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Data Protection - Donor Bank Accounts

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Does anybody know what the Data Protection implications are for storing Donor's bank account information.

Currently, we record the Sort Code, Account Name, and Account Number for all donations received by cheque. I find this useful in terms of searching for donors by their account number, and also for deduping. However, I have recently been told that this may contravene Data Protection. Has anybody looked into this before.

Any advice would be appreciated.

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