FinCEN’s Bank Secrecy Act regulations require you to retain deposit account statements for five years after they are created.

The NACHA rules require participating depository financial institutions to “retain a Record of each Entry for six years from the date the Entry was Transmitted, except as otherwise expressly provided in these Rules.”

Finally, the period set forth in the Illinois Uniform Commercial Code for checks and other items is seven years.

If all items in the system are limited to ACH transactions, then the shorter six-year period would appear appropriate, but we recommend that you consult with bank counsel to make sure the period is properly set, particularly if not all items will pass through the ACH system. 

For resources related to our guidance, please see:

• 2017 NACHA Operating Rules § 1.4 Records, SUBSECTION 1.4.1 (“A Participating DFI must retain a Record of each Entry for six years from the date the Entry was Transmitted, except as otherwise expressly provided in these Rules.”)

• 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: . . . 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.”)

• Illinois 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.”)