Financial service businesses rely on the organization's reputation and integrity. Both consumers and corporate finance clients expect service and performance built on a foundation of privacy, confidentiality, and information security. Our financial shredding service is the solution for financial companies that really care about keeping their customers’ sensitive data safe.
With numerous high-profile breaches, how financial institutions collect, store, and destroy confidential information is coming under increased scrutiny. Using state-of-the-art chain-of-custody protocols and innovative shredding technologies, we ensure safe and secure document shredding of confidential data.
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Recommended Financial Shredding Services for Banks and Financial Institutions
The Law Requires You to Protect Confidential Information!
Like most industries that work with private and sensitive information, banking and finance are heavily regulated and governed. And federal laws designed to protect consumer identities, financial data, and personal privacy come with strict rules and heavy fines. We can help you stay compliant and prevent identity theft.
In addition to financial and banking industry regulations governing data privacy, here are a few of the critical data security laws that also apply.
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Gramm-Leach Bliley Act
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Sarbanes-Oxley Act
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Fair and Accurate Credit Transactions Act (FACTA)
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Red Flag Rules
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General Data Protection Regulation (GDPR)
Gramm-Leach Bliley Act (GLBA)
Gramm-Leach Bliley Act (GLBA) is an act that protects the privacy of consumer information held by any business that provides financial products or services. It also ensures privacy protections against the sale of any private financial information. Violators can be fined up to $1,000,000. Financial institutions also have to comply with record retention periods and shred documents regularly.
Sarbanes-Oxley Act
Is an act set up for publicly traded companies to protect investors by improving the accuracy and reliability of corporate financial disclosures. The act also requires secure document retention and destruction – to better protect against corporate and accounting fraud.
Fair and Accurate Credit Transactions Act (FACTA)
Ensures accuracy and privacy of consumers’ financial information and requires effective policies in the workplace to secure destruction of consumer records to prevent identity thefts and unauthorized access to the information.
Red Flag Rules
Requires dealerships and financial institutions to create a written identity theft prevention program to detect, prevent, and mitigate identity theft. The Federal Trade Commission aims for a program that can help businesses spot suspicious patterns and prevent the costly consequences of identity theft.
General Data Protection Regulation (GDPR)
Protects the personal data and privacy of EU citizens and applies to all companies, whether they operate in the EU or outside, that store or use any information about EU citizens.
Gramm-Leach Bliley Act (GLBA)
Gramm-Leach Bliley Act (GLBA) is an act that protects the privacy of consumer information held by any business that provides financial products or services. It also ensures privacy protections against the sale of any private financial information. Violators can be fined up to $1,000,000. Financial institutions also have to comply with record retention periods and shred documents regularly.
Sarbanes-Oxley Act
Is an act set up for publicly traded companies to protect investors by improving the accuracy and reliability of corporate financial disclosures. The act also requires secure document retention and destruction – to better protect against corporate and accounting fraud.
Fair and Accurate Credit Transactions Act (FACTA)
Ensures accuracy and privacy of consumers’ financial information and requires effective policies in the workplace to secure destruction of consumer records to prevent identity thefts and unauthorized access to the information.
Red Flag Rules
Requires dealerships and financial institutions to create a written identity theft prevention program to detect, prevent, and mitigate identity theft. The Federal Trade Commission aims for a program that can help businesses spot suspicious patterns and prevent the costly consequences of identity theft.
General Data Protection Regulation (GDPR)
Protects the personal data and privacy of EU citizens and applies to all companies, whether they operate in the EU or outside, that store or use any information about EU citizens.
What Financial Documents Should Be Shredded?
You collect some of the most sensitive, private, and confidential information there is. What happens to that information when it is no longer needed can become the source of a data breach.
If you create, collect, or dispose of these types of documents, you and your organization could be at risk for an information breach.
- Payroll
- Income Statements
- Foreign Exchange Transactions
- Revenue Forecasts
- Financial Statements
- Contracts Tax Filings and Internal Audits
- Balance Sheets
- Valuation Analysis
- Development Plans
Why Choose Shred-it as Your Go-to Paper Shredding Service?
Shred-it protects organizations' information for their people, customers and brands. With 30 years of experience, our primary focus on document confidentiality security helps ensure your confidential information remains confidential. We offer paper, hard drive, and specialty scheduled shredding services.
Service Reliability
With the largest shredding fleet and the largest service footprint in North America, we are where you are.
Security Expertise
With the most NAID AAA certified mobile/on-site and plant-based facilities, we keep your information safe.
Customer Experience
With the highest customer satisfaction among all vendors, we are 100% committed to your protection and satisfaction.
Don’t Leave Physical Data Vulnerable to Potential Breaches
90%
OF SMALL BUSINESS LEADERS
surveyed indicate that it has never been harder to keep their company’s sensitive data and information safe
Only 27%
OF SMALL BUSINESS LEADERS
surveyed said they collect and destroy sensitive materials when no longer needed1
1. Stericycle, Shred-it Data Protection Report, 2022.
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The 2022 Data Protection Report reveals critical insights on the challenges small business leaders face and recommendations to improve data security practices.
What People Are Saying
"Very easy to schedule and very nice, hard-working drivers and shredders."
Schnell Financial Group
"Very professional. The ease of tossing papers into the bin. Not worrying about me shredding tons of paper. You are doing the work for me."
Mustard Seed Financial
"The proactive approach to giving your clients an awesome experience!"
Northwestern Mutual Financial