Crosscut Paper Shredders for the Banking Industry

Of all the sectors of business, the banking industry has one of the greatest needs for proper guidelines and procedures to handle sensitive information.  While the Graham Leach Bliley bill outlines many of the requirements for financial institutions regarding the handling of private consumer information, it is of utmost importance that procedures be put in place to ensure the safety of customer information.  Crosscut paper shredders for banks have been available for years, but with the attention that has been focused on identity theft, and the increase in this type of crime for the last few years, it is important that special attention is paid to the disposal of consumer info.  Most banks now either employ an onsite crosscut paper shredder capable of creating small confetti pieces, or outsource the shredding to a local shredding service company.

Banks regularly handle sensitive information such as credit reports to approve mortgages, as well as mortgage documents.  Other items that must be shredded prior to disposal are financial statements, checking reports, checks, and cashier checks.  Additionally, banks are responsible for deeds, titles and wills that must be destroyed before discarding or risk the penalties and problems associated with identity theft and fraud.

The banking industry has known for years that paper shredders are the key for protecting their customers information.  But with the increase in fraud and the spotlight on businesses that fail to comply, it is important that any shredder purchased be able to shred to a level that ensures maximum confidentiality.