Record Retention for Internet Banking & Bill Payment

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Question:

What are the record retention requirements for Internet Banking and Bill Pay? I have been searching for information, but have not been able to find anything.

Answer:

You determine your retention obligation at the item level. If a law (usually a state law), a regulation, or your contract specify a certain period for the item, it doesn't matter whether the item's in electronic or paper form.

First published on BankersOnline.com 4/18/05