Who can see my account information?

Asset allocation, risk, diversification and rebalancing. Pros/cons of hiring a financial advisor. Seeking advice on your portfolio?
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milo
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Who can see my account information?

Post by milo » 14 Jun 2017 12:52

Who can see my account information?
Who in my bank is allowed to see my account information? Can someone like the bank teller see ALL my account balances?
I once had a teller shouting out aloud my checking account balance. :shock:
Can they view my brokerage account info?

I am asking this because I am getting calls from a financial planner and I want to know what information they have of me.

I am with the bank with the green chair.

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GreatLaker
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Re: Who can see my account information?

Post by GreatLaker » 14 Jun 2017 14:15

I am also at the comfy Green bank.

It's optional whether the TD Canada Trust tellers can see your TDDI balances. Not sure what the default is. You can tell TDDI to suppress visibility of your accounts at the TD bank branches. I recall that discussion when I set up my LIRA.

Mine is set so the bank tellers can see my TDDI balances. Gets me great service, and they waive branch fees for things like bank drafts.
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milo
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Re: Who can see my account information?

Post by milo » 14 Jun 2017 14:30

GreatLaker wrote:
14 Jun 2017 14:15
Mine is set so the bank tellers can see my TDDI balances. Gets me great service, and they waive branch fees for things like bank drafts.
I guess that's a benefit. Did you have to ask that bank draft fees be waived?

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Re: Who can see my account information?

Post by BRIAN5000 » 14 Jun 2017 14:45

When you sign up at TD originally or maybe even just using a teller (they may slide the question in) they have a checkbox that needs to be ticked for the bank and the brokerage to share information. I think they can see that you're a customer at TDI but not balances unless you agree to share information.

Financial Advisers spelled with an "e" are not allowed to make cold calls (if it's spelled with an "o" all bets are off) , I'm sure it happens, if you don't want them just tell them most banks at least RBC take this seriously these days.
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AltaRed
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Re: Who can see my account information?

Post by AltaRed » 14 Jun 2017 15:33

Indeed...whether bank employees can see brokerage bank balances depends on whether you agreed at the time of account opening whether information could be shared across affiliated companies. Off-hand I don't have a clue what I actually did, but I don't care. I only care that the bank employee cannot see what is IN the brokerage account.
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Re: Who can see my account information?

Post by kcowan » 14 Jun 2017 16:34

At TD. if you say no to the tick box, TDDI cannot access your banking info and the branch cannot access your investment accounts. I remember there was some restriction that caused me to tick the box. Then I had to endure telemarketing calls until they wrote me off as a prospect.

I really feel sorry for older folks. When we took over MILs accounts, I gave them my number to call.
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Re: Who can see my account information?

Post by twa2w » 14 Jun 2017 21:55

All the big banks have a marketing/ solicitation register for each client file.
This can be set by solicitation type(mail/telephone) and by individual product.
Of course they do not tell you about this, but, for example, if you request no solicitation on Visa they can tick the right box. You will get no further solicitation on Visa products. You will also not new notified of new products in regards to Visa. You would continue to receive other soliciations on other products.
There is also likely a master tick box that cuts off all correspondence other than statements.
Sometimes branches don't always check the solicitation register and call you but remind them and they usually never call back.
Each bank operates these a little different of course but your local personal banker or phone banker can give you details and mark off the right boxes.

As far as your information being seen by bank employees, banks have rules that employees have to have a business reason to look at your account. The teller you see, the supervisor that approves your cheque, and yes the FP who is looking to build his business.
But if the teller beside the one you saw thinks you are cute, she cannot look up your profile and check out your finances :-)

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Re: Who can see my account information?

Post by AltaRed » 14 Jun 2017 22:01

I can attest to that as well. My sons, in banking with the big 5, say there are controls in place to avoid 'snooping'. Example: An acess log with identifiers that determines whose machine accessed the information. Access controls obviously vary by institution but there is nothing remotely equivalent to a 'free for all'.
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Re: Who can see my account information?

Post by melo » 14 Jun 2017 22:56

If you are with TDDI and TD Bank, and check the box that says you don't want to share information between these financial institutions...there is a problem if you don't want to receive paper statements. I have been battling for years with TDDI on this issue.

I told TDDI that I did not want to receive paper statements (monthly, quarterly, annually, etc.) from them. However, TDDI told me that because I am a TD Bank customer as well, that I have NO CHOICE but to receive statements in the mail from TDDI. TDDI told me that the ONLY way that I can get online statements only (that is, no statements in the mail again), is if I agree to share information between TDDI and TD Bank.

I have taken this issue up to various levels with no luck whatsoever. TDDI claim it is how the system is set up. So the only way that I can avoid getting those darn paper statements in the mail from TDDI, is if I cave in and give permission for TDDI to share my account balances with TD Bank. That's just plain ridiculous, especially when they keep telling me that TDDI and TD Bank are two separate entities.

