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In general, it’s a good idea to keep bank statements for at least one year. If they contain any tax-related information, however, you may want to hold them for at least three years, and possibly as long as seven.
Here’s a closer look at how long you should keep bank statements, why you may want to keep them around, and how to store them.
Key Points
• Bank statements should be kept for at least 12 months for financial management.
• For tax purposes, retain bank statements for three to seven years.
• Bank statements ensure accurate tax filing and support self-employed individuals.
• Statements also provide proof of payment for transactions and income verification.
• Regularly reviewing your bank statements can help you identify and report fraud quickly.
What’s in a Bank Statement?
A bank statement is a document created by your bank that summarizes the financial activity in your account, such as your checking account or savings account, over a specific period, typically a month. It serves as an official record of all transactions, including deposits, withdrawals, and fees, and provides the beginning and ending balances for the period.
Information you’ll find on your bank statement can help you manage your bank account and may include:
• The statement period dates
• Personal details such as your name and bank account number
• Interest earned and the applicable APY (annual percentage rate)
• Any fees charged during the reporting period
• Deposits, withdrawals, and transfers
• Starting and ending balance
The purpose of a bank statement is to help you understand exactly what is happening with your bank account and keep track of what is going in and coming out.
How Do You Receive Bank Statements?
You may have the option to receive paper or electronic bank statements.
With paper bank statements, your financial institution will mail you a copy each month, or you can head to your local branch (if you have the option) and request one. If you sign up for electronic statements (or e-statements), the bank will typically send you an email notification that your e-statement is available, along with a link to access it securely through their online banking platform.
Whether you receive paper statements or opt to go paperless, you can typically access your current and previous bank statements any time by logging into your online account. You can simply look at the statement online or you can opt to download a copy to your computer.
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Benefits of Keeping Bank Statements
You generally want to keep your bank statements going back at least 12 months, and possibly longer. Here’s a look at why it’s a good idea to keep them around:
Refer to Them at Tax Time
You want to be sure you have accurate numbers when it comes to filing your taxes, and having bank statements makes it easier to do your calculations. It can be especially helpful if you’re self-employed and are reporting income and business expenses.
Though you may not need to hang onto your bank statements after 12 months, it may make sense to hold onto them for three years (or even up to seven) in case you need information so you can file an amended tax return or in the event that you get audited. In fact, there are IRS guidelines on how long you should hang onto your bank statements depending on your financial and tax scenario.
Provide Proof of Payment
You can use your bank statements to track any payments you’ve made in case there are any issues. For example, if your lender believes you missed your monthly mortgage payment, you can provide them with a copy of your bank statement to show the transaction went through.
Or if you’re unsure whether your employer paid out your semiannual bonus, you can look at your bank statement to make sure they did. If not, you can show this documentation when you contact your payroll department.
Some lenders for various loan applications may also want to take a look at your bank statements to verify your income.
How long you should keep your bank statements for this specific reason is up to you. Keep in mind that banks are legally required to keep customers’ statements for at least five years, but many keep them for longer. It’s a good idea to ask your bank how long they hold onto your statements. If you want to hang onto them for longer, it’s best to download or save a copy for your own records.
Spot Fraud or Identity Theft
If you’re concerned about fraudulent transactions or just want to keep an eye on your bank account, regularly reviewing your bank statements gives you insights into your account. It can help you spot any suspicious activity. The sooner you can see these types of transactions, the sooner you can report them to your bank and get matters resolved.
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Where to Keep Bank Statements
Where to keep bank statements will depend on whether they are paper or digital:
Paper Bank Statements
You’ll need to find physical space if you want to store paper statements. Depending on how many bank accounts you have, you might use an accordion file with a pocket for every month of the year, or you might use a single filing folder for each year. Either way, keep these folders in a safe, out-of-the-way place where they will be protected from damage or theft.
Electronic Bank Statements
Electronic statements don’t require as much physical space, which can be an advantage of online banking, but you will need some type of system for storing them. You might create one main digital folder on your computer or cloud storage service for your bank statements, the set up subfolders for each year. This can make it easy to find the right documents when you need them, such as during tax season or should you ever get audited by the IRS.
What to Do With Older Bank Statements
If you no longer need your bank statements, you’ll want to dispose of them safely and securely. That’s because they contain sensitive information that you don’t want going into the wrong hands.
Shredding Your Documents
You can shred your documents to protect your sensitive information by either purchasing your own shredder or heading to your local office supply store and paying for professional shredding. (Some communities may offer free paper shredding days throughout the year.)
Completely Delete Electronic Copies
If you have electronic copies, make sure to delete them from your computer and any backup sources. Check your computer’s trash bin or other folders to ensure they’re completely wiped from your device.
The Takeaway
Keeping bank statements is an important part of your overall financial health. It can help you with tasks such as accurately filing tax returns and providing proof of payment. Whether you keep hard copies or electronic statements securely, they can enhance your personal finance management.
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FAQ
How many months’ worth of bank statements do you need to keep?
It’s generally recommended that you hold onto your bank statements for 12 months. If the statements contain any information related to your tax returns, it’s a good idea to keep them for at least three years and possibly as long as seven years.
Is it OK to throw away old bank statements?
You can get rid of old bank statements that you no longer need. However, you want to dispose of them securely (often by shredding them) since they contain sensitive information.
Do banks destroy records after 7 years?
Banks are legally required to keep records for at least five years, but some may hang onto them for seven years. If you’re unsure, contact your bank to find out how long they hold on to your statements before destroying them.
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