Most experts recommend keeping copies of your bank statements for 1 year. If you have bank records related to your taxes, keep them for 7 years and any that pertain to business expenses, home improvements, mortgage payments, and large purchases should be kept until they are no longer relevant.
If you are applying for a loan, most lenders require between one month and a year’s worth of bank statements to process the loan application.
Bank statements also provide proof of unauthorized charges or fraudulent activity related to your accounts.
Having copies of your bank statements protects you financially, serves as a financial record, and ensures you can access your account history when you need it.
Banks offer online statements and you can opt out of receiving mailed copies which you should do. Mail theft is a major problem, if your bank statements or other private documents are stolen it can lead to financial and identity theft.
Banks are required by law to keep most records for at least five years, although many banks retain their members account statements for up to 7 years you don’t want to depend on that, by downloading your statements you will always have a digital copy.
A bank statement is a detailed record of your bank account. It includes deposits, withdrawals, checks paid, interest earned, service charges, penalties incurred etc. You should review your statement each month to check for accuracy. If you find anything out of the ordinary such as unauthorized transactions, missing deposits, or other discrepancies you should contact your bank to report the problem.
The Tech Minimalist 