Trovata has clear processes and policies in place regarding the handling of account data for both closed accounts and accounts marked for deletion. These guidelines ensure proper data management and data privacy. Below is a detailed explanation of the procedures.
General Policy on Account Data Management
There are two primary ways that users can manage the removal or deletion of their bank account data:
1). Mark Account Closed in Trovata on the Balances Page
User driven process
Historical data remains in the system
Only users with the relevant entitlements can take this action
2). Contact Trovata Support to Permanently Remove Bank/Account Data
Trovata Support driven process
Historical data is removed from the system
Steps to Request Data Deletion
To ensure that your account data is deleted:
Submit an explicit request for data deletion through the in-product chat feature.
Wait for a confirmation that your request has been received and is under processing.
Upon review, Trovata will notify you once the deletion is complete.
Without this request, your account’s historical data will remain stored in compliance with internal policies.
Circumstances for Retaining Account Data
Account Deletion Without Request: Trovata retains the historical data of closed accounts for audit, compliance, or reference purposes. Upon termination, Trovata will purge the data.
Frequently Asked Questions
Q: What happens if I delete data from a manual account in Trovata?
A: Manual data that is deleted by a user will be removed from your instance and unrecoverable.
Q: Can I retrieve data after requesting deletion of an automated bank feed?
A: Once Trovata confirms and processes the deletion, the data cannot be retrieved. Make sure to back up any necessary information beforehand.
Q: How do I ensure the bank stops sending me data after a relationship is closed?
A: Users should contact their treasury management officer or other relevant bank contact at the respective institution once a connection is removed from Trovata to ensure they are no longer being charged by the bank.
Q: Is there a benefit to editing an account alias to indicate that it's "closed"?
A: Yes, although not required, it's best practice for users to update the account alias with "Closed" at the end to indicate its closure. This also helps when searching for accounts within Trovata to distinguish its status.
Q: When I close a bank account in the system, is the transaction history is preserved?
A: When you close a bank account in our system, the transaction history is preserved. You will still be able to access data from closed accounts in all main reporting modules throughout Trovata, including Analysis, Reports, Statements, Forecasts, Workbooks, and more.