Data Retention Policy 

 

Data Retention Policy
Baillieston Credit Union Ltd
Version: 2024

Purpose

The purpose of this policy is to inform all members of Baillieston Credit Union Ltd regarding the retention period for personal data and the secure handling of information in compliance with legal and regulatory requirements.

Data Retention Period

In accordance with legal, regulatory, and auditing requirements, we will retain member information for a minimum period of 7 years from the date of the final transaction on the member’s account. After this period, all personal data will be securely erased, provided there are no outstanding obligations.

Exceptions to the Retention Period

We will retain data beyond the 7-year period in the following circumstances:

  • Outstanding Balance: If a member has an outstanding loan balance, data will be retained until the debt is fully settled.

  • Debtor Loans: If a debtor loan balance remains unpaid, records will be retained for as long as legally required.

  • Dormant Accounts: If a member has a savings balance in the dormant shares file, data will be retained until the funds are claimed or legally transferred.

  • Legal or Regulatory Obligations: If required by law, data may be retained for longer periods in accordance with statutory regulations.

Data Security and Protection

All member data is encrypted and access is restricted to authorized personnel only. We implement stringent security measures to ensure the confidentiality and integrity of stored data.

Member Rights and Compliance with GDPR

In accordance with the UK General Data Protection Regulation (GDPR) and the Data Protection Act 2018, members have the following rights regarding their personal data:

  • Right to Access: Members can request access to their data at any time.

  • Right to Rectification: Members can request corrections to inaccurate or incomplete data.

  • Right to Erasure: Under certain circumstances, members can request the deletion of their personal data.

  • Right to Restriction of Processing: Members can request to limit how their data is processed.

  • Right to Data Portability: Members can request a copy of their data in a structured format.

  • Right to Object: Members can object to data processing under certain conditions.

Data Disposal

Upon reaching the retention period, all personal data will be securely destroyed using industry-standard methods to prevent unauthorized access or recovery.

Policy Review

This policy will be reviewed periodically and updated as necessary to comply with legal and regulatory changes.

Contact Information

For any queries related to this policy or data protection rights, members can contact:

Board of Directors
Baillieston Credit Union Ltd
15-19 Main Street
Baillieston, Glasgow
G69 6SG

Approved by: Baillieston Credit Union Ltd
Version: 2024
Date of Approval: [19/02/2025]

This document replaces any previous versions of the Data Retention Policy.