Topic: Record Retention
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What are the record retention periods for deposit account statements and checks? Do these requirements vary between paper and electronic records?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021.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. Your bank should retain deposit account statements for at least five years and checks for…
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For how long must we retain loan documents after a loan has been paid off?
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We recommend retaining loan agreements for a period of ten years after the loan is paid off, due to Illinois’s ten-year statute of limitations for written contracts. This retention period should apply to any documents that may be relevant in a dispute over the loan agreement, such as a mortgage release. For other documents in…
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How long must we retain emails?
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We are not aware of any retention requirements that specifically apply to emails other than certain SEC rules for broker-dealers. OCC guidance notes that the retention period for any given email depends on its content and not the fact that it is an email. Under SEC rules, broker-dealers must retain electronic communications with customers related…
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Are we required to retain a copy of the signed “indication of interest in property” letter we receive from a customer whose account was previously or about to be presumed abandoned? Once we receive a signed copy of such a letter, we return the customer’s account to an active status. Since the Illinois Revised Uniform Unclaimed Property Act (Illinois RUUPA) allows customers to verbally communicate interest in an account that is presumed abandoned, we are unsure as to the record retention requirement for such letters.
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We recommend retaining copies of any letters signed by your customers indicating their interest in any account, including an account that was dormant but not yet reported as unclaimed property, for at least ten years. These records may be retained in either physical or electronic form. Under the Illinois RUUPA, property holders must retain certain…
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How long should we retain commercial and real estate loan documents that have been scanned electronically? What about those that have not been scanned electronically? If we scan loan documents at the time the loan is originated, how long must we retain the paper copies?
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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 recommend retaining loan agreements for a period of ten years after the loan is…
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How can I obtain the IBA Guide to Record Retention?
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The IBA Guide for Record Retention is available for purchase at this link. However, as noted in the disclaimer below, the most recent edition is from 2013/2014, and it is no longer being updated. DISCLAIMER: For many years, the Illinois Bankers Association has offered this record retention guide, produced under contract by a third party,…
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We are updating our email servers and would like to implement an email retention policy. We are aware that the FFIEC does not have a policy on email retention and we have not found much information available on this subject. Can you provide some direction on implementing an email retention policy?
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Other than certain SEC rules for broker-dealers, we are not aware of any retention requirements that apply specifically to emails. Rather, as noted in OCC guidance, the retention period for a given email depends on its content, not the fact that it is an email. The SEC rules for broker-dealers state that broker-dealers must retain…
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Our bank is purchasing the custodial rights for a portfolio of brokered certificates of deposit (CDs) from a bank that previously was the deposit broker for the CDs. Our bank will become the deposit broker and custodian of the CDs, which have individual owners and are deposited at a separate bank. However, the CD accounts at the depository bank will be held in our name with our EIN, and we will receive a percentage of the interest from the CDs. Along with the portfolio, we will receive one year’s worth of physical records for the CDs and all prior records for the CDs in electronic form. The records will include the identifying information for the owners of the CDs that the selling bank obtained as part of its Customer Identification Program (CIP). We will not conduct our own CIP for these accounts. What are the record retention requirements for these documents?
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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 believe that your bank should retain any identifying information for the individual owners of…
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How long are we required to retain land trust files after the trust has been closed?
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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. The length of time you are required to retain documents contained in a land trust…
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How should we handle returned mail for demand deposit accounts (DDAs), savings deposit accounts (SDAs), certificates of deposit (CDs) and individual retirement accounts (IRAs)? How many times should we try to contact the customer? Also, for how long should we keep the returned mail, and should we keep a log?
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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 unaware of any laws or regulations prescribing how many times a bank must…