Crosscut Paper Shredders are Essential for Financial Institutions

Before the Federal Trade Commission proposed the Disposal Rule in 2005 outlining the recommended disposal procedures for consumer documents in the financial industry, the Graham Leach Bliley Act, also known by the names GLB Act or the Financial Modernization Act, passed in 1999.  This set forth guidelines for handling consumer information for the financial industry including banks, accountants, mortgage brokers and stock brokers.  The GLB Act, the Disposal Rule and the rise in identity theft and fraud all are very good reasons for the widespread use of crosscut paper shredders for financial institutions.  Many large financial businesses opt for an in house heavy duty paper shredder to handle the large amount of confidential documents that are passed through the business on a regular basis.  Some also decide to farm out the shredding to service businesses that specialize in shredding.  Many of these companies will actually do the shredding on site.

Whichever option you choose, the importance of crosscut shredder can not be overstated.   Crosscut paper shredders are able to take papers and turn them into confetti.  This is a must for the large amounts of private information that a financial institution will handle.   The types of documents that should be destroyed are credit reports, payment histories, credit applications, as well as titles, deeds of trust, and mortgage information.  All of these items must be destroyed to not only protect consumers, but to protect your financial business from the damage that can be done by the mishandling of a customers confidential information.  Purchase a quality crosscut shredder for your financial institution and consider it insurance against the problems that will befall your business if your consumer information handling procedures are lax.  One problem in that area can cost you money, time and a lot of business.