Essay on Bank Of America Stockpiles Customer 's Information

Essay on Bank Of America Stockpiles Customer 's Information

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Using a bank requires a certain amount of trust; to even open an account one needs to provide their social security number, employment information, full name, and much more. This information, along with account balances and transaction history, is saved in the bank’s systems for up to seven years after the account is closed. Banking institutions have a responsibility to protect their customers’ stored information to the best of their ability. Like most banks, Bank of America stockpiles customer’s information; this stockpiling is a positive for the customer because the information that is saved is used to protect account security and provide a more personalized banking experience.
The information customers give their bank is very sensitive; if the wrong person gets a hold of it there could be terrible consequences. It is the bank 's responsibility to protect this information once it is handed over. In America a new person falls victim to identity theft every two seconds (CNN-Money). The information most commonly used to steal a person 's identity is their name, social security number, date of birth, address, and phone number (Crime Museum- Identity Theft). Likewise, at Bank of America a customer must provide their name, social security number, date of birth, physical U.S. address, phone number, and information from his/her other banks (Bank Of America-Your Application) to open an account. The storage of this information is stockpiling: “The collection, storage, exchange, or use of information that is benign in itself” (Kaspar 76), which is concerning to customers because of the security of their sensitive information. Therefore the information used to open an account is the same information that an identity thief is in search of,...

... middle of paper ... a bank can do everything in their power to protect a customer’s information, the customer’s spending habits can still place their information at risk.
Although banking institutions collect and store extremely sensitive information, this information is well protected and is used to better serve the customer. At Bank of America the information that is stockpiled is protected with multi-faceted security procedures and the information is only used for ethical banking purposes. The threat of identity theft is a valid concern many people have when their sensitive information is being stored, but the information is so well protected at Bank of America that it is very unlikely any hacker or identity thief would be able to gain access to it. Banks stockpile customer information to better protect and serve the customer and the information is then extremely well protected.

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