Record Retention on Business Deposit After Closed

Question:

What is the record retention requirements on business deposit accounts once the account has been closed?

Answer:

Record retention requirements are driven by a variety of sources; e.g. state law, state regulations, federal law, federal regulations, etc. Your state department of banking or state bankers association may be able to provide you with a comprehensive schedule. It is doubtful that there would be distinctions between consumer vs. business record retention requirements.

In general, BSA regulations require banks to keep copies of bank statements and items in excess of $100 for 5 years.

First published on BankersOnline.com 2/4/13