The Importance Of Banking Information

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;

The protection starts at the teller line, “Only those who need to know a customer 's financial information—because they provide the accounts and services the customer might need—are authorized to have access to it” (Bank of America). Individuals that require a customer 's information to provide services are the only people allowed access to the customer’s saved information. This ensures that employees only access information that is imperative to their services for the customer when it is required; and there is no time when information is accessed by any person who does not need it for a valid banking reason. Additionally, there is a code of ethics for all bank employees to follow. The code of ethics requires customer information to be treated confidentially at all times so that information does not get shared with any person that is not authorized to access it. It also requires all bank employees with access to customer information to complete “information protection training” at least once a year (Bank of America- Privacy and Security). A “rigorous information security policy designed to protect the security and confidentiality of [Bank of America’s] customers’ information” is also in place. This policy is approved by Bank of America 's board of directors and is then updated and examined on a regular basis. By keeping “physical, electronic, and procedural safeguards” in place, Bank of America protects customers information from being accessed by any person who does not have authorization, even when being shared with other