Data Retention Policy 2018
The purpose of this policy is to inform all members of the credit union regarding how long we will retain the required information that we have on file for legal purposes.
Our auditors and credit union rules advise that we are required to keep documentation for no less than 7 years.
It is our policy to keep all data stored for every member for a period of 7 years from the date of the final transaction on their account. Following this period we will erase all data securely only if all loan and savings are zero balances at this time.
All member data that we have on file is encrypted and access restricted.
There are several exceptions to this rule listed below.
- There is a remaining outstanding balance owed to the credit union.
- There is a debtor loan outstanding balance owed to the credit union.
- There is a savings balance in the dormant shares file.
In the relation to the above listed exceptions we will retain this data for as long as legally necessary.
Your right to access remains the same in accordance with the new (GDPR) General Data Protection Regulations in place from May2018.
Board of Directors
Baillieston Credit Union
15-19 Main Street