How long do we need to keep our bank statements before throwing them out?

Answer 1

I keep mine for a year then shred them, they take up too much room otherwise

Answer 2

I had a utility company go back 20 years on a bill. Without my bank statement to back me up. I would have had to pay this bill plus 20 years of interest. So never toss them. Keep them in a safe place.

Answer 3

depends if you are running a businesss or employed, if your employer deducts taxes or you have to pay them yourself. If you are employed, and have no other income, and your employer deducts taxes, then you shouldn't need to keep them once you ahce checked them, If you are self employed. or have other income which appears on a bank statement, you should keep them for 7 years. ALWAYS shred statements and other bills, as people use this sort of thing for identity theft.

Answer 4

Rule of thumb is usually seven years. After the seven years shred them. Audits can only go back 7 yrs

Answer 5

Depending where you live, you should check the disposition authority provided by your government. (Archives). The banks are subject to it therefore once the active and dormante state of your records are done, the you can shred your records with peace at mind

Answer 6

Bank account information (1) year, but with Taxes, mortagage information you need to keep for up to (7) years.

Answer 7

Never just throw them out they must be shreaded, thery contain too much information if they feel into the wrong hand. I believe it is 5 years.

Answer 8

looks like the lucky number is 7 years! interesting question, ive never thought about things like this until i read it. Yes never throw them but shred!.

Answer 9

Rule of thumb is 7 years. However, nowadays you can get electronic ones instead of paper which are much easier to store and keep track of.

Answer 10

at least 900 years.....most bank statements have a half life of 800 years.