I thought at one time it was 7 years,, is that still the rule. I have all my bank statements, checks and pay stubs... a lot of paper that I would love to shread!
2006-08-09 01:14:39 · 14 answers · asked by happyday 1 in Business & Finance ➔ Personal Finance
every thing on computer now,so you might not need it as long
2006-08-09 01:19:01 · answer #1 · answered by Anonymous · 0⤊ 1⤋
I think 7 years is the best. Old rule of thumb that still holds true. However 3 years isn't that bad either, just keep the most important ones. For example your final payment on a loan, etc.
Also consider keeping your files locked away on your computer or external hard drive. I have my bank of america statements on my comp. Lots of sites let you download your statements in a wide variety of formats. This method has reduced paper consumption almost totally. E-billing is also a useful service.
2006-08-09 01:22:03 · answer #2 · answered by Joey 3 · 0⤊ 0⤋
My rule of thumb is 2 years. Paystubs are maybe a month, except for the last check of the year. Keep the last check stub for 2 years. Your bank or credit union will be able to help you with records retention (for a fee) if the need should arise. Seven years is far too much paper.
2006-08-09 01:19:03 · answer #3 · answered by Adios 5 · 0⤊ 0⤋
1 year
2006-08-09 01:20:50 · answer #4 · answered by Dr Dee 7 · 0⤊ 0⤋
Bank statements and paychecks can be kept up to 4 yrs.I say The check stubs at least one year is good enough.My Husband had and I do said Had a bad habit of keeping everything I found stuff from the Early eighties that he had us keep,But not any more ,They shredder had a hay day with all the stuff I put through it!
2016-03-27 05:02:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Well you need to keep your tax returns for atleast 7 years! All your bank statements can stay around for only 3 years, just be sure you keep your end of the year bank statements with your tax returns for the whole 7 years though! Hope this helps.-)
2006-08-09 01:19:17 · answer #6 · answered by littlebettycrocker 4 · 0⤊ 0⤋
Pay stubs, usually only one year. Bank statements atleast three years. This answer was given to me in a class I had to take for bouncing a check. When they are no longer needed, most definitely shred them.
2006-08-09 01:25:02 · answer #7 · answered by PAPAREACH 1 · 0⤊ 0⤋
The IRS can't audit more than 3 years back, so for checks and statements, 3 calendar years is all you need. Pay stubs, just a few months unless you think you'll need proof of income for a longer period of time.
2006-08-09 01:22:48 · answer #8 · answered by rosecitylady 5 · 0⤊ 0⤋
you can get rid of your bank statements when the next one arrives, only keep the most recent one.
shred old checks when you are sure the payment was posted.
keep pay stubs for one tax year.
2006-08-09 01:19:20 · answer #9 · answered by mamapodi 2 · 0⤊ 0⤋
I don't think u need the actual statements but u can scan them and keep them on a cd or a dvd and 7 years is it i think for a business. For personal u can probably get rid of everything except w2 and deduction backup after 3 years. check with your tax advisor first.
2006-08-09 01:18:41 · answer #10 · answered by Anonymous · 0⤊ 0⤋
Don't shred em!
I was caught out by just that.
I had an account from My local telco,that I am sure that I had paid, but the week that My wife dumped and shredded some old accounts and reciepts, I had a call to say I owed over 400.00 from 7 yrs ago, and I had no proof mof payment, so I was forced to pay.
Definately do not shred.
2006-08-09 01:27:25 · answer #11 · answered by pa69oldfart 4 · 0⤊ 1⤋