Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.
KEEP 3 TO 7 YEARS
Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.
The IRS retains the right to audit anyone's financial history for up to six years. In this case, it's wise to keep credit card statements for at least three years, preferably six if there is a very high risk of audit.
Keep canceled checks for one year unless you need them for tax purposes. Refer to them when you reconcile your accounts each month so you know what has cleared. If your bank does not return your canceled checks, you can request a copy for up to five years.
Banks are required by federal law to keep most records on file for at least five years, and many keep members' account statements available for up to seven.
All they need is access to your old mail, credit cards, and debit cards. "Bank statements, credit card statements and other documents that contain your personal information should never be disposed of in an insecure manner," says Debbie Guild, chief security officer at PNC Financial Services Group, Inc.
No, you can't, at least in the U.S.. The FDIC (Federal Deposit Insurance Corporation) requires that bank records be kept for 5 years. Anything older than that is shredded.
Technically, though, check registers only need to be kept for several months for the purpose of balancing your checkbook. ... Some people recommend keeping checkbook registers for at least 12 months in case “issues” (questions about payment) arise and because some checks may take a while to clear.
Hold the returns and supporting documents for at least seven years. The IRS can randomly audit you three years after you file — or six years afterward if it thinks you skipped out on reporting your income by at least 25%.
To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
While household bills and bank statements should be kept for at least two years, and insurance documents as long as they are valid.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
Identification Regulation
These programs mandate that banks obtain and retain checking and savings account customer data, including contact, identification and tax information. FDIC regulations stipulate that banks must keep this information for five years after the account is closed.
Keep your receipt if you purchased something with a warranty (keep it until your warranty expires or you no longer own the item). Internet, Telephone & Utility Bills: Keep these for one month and then shred. If you own your own business and can write off these expenses, then you should keep the bills for 6 years.
Home, auto and umbrella policies - Keep until you get your new policy. For auto insurance, most states accept electronic versions of your insurance card, but it may also be smart to keep a printed version in your glove compartment.
In general, 401k plan records must be kept for a period of not less than six years after the filing date of the IRS Form 5500 created from those records.
Credit card statements and utility bills are documents that should be high on anyone's list for shredding. Bills of that nature tend to have very sensitive information. So once payment is confirmed and you no longer need to reference that bill, make sure the document is destroyed.
Comparing your transaction log or checkbook register makes it easier to spot errors or incorrect charges by merchants as well. It only takes a slip of a finger to enter in the incorrect dollar amount. Looking at your bank records is also a way to keep track of those forgotten subscriptions or fees.
Very old passbook can be disposed off. In case of post office pass book, you should keep updated copy. You can disposed off old paper after scanning and save digital format of all these documents with you. So that you can check them if required.
Destroy all unused checks by shredding, even if the account they were issued for is closed. Blank checks of any type might be used by unscrupulous individuals to gain access to your personal information or to perpetrate check fraud.
You can order copies of your statements beyond what is available online, up to 7 years ago. Your statement copy will be delivered online, free of charge. If you are an Online Banking customer, you can sign into Online Banking, and select Statements & Documents under the Accounts tab.
If you were a customer within the last 7 years you can call and request them. You'll need your old account number. If it's been past 7 years you won't be able to get them. Wells Fargo keeps past account records for 7 years per US law.