So I've been thinking today, let's say you open up a bank account. Then you decide you want your data to be completely erased. Banks obviously can't do that immediately because of the law, because they need to keep your data for 5-10 years. So okay, 5-10 years go by, and you decide you want your data to be completely erased again (GDPR). After the deletion, is there any proof at all that you've been a bank's customer? I mean they have to do a complete clean up, or are there any exceptions when it comes to such situation? I've been googling a bit but no luck.
GDPR and bank accs
- Thread starter Tilko
- Start date
That's a good question, but one that doesn't have a clear cut answer. Here's an article I've found that talks about pretty much that - https://www.afme.eu/en/news/views-from-afme/does-the-gdpr-conflict-with-banking-regulation/.
But all in all, the one thing to bear in mind is that the relative "power" of the GDPR legislation is almost always less than any other national or EU-wide legislation. This means that it's perfectly OK to breach GDPR if it's demanded by other legislative acts. Because of this, in complex situations like the one above, it's almost always possible to find a way to process the data that one needs to process, and it wouldn't be reasonable to expect that any bank would delete any trace of your relationship with them after a certain number of years.
But all in all, the one thing to bear in mind is that the relative "power" of the GDPR legislation is almost always less than any other national or EU-wide legislation. This means that it's perfectly OK to breach GDPR if it's demanded by other legislative acts. Because of this, in complex situations like the one above, it's almost always possible to find a way to process the data that one needs to process, and it wouldn't be reasonable to expect that any bank would delete any trace of your relationship with them after a certain number of years.
Ah I see. But what about online payment services like Paypal and Payoneer? They are both an online service. I am not sure about Paypal, but I know Payoneer has a legal obligation to hold data for 5 years. So since Payoneer is an online service and they have "right to be forgotten" policy which gives you ability to demand your data to be deleted, if it's not needed anymore, will anyone be able to tell you've been their customer? I'm guessing it's a lil bit different than bank accounts.
blogzandstuff
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- Jan 1, 2015
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Don't know about other countries but PayPal in the UK is regulated the same as banks by the FSA