Even if they're old statements, they should be shredded. Your name, address, phone number, and bank account information are in those statements, along with your habits, purchases, and banking history. Even if the account is closed, shred it anyway.
Here are some materials you should not put in your office shredder.
Bank & Credit Card Statements
Old bank and credit card statements should be securely shredded once you have the necessary information – not doing so could leave you vulnerable to identity theft. Opt for paperless online statements where possible!
Or, if you live in a home with a private bin and driveway, you can dump the entire box of paperwork into a bag in your garbage bin in the driveway and hit it with the hose. Otherwise, if you have a fireplace or fire pit, you can burn it.
Even if they're old statements, they should be shredded. Your name, address, phone number, and bank account information are in those statements, along with your habits, purchases, and banking history. Even if the account is closed, shred it anyway.
Here are five document types not to shred and are better to keep – especially with services that offer offsite media storage you can trust.
After paying credit card or utility bills, shred them immediately. Also, shred sales receipts, unless related to warranties, taxes, or insurance. After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute).
Yes, keeping old bank statements is essential. They provide a record of transactions, assist in tax preparations, support business accounting, and help in resolving disputes. Retain them for 3-7 years for tax purposes and longer for business needs. Digital storage can simplify organization and access.
If you have an old document that isn't mentioned above, Mendelsohn said, you're probably safe following the seven-year rule. There are exceptions. If you own a business, failed to file a tax return or get sued, you may wish you held on to every shred of associated paper. Otherwise, it can probably go.
Many municipalities offer free shredding services, often at local government-run locations. These city centers typically partner with certified shredding companies to help ensure secure document destruction in line with best practices. This is a great option if you have a large stack of personal paperwork.
The UPS Store usually charges $1.00 per pound or more.
Preventing Identity Theft
Documents like bank statements, credit card offers, and tax records can be exploited if they fall into the wrong hands. Shredding ensures that your personal data is destroyed beyond recognition, reducing the risk of fraud.
Here are a few of the most common mistakes: Using Office Shredders That Jam or Overheat – Small shredders may seem sufficient, but they often can't handle high volumes and can become a burden for staff. Storing Documents Too Long – Old files that are no longer needed should be securely destroyed.
The easiest and most efficient way to get rid of your checks is to shred them. If you have a motorized shredder at home, you can easily shred many checks at once. Some banks or local businesses also offer shredding services if you don't have one handy.
Documents you can toss after one year
for Cash. Treasury regulation 31 CFR 103.29 prohibits financial institutions from issuing or selling monetary instruments purchased with cash in amounts of $3,000 to $10,000, inclusive, unless it obtains and records certain identifying information on the purchaser and specific transaction information.
Credit card and bank account statements: Save those with no tax return usefulness for about a year, but those with tax significance should be saved for seven years.
Keep Forever
If you track utility usage over time, keep your bills for one to two years. If you claim a home office deduction, keep them for three years. - To avoid identity theft, be sure to shred anything you throw away that contains your personal or financial information.
Some banks will let you bring in a box. Or they have shreds days. Rip them up into tiny pieces and distribute the pieces into 3 different bags. Then dispose of the bags at different trash cans/dumpsters away from each other so no one can piece the papers together.
Documents You Should Never Shred
Paper shredders increase security risks. You shred your documents to prevent identity theft and maintain the confidentiality of your information. But your paper shredding machine doesn't offer the most secure method for completely destroying confidential information.
9 Paper Documents You Should Keep Forever in Their Original Form
A paper shredder is one of the most common ways to dispose of sensitive documents and offers convenience and security. You can buy three different types: cross-cut, strip-cut, and high-security models for top-end paper destruction. Cross-cut shredders cut paper in two directions.