Basic Account Holder
Cagger since : Apr 2009
Posts : 571 (0.23 post per day)
Re: Old bank account tracing
I think K3V1N might not be all he seems.
If he was he would know that cheques are not processed by banks (haven't been for many years) but by BACS and are scanned the day they receive them and then sent to storage agents like Iron Mountain. They cannot "throw them away to save space" because under the Cheques Act 1957 requires the paying institution to retain the "instrument of payment" for a minimum period.
So although scanned images and data from BACS are used for expediency, under the Act, the actual cheque must still be physically retained and stored securely.
As the live data systems have finite memory capacity they tend to keep a maximum of 12 months data which is updated on a monthly basis.
They must keep microfiche files to provide data after the live information has been replaced. If they didn't they would have serious issues with the authorities and regulators.
As for the ATM trick, if its the one I'm thinking of, that was sorted within a couple of months of the switch from dedicated, own bank only access to allowing customers to use any bank's machine and depended on inefficient links within the network not keeping up with previous transactions.
Obviously there was no way that the main banks could permit that situation to continue so it was resolved PDQ.
Finally I have difficulty understanding how switching banks helps you get information about a closed account?