Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-migrate-db domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /srv/app/gotoiba-dev/htdocs/web/wp-includes/functions.php on line 6121
For how long should we retain deposit account statements and copies of checks? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

For how long should we retain deposit account statements and copies of checks?

—

by

You should retain deposit account statements for at least five years and copies of checks for at least seven years. The FinCEN’s Bank Secrecy Act regulations require you to retain deposit account statements for five years after they are created. The Uniform Commercial Code requires financial institutions to retain checks, or legible copies of checks, for seven years after receiving them. 

For resources related to our guidance, please see:

  • FinCEN Regulations, 31 CFR 1020.410(c) (“Each bank shall, in addition, retain either the original or a microfilm or other copy or reproduction of each of the following: . . . (2) Each statement, ledger card or other record on each deposit or share account, showing each transaction in, or with respect to, that account.”)
  • FinCEN Regulations, 31 CFR 1010.430(d) (“All records that are required to be retained by this chapter shall be retained for a period of five years.”)
  • Uniform Commercial Code, 810 ILCS 5/4-406(b) (“If the items are not returned to the customer, the person retaining the items shall either retain the items or, if the items are destroyed, maintain the capacity to furnish legible copies of the items until the expiration of 7 years after receipt of the items.”)