I asked them if I close my TD Bank account, then can I elect to NOT receive paper statements from TDDI? TDDI said yes. In other words, if you don't have an account with TD Bank, you're good to go! So I am thinking of closing my TD Bank account, so I can elect to receive online statements only. I do not wish to share my TDDI balances with TD Bank.

Has anyone run into this problem too?

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Re: Who can see my account information?

Post by melo » 14 Jun 2017 23:06

Hi AltaRed,

Yes, there are institutions that put controls in place to prevent "snooping". However, it does not necessarily prevent employees from doing so. At my place, controls are in place similar to the big 5 banks (access log, employee identifier, time, how long, etc.). However, employees still do it, but now at a lesser extent with Big Brother having more tabs on its' employees...but they still do.

Someone would only know if the employee inappropriately accessed a client's bank account if the supervisor purposefully went to access the logs....or if a client complained, forcing the supervisor to check the access logs for a particular client. It's too cumbersome and time consuming for a supervisor to check each employee or client account to ensure each was appropriately accessed.

It's not necessarily a "free for all", but some employees still do it. That's what has been said by the bank employees.

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Re: Who can see my account information?

Post by milo » 14 Jun 2017 23:48

melo wrote:
14 Jun 2017 23:06

Someone would only know if the employee inappropriately accessed a client's bank account if the supervisor purposefully went to access the logs....or if a client complained, forcing the supervisor to check the access logs for a particular client. It's too cumbersome and time consuming for a supervisor to check each employee or client account to ensure each was appropriately accessed.

It's not necessarily a "free for all", but some employees still do it. That's what has been said by the bank employees.
That's what I am worried about as well as the above concerns. My acquaintance working at TD may have a peek at my account balance for whatever reason. The bank teller may say to himself "hmmm, this guy comes here often enough, I wonder what his account balances look like". Maybe he can benefit from this information.
Or maybe I am too paranoid.

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Re: Who can see my account information?

Post by BRIAN5000 » 14 Jun 2017 23:54

If you are with TDDI and TD Bank, and check the box that says you don't want to share information between these financial institutions...there is a problem if you don't want to receive paper statements. I have been battling for years with TDDI on this issue.
Surprised at this, are you a senior, to send a paper statement or any confirmation etc. I thought there was a $2.00 fee per each. There are settings at TDI that will allow for eStatements only. I want a paper statement but I'm not paying for it and they agreed but if you turn off estatements it says it erases all online statements I want both.
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little bit longer and wish you would’ve sold early - this is just part of the game.” - Frank Zorilla via Abnormal Returns

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Re: Who can see my account information?

Post by AltaRed » 14 Jun 2017 23:57

Milo, I think you are too paranoid. I've had a pretty good discussion with my sons (different banks), one of them a branch manager. IIRC, looking at others' accounts is not as easy as just looking. There are hoops to jump through, e.g. the teller "can't see" my account until I put my card in the reader and use my PIN. If you think about it, a teller could search for co-employees, the branch manager, the VP, etc.... never mind Sidney Crosby, etc. IIRC2, there are also severe penalties such as dismissal. It's been a few years since I've had the dicussion so the specifics are foggy.... but I was satisfied that knowledge of my finances was sufficiently protected.
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Re: Who can see my account information?

Post by AltaRed » 15 Jun 2017 00:00

BRIAN5000 wrote:
14 Jun 2017 23:54
I want a paper statement but I'm not paying for it and they agreed but if you turn off estatements it says it erases all online statements I want both.
Going further off-topic, but what would you do with paper statements that you don't already do with PDFs that you download and keep on computer, spare USB key, etc?
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Re: Who can see my account information?

Post by GreatLaker » 15 Jun 2017 09:04

milo wrote:
14 Jun 2017 14:30
I guess that's a benefit. Did you have to ask that bank draft fees be waived?
No, the manager that approved the draft told the teller to waive the fee.
If they don't offer I will ask them if they can waive fees.
The first principle in speculating is never give anyone advice to buy or sell shares,
because, where perspicacity is weakened, the most benevolent advice can turn out badly.
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Re: Who can see my account information?

Post by izzy » 15 Jun 2017 09:41

One obvious question is;
Do you want them to flag unusual activity in your account as a fraud prevention measure?
If you do then obviously someone has to be aware of it to monitor it,
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Re: Who can see my account information?

Post by AltaRed » 15 Jun 2017 09:48

Set up alerts to flag unusual activity. It's all computer algorithm based. I have alerts set for any ATM debit or Interac transaaction exceeding $X.
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Re: Who can see my account information?

