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| *Loan,banking and credit>>>online banking |
In this day of online bank statements, do we still have to keep the paper copies? |
My stack of monthly bank statments is getting pretty large. I know we're supposed to keep them in case of tax audits and so on, but couldn't we just get them online? Sadly, because of tax issues, we are requested to keep statements for 7 years in case of an audit. Most banks will only keep your statements for you for a specific period of time because of mass storage issues on their mainframes (data is not cheep, believe me). After that period of time is over they will delete the oldest statement to replace it with the newest one that is available. With the number of customers that some banks have, I don't really see a way around this issue. I would for three years. Plus, some banks charge you for copies if you need printed ones for things such as court cases ect.... no you can just print a statement Have you tried asking your bank to send you 6 monthly or just annual statements instead? If you needed a 'paper copy' I'm sure you could get away with printing one off! I know, it's hard to keep organised with so many statements but I really believe it's good to keep a paper copy. Banks usually keep statements only so long for customers who bank online and for physical copies, banks can charge for them. I would suggest using online banking so you can get online statements or scan you statements and save them as either pdf files or images. Either way, you'll be able to print them off if needed. Official copies are always better. But yes you can get them online. It's good that you're keeping everything. |
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