Topic: Record Retention
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Do we need to obtain a wet signature on individual retirement account (IRA) and health savings account (HSA) documents, or can we use an electronic pin pad to obtain a signature? Also, do we need to keep hard copies of IRA and HSA files, or can we retain only electronic 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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021.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 believe that you may accept electronic signatures on IRA and HSA documentation. Both Illinois…
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A customer deposited a check for over one million dollars and requested the check back after it clears so he can frame it. Can we give him the check? Should we stamp it “paid”?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021.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. Yes, you may return the paper check to the customer, provided that you retain a…
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We image our checks and retain them for at least seven years. Are we required to retain paper versions of those checks, and for how long? We use an image replacement document (IRD) printer for our check returns.
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021.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 required retention period for paper copies of checks, given…
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We are converting to a paperless document imaging system for our deposit accounts with the goal of storing all of our documents electronically, including signature cards. Do we need to retain original signature cards that were signed in person?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021.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. No, your bank is not required to retain paper copies of executed signature cards. Both…
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We are moving to an electronic imaging system for our files, and we plan to shred most of our paper files after scanning them, reviewing to ensure that all pages were scanned, that they are legible, etc. Are there any documents that we should retain in paper form?
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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. Generally you do not need to retain hard copies of documents, but heightened requirements do…
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How long should we keep mail returned as undeliverable, such as privacy notices and bank statements?
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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 recordkeeping requirements for mail that has been sent to customers…
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What are the required retention periods for drawer counts and cash in and cash out tickets?
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In some cases, these records will be subject to FinCEN’s five year record retention requirement for certain deposit account records. For example, the five year retention requirement applies to “each statement, ledger card or other record on each deposit or share account, showing each transaction in, or with respect to, that account” and to records “which would…
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We have several closed employee loan files. What is the record retention period for these? Is it the same as for other loan files, or is the retention period longer for employee loan files?
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Loans to employees are not subject to longer record retention periods than loans to other customers, although Regulation O imposes certain additional recordkeeping requirements for loans to employees who are considered “insiders” of your financial institution. The statute of limitations for written contracts in Illinois is ten years. Consequently, the most conservative practice would be…
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Do we need to retain our trust department’s monthly account statements? If so, for how long? Our system is not capable of reproducing information found on account statements for the trust accounts, so the only source of past transactional and other information would be the account statements themselves. Currently, we retain these monthly statements electronically for seven years.
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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 law or regulation that sets a required retention period for…
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Is there a record retention requirement for deposit account denials? When any potential customer asks to open a deposit account, we use an account screening service to determine whether to open the account. If we deny an account based on that screening, we provide the customer with our adverse action notification on the spot. Do we have to retain that notice? If so, for how long?
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We are not aware of any record retention requirement for deposit account denials. However, you may wish to follow the same record retention requirements in Regulation B regarding adverse action notices for credit applications. Under Regulation B, adverse action notices regarding credit applications must be retained for 25 months for consumers and 12 months for…