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What are the record retention requirements for safety deposit box contracts or signature cards? Is there a requirement or a recommendation? – IBA Compliance Connection

IBA Compliance Connection

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What are the record retention requirements for safety deposit box contracts or signature cards? Is there a requirement or a recommendation?

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Generally speaking, the statute of limitations for written contracts in Illinois is ten years. 735 ILCS 5/13-206. Consequently, you may wish to retain your safety deposit box contracts and signature cards for ten years after the termination of the contract.