Some records carry a longer requirement, and in other cases we must archive those records permanently. The IRS requires taxpayers to maintain supporting records for their returns for a minimum of three years for most items.But sometimes we need bank records for these reasons: This strategy saves considerable space in filing cabinets and attics. Customers no longer have to print statements and only review canceled check images when particular transactions are in question. Most financial institutions maintain online access for statements and activity for up to one year.
Stop payments, transfers, vendor payments and other transactions already happen in real time. Their access to many online activities and balances are closer to real time. Many account holders find reviewing their bank accounts and transactions online sufficient. Paper is old news - replaced by electronic access to digitally stored information.įinancial institutions might be saving money and becoming more efficient, but be prepared - if you now need a bank’s paper records for a case you could receive them: 1) quickly with a smile, 2) after a long wait with a large fee or 3) never. Many merchants and vendors scan or convert written paper checks into electronic transactions to complete their deposits, and banks have enabled deposit by digital image so you can use your smartphone to transmit pictures of checks. Paper bank statements that travel via snail mail are the exception to the rule - given online access and "going green" - and the return of your canceled checks is archaic. In the past 10 years, technology has ushered in tremendous changes to the banking industry.
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