Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA.

Your bank should retain deposit account statements for at least five years and checks for at least seven years, and these retention periods are the same for records kept in paper and electronic form.

FinCEN’s Bank Secrecy Act regulations require you to retain deposit account statements for five years after they are created. The Uniform Commercial Code (UCC) requires financial institutions to retain checks, or legible copies of checks, for seven years after receiving them if they are indicated on account statements and are not returned to customers. We are not aware of anything that would alter these retention periods if such records are retained electronically.

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 (“All records that are required to be retained by this chapter shall be retained for a period of five years.”)

• UCC, 810 ILCS 5/4-406(a) (“A bank that sends or makes available to a customer a statement of account showing payment of items for the account shall either return or make available to the customer the items paid or provide information in the statement of account sufficient to allow the customer to identify the items paid. The statement of account provides sufficient information if the item is described by item number, amount, and date of payment.”)

• UCC, 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.”)

• IBA Guide to Bank Record Retention 2013-14 (Bank Statements: 5 years, 31 CFR 1020.400)

• IBA Guide to Bank Record Retention 2013-14 (Undelivered Mail of Value (statements with checks not returned to customer): 7 years, 810 ILCS 5/4-406(b))

• Electronic Signatures in Global and National Commerce (ESIGN) Act, 15 USC 7001(a)(1) (“A signature, contract, or other record . . . may not be denied legal effect, validity, or enforceability solely because it is in electronic form.”)

• Illinois Electronic Commerce Security Act, 5 ILCS 175/5-110 (“Information, records, and signatures shall not be denied legal effect, validity, or enforceability solely on the grounds that they are in electronic form.”)