How long do you need to keep bank statements and checks?

Answer 1

An old lady living a few houses down the street sold her house. The Bank said her loan balance, with only 7 of 30 years left, was several thousand more than she thought it should have been. The bank said she missed a payment the first year. In 23 years that one payment compounded to several thousands in interest.

She went out to the barn took out her old checks (every one she had ever written, in order, her entire life) found and produced every check she had written for her house payment. The Bank cashed it and never posted it to her account. Probably very rare now days with the invention of "late fees" but you never know.

So NOW i keep every statement forever in order. But that's just me, cuz i saw what it can do with my own eyes.

Answer 2

Technically...as long as you want to. I'd keep everything for three years though. If you are ever audited by the IRS they'll most likely look at that time span...anything older is just ... old. Be sure you crosscut shred those babies!!

Answer 3

My bank (Citibank) keeps records of all of my statements. If your bank does to than you can always retrieve them from them and you can shred your copies.

It's like having an personal accouting when you bank with Citibank

Answer 4

at least 10 years, IRS can under certain conditions go back 10 years for an audit

Answer 5

7 years that's what the accountants say at work, and that's how long we keep our records.

Answer 6

7 years that's how far the IRS can come back on you

Answer 7

24 - Months for personal, For your business, forever is probably long enough. lol

Glad I could help!