Post by SQRT » 15 Jun 2017 10:29

milo wrote:
14 Jun 2017 23:48

Or maybe I am too paranoid.
This would be my view. The banks are pretty good at controlling information access. I'm a retired big bank exec and my accounts are still coded as such. This restricts their ability to access my accounts and in some cases makes it more cumbersome to get service. I keep telling them to remove my employee status but they can't or won't. As long as it doesn't result in unwanted solicitation, I see no problem with this access.

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Re: Who can see my account information?

Post by cannew » 15 Jun 2017 10:39

AltaRed wrote:
15 Jun 2017 00:00
BRIAN5000 wrote:
14 Jun 2017 23:54
I want a paper statement but I'm not paying for it and they agreed but if you turn off estatements it says it erases all online statements I want both.
Going further off-topic, but what would you do with paper statements that you don't already do with PDFs that you download and keep on computer, spare USB key, etc?
Live in a Seniors Condo and probably the majority (60%-70%) don't have or use computers. They still rely on the statements and probably don't know what goes through their bank till they get it.

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Re: Who can see my account information?

Post by kcowan » 15 Jun 2017 10:55

I have checked all the marks to make mine and DWs information all electronic. It works fine and any solicitations have been quickly shut down. If I get a call, I tell them that I am all electronic and to stop it and they do.

The only paper I get is corporate action notices from Steeles Ave. I cannot get rid of them. Been to TD Ombudsman and banking ombudsman with no success. Even been to Computershare to set up an account with no joy. Fortunately, I can contact TDDI 2 weeks before the due dates, and they have a record of my notice that is making its way to Mexico. It arrives 2 days after my response is due.

The latest one, Enercare arrived last Friday and is due on the 16th. It is the December maturities that cause a problem.
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Re: Who can see my account information?

Post by AltaRed » 15 Jun 2017 11:16

cannew wrote:
15 Jun 2017 10:39
Live in a Seniors Condo and probably the majority (60%-70%) don't have or use computers. They still rely on the statements and probably don't know what goes through their bank till they get it.
My comment was directed at Brian who is computer literate..but still wants paper AND electronic. Why?

As for seniors who don't have computers, I get it that many seniors never had a need for such a device during their working lives and thus are 'challenged' about taking up such devices now. That said, I know of a good number of folks in their '80s even that have picked up the basics, if only because of the need to stay connected, i.e. online communications (email, skype, facebook), if not yet brave enough to fly solo on online banking yet.

My sons say the non-connected demographic is rapidly decreasing and will likely be gone within 10 years. If you think about it, anyone under 70 today who isn't online in a big way is pretty much lost like a buggy whip and is hooped. In 10 years, half of those 70 somethings will be dead anyway.
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Re: Who can see my account information?

Post by Wallace » 15 Jun 2017 12:24

It's not just age and bloody-mindedness however. As many as one senior in eight has memory and cognitive problems that interfere with activities of daily living, ie minimal cognitive impairment that may or may not progress to dementia. Also there are a significant number of the general population who have mental impairment or just intellectual impairment that makes computer literacy beyond their grasp. And the homeless, of course, who may not have access to a computer at all.
There has to be a pathway to simple banking for those individuals.
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Re: Who can see my account information?

Post by pmj » 15 Jun 2017 12:58

I suggest that the topic of "Dumping on people who want paper statements" be moved to the Watercooler :P.
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Re: Who can see my account information?

Post by AltaRed » 15 Jun 2017 13:30

Wallace wrote:
15 Jun 2017 12:24
There has to be a pathway to simple banking for those individuals.
Definitely going more off-topic, but I do agree there are segments of society* who can't be left behind. I suspect SQRT and Twa2w may weigh in on this, but it is my understanding that discussion has been going on for some time by big bank managements and it is problematic... especially when they have to compete with fintech on their turf. The challenge for the big banks is how to eliminate (or reduce the number and size) of brick and mortar branches and provide limited physical and paper services where needed.

Some limited access to tellers and paper statements may need to continue to some extent for a long time. I can see where regulators may have to mandate that some 20th century processes remain but who bears the cost of same?

* That said, how do these folks manage in cashless societies? Some countries are going that way.
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Re: Who can see my account information?

Post by Koogie » 15 Jun 2017 13:54

AltaRed wrote:
15 Jun 2017 13:30
The challenge for the big banks is how to eliminate (or reduce the number and size) of brick and mortar branches and provide limited physical and paper services where needed.
I have often idly speculated that I think this is going to be a big problem for TDCT going forward. They have really built/overbuilt their branch network in Ontario (at least. Probably elsewhere as well). What becomes of all that pricey real estate in 5 to 10 years when the demand for face to face banking dries up and how does it affect return ? Especially if it coincides with a decline in retail in Canada because there would be less demand from other strip mall tenants to take over that space, as much of it is purpose built.
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