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FDIC Consumer News
Special 10th Anniversary Edition - Fall 2003
Extra Tip on... Throwing Away Old Bank Records
You know that bank records, such as statements, credit card bills and canceled checks, can come in handy. But you may be saving some too long and others not long enough. It's important for you, perhaps after talking with your accountant or attorney, to develop a plan for managing all this paperwork. Example: Canceled checks with no long-term significance for tax or other purposes probably can be destroyed after about a year, but those that support tax returns, such as charitable contributions or tax payments, probably should be held for at least seven years.
Excerpted from "Your Bank Records: What to Keep, What to Toss, and When," Fall 2002.
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