Topic: Record Retention
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For how long should we retain signature cards? I have a version of the IBA Record Retention Manual that recommends five years. What if we replace signature cards on current accounts with new signature cards; for how long should we retain the old signature cards?
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The statute of limitations for written contracts in Illinois is ten years. 735 ILCS 5/13-206. Consequently, we recommend retaining signature cards (which typically are part of the account agreement) for ten years after the termination of the account. We even recommend that signature cards on active accounts for which the cards are no longer in…
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When a customer opens a deposit account for a trust, should we obtain a copy of the entire trust agreement? Some trustees wish to provide only a letter of opinion, in lieu of the trust agreement.
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Whether you require an entire trust agreement before opening a deposit account for the trust is up to your institution (given that your institution is not acting as trustee for the trust). We are not aware of any laws or regulations that would require you to obtain the entire trust agreement before opening a deposit…
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We have some “very old” bankruptcy documents and E-Oscar credit bureau corrections. What is the record retention period for these types of documents?
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We are not aware of any specific legal requirements that apply to the retention of bankruptcy documents and E-Oscar credit bureau corrections. Our Guide to Bank Record Retention recommends retaining records related to a credit bureau dispute for two years from the termination of the dispute, but that recommendation does not stem from any laws…
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Does Illinois law require that we maintain original signatures on escrow disclosures or HUD settlement statements? What about other documents? Do we need to save anything except for the original recorded mortgage and note?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021.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. We do not believe that financial institutions need to retain hard copies of documents…
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What are the recordkeeping requirements for the confirmation of sales, calls, or maturities that we receive from our broker related to the bank’s investment portfolio?
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We are not aware of any document retention requirements that apply to securities transactions made within a bank’s own investment portfolio. There are recordkeeping and confirmation requirements for securities transactions “effected for a customer by a bank” (12 CFR Part 344), but those requirements would not apply if the trades are not made “for a…
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We want to start imaging our mortgage files. Do we need to keep anything in paper format?
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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. We do not believe that financial institutions need to retain hard copies of documents…
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We get several different kinds of subpoenas. Some are grand jury subpoenas, some are for divorces. For which types of subpoenas must we contact the person first? Do we have to respond to out-of-state subpoenas?
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When responding to a subpoena in Illinois, both federal and Illinois laws could apply. Below is a summary of the major provisions that might apply to a subpoena. However, please note that we cannot provide legal advice, and any questions about a specific subpoena will likely have to be answered by bank counsel. Illinois law:…
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Our bank is in the process of scanning deposit account file documents. Are we required to keep the original signature cards and if so, how long must they be retained?
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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. We do not believe that financial institutions need to retain hard copies of documents that…
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What are the record retention requirements that apply to banks under Illinois law?
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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. We are not aware of any Illinois regulations that directly address record retention for banks.…
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We just started electronically imaging our records; which documents should we save as hard copies?
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We do not believe that financial institutions need to retain hard copies of documents that are stored electronically, with the exception of the documents that you noted would be continued to be stored in tangible form (original loan agreements and mortgages and any other documents recorded with a county recorder). The Illinois Financial Institutions…