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So for context, during the year 2021 I had a gym membership with Vasa fitness. At the end of 2021, I cancelled the membership (properly, there was no charges after this for years). Now a few days ago, they randomly charged me for seemingly no reason.

I’m going to dispute this charge, but what it got me wondering is what the laws are for a business to retain my financial information? It’s been more than two years, I don’t see any reason for them to still have it and it seems like a massive security flaw as if they were compromised, not only would my financial information be compromised, but I would have no substantial reason to believe I was at risk, because I assumed this would’ve been unacceptable to still have it.

So what does the law say regarding businesses keeping of financial information? My understanding is that the BBB recommends businesses get rid of this info, but is there anything requiring them to? This is in the United States.

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So what does the law say regarding businesses keeping of financial information? My understanding is that the BBB recommends businesses get rid of this info, but is there anything requiring them to?

A non-financial business can keep financial information forever, unless the merchant agreement with the credit card company says otherwise.

It is, of course, however, still illegal to charge someone's credit card without authorization. It might even be criminal conduct.

This said, the relevant law is mostly at the state level and not federal law. It is entirely plausible that some states have special legislation, of which I am not aware, on this particular topic.

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