Answer:
Before altering your existing document retention policy, first check with legal counsel and your compliance department.
According to a recent study, most banks that utilize an electronic imaging system retain paper files for a few weeks or months before shredding. Banks that rely on paper files retain them indefinitely or as otherwise defined by their retention policies.
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Download a study of 94 banks’ retention policies:
http://go.accusystem.com/document-retention/.
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