Q:

How long will a bank keep your banking records?

A:

Quick Answer

Banks are required to keep records of all accounts for a minimum of 5 years by law. Some banks may keep records longer, especially if they are electronic.

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Full Answer

In the event that personal banking records have been lost, banks have records of accounts and transactions for years. Depending on the bank, and whether it's a state or federal bank or a credit union, the records for each individual account can be kept for varying amounts of time, with a minimum of 5 years after closing the account. However, for different accounts and different purposes, like mortgages and loans, the banks have a different standard for record retention.

It is highly suggested that each person retain their own personal records for up to 10 years after the accounts at a bank are closed. This is also highly regarded as a safe minimum for any tax records as well. Any records that may involve a government entity should be kept for at least a minimum of 2 years, if not longer, in the case of an audit or in the rare case of the bank not maintaining the records through theft or software issues. When an individual has a credit card through a bank, the account only needs to become dormant in order for the ban to consider it closed, but these records must be retained for 5 years after closing or dormancy as well.

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