 12 years as HMRC can investigate any transaction up to 12 years old. If they think fraud may have occurred.

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It is a bit frustrating if you regularly have to move money about to chase the higher savings rates. After the usual bonus period ends and cash is moved again; you end up with redundant accounts which seems a security risk even though they all have different login passwords.

I had no problems closing a previous ING account and b&b online saver.

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