Data Retention Policy

At Phoenix Transnational Bank, we are committed to handling your personal and financial information responsibly. This Data Retention Policy outlines how long we retain customer data, the reasons for data retention, and the secure methods we use for data deletion or anonymization once it is no longer needed. Our policy ensures compliance with applicable laws, regulations, and best practices for data security.

Retention Periods

We retain customer information and records for as long as necessary to fulfill the purposes for which the data was collected or to comply with legal, regulatory, and contractual obligations. The retention periods may vary depending on the type of data:

Personal Data: We retain personal identification information, such as name, address, and contact details, for the duration of your relationship with the bank and for up to seven (7) years after account closure or the end of the customer relationship, in accordance with local and federal regulations.
Account Activity: Information related to your account transactions and activity, including deposits, withdrawals, and statements, is stored for a minimum of seven (7) years to comply with legal requirements, such as those imposed by the IRS and financial regulatory bodies.
Transaction History: Detailed transaction history, including transfers, payments, and loan activities, is retained for seven (7) years after the completion of the transaction to ensure compliance with anti-money laundering (AML) laws, audit requirements, and dispute resolution processes.

Backup and Recovery Processes

Phoenix Transnational Bank employs robust backup and recovery processes to safeguard your data against loss, corruption, or unauthorized access. All critical data is backed up on a daily basis and stored in secure, redundant systems located in different geographic locations to ensure availability in the event of a disaster or system failure. Our backup processes are compliant with data protection laws, including the General Data Protection Regulation (GDPR) for our international customers. Data recovery procedures are tested regularly to ensure that we can promptly restore access to your information in case of an unforeseen event, while maintaining the highest levels of security and integrity.

Data Deletion and Anonymization

Once the retention period for personal data or transaction history has passed, and there is no further legal or business need to retain it, Phoenix Transnational Bank securely deletes or anonymizes the data. This ensures that no personally identifiable information (PII) can be linked to a specific individual once it is no longer required. Secure deletion methods include permanent removal from all active and backup systems, with encryption used to ensure that any residual data cannot be accessed. Anonymization processes remove or mask any identifiable data while retaining statistical information for analytical purposes.

Compliance with Legal and Regulatory Requirements

Our data retention practices are designed to comply with all applicable laws and regulations, including but not limited to the Gramm-Leach-Bliley Act (GLBA), the General Data Protection Regulation (GDPR), and relevant financial and tax laws. Phoenix Transnational Bank is committed to ensuring that customer data is retained only as long as necessary to meet these legal and regulatory obligations.

Customer Rights

You have the right to request access to your data, update or correct your personal information, or request the deletion of your data in accordance with applicable privacy laws. If you wish to exercise your data rights or have any questions about this policy, please contact our Data Protection Officer at privacy@phoenixtbonline.com.

Changes to This Policy

Phoenix Transnational Bank reserves the right to update this Data Retention Policy as necessary to reflect changes in legal requirements or our operational practices. Any updates will be posted on this page, and we encourage you to review this policy periodically.