Do banks keep records of old accounts?


Quick Answer

The law requires banks to keep a record of checking and savings accounts for five years after an account is closed, states Miranda Morley for Zacks. Information kept by banks includes transaction history, transfers of $3,000 or more in funds, and information on the identity of the account holder.

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Full Answer

For five years after the closure of the account, the Bank Security Act requires a bank to keep a record of any international transactions over $10,000. It also requires a bank to keep a record of account statements, checks and deposits over $100, and any documents pertaining to or proving any of the above transactions took place, states Morley. A bank is also required to keep documents pertaining to suspicious activity committed by the account holder, including the Suspicious Activity Report filed by the bank, a copy of the business transaction in question and any other evidence of the suspicious activity.

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