Major banks’ privacy policies allow them to monitor customers’ social media accounts

https://www.telegraph.co.uk/news/2023/07/23/major-banks-right-monitor-customer-social-media-farage/

Date: July 23, 2023
Source: The Telegraph
Author: Neil Johnston and Ewan Somerville

Summary of News Article Major Banks Monitor Customers’ Social Media:

The Telegraph has disclosed that the biggest banks in the UK have quietly introduced the right to monitor customers’ social media into their privacy policies. The four biggest high street lenders and several others have buried in the small print of their privacy policies that they may obtain information from social media accounts.

Bank Account Closed. They say because his views “do not align with our values.”

Banks are facing increasing pressure to reveal what checks they carry out on customers after Nigel Farage, the former Ukip leader, discovered the exclusive bank Coutts closed his accounts after it was deemed that his views “do not align with our values”. The Brexiteer is also demanding an apology from the BBC, after it inaccurately reported that his account was closed for commercial reasons, the day after its business editor sat next to Dame Alison Rose, the chief executive of Natwest, at a dinner.

The article also reveals that three more banks are being scrutinized by the Treasury amid claims accounts have closed because of customers’ political views. The cases relate to Metro Bank, Yorkshire Building Society and American Express. The specifics of the cases being looked at by officials are not known. However, the political parties Reform UK and the Brexit Party are both understood to have had difficulties with their accounts with Metro Bank. It recently emerged that Yorkshire Building Society closed the account of Reverend Richard Fothergill days after he wrote to the bank complaining about its messaging for Pride month.

Independent sources about Major Banks Monitor Customers’ Social Media:

– UK Finance, the banking industry body, said banks have a right to monitor social media activity because they have a greater obligation to monitor their customer activity than many other businesses as they’re in the regulated sector[3].
– USA Watchdog, a news analysis site, discusses the article and its implications in a post titled “We Live in a Wilderness of Lies, Compromise & Corruption”[4].

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Citations:
[1] https://www.telegraph.co.uk/news/2023/07/23/major-banks-right-monitor-customer-social-media-farage/.
[2] https://www.telegraph.co.uk/social-media/
[3] https://6do.world/t/barclays-letters-at-last-politicians-are-waking-up-to-the-folly-of-the-net-zero-crusade/76109?page=11
[4] http://adservice.google.ba/ddm/clk/408533097;208818505;l;u=ds&sv1=28425702662&sv2=3308540421843529&sv3=1082951500986547458&gclid=CKSqo-LMkfgCFQX6jgodTtUOHg;%3F/riftema.gq/t1idsdh46adservicegoogleba27mini4
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[6] https://usawatchdog.com/we-live-in-a-wilderness-of-lies-compromise-corruption/