Close a Checking Account & Transfer Funds to a Different Bank, Change My Bank Account From Sole to Joint. You'll need to provide information to identify yourself, such as your name, address, phone, Social Security number, PIN, account number and secret security question (such as your mother's maiden name). The Federal Deposit Insurance Corporation requires banks and other financial institutions to implement Customer Identification Programs in an effort to prevent money laundering. A bank must maintain a record of all Currency Transaction Reports (CTR) for a period of five years from the date of filing. What is the active litigation exposure period on which these would support the bank? Starting a Business and Keeping Records.. The FDIC (Federal Deposit Insurance Corporation) requires that bank records be kept for 5 years. The style, formatting and exact contents of a bank statement vary by financial institution, but common elements you can expect to find are: If your account has made at least one electronic fund transfer (ETF), for example an ATM transaction, debit card usage or direct deposit, within a given month, your bank is required to provide you with a bank statement. This could be either a paper statement in the mail or an e-statement sent through email. This compensation may impact how and where listings appear. Keep forever. This appendix is provided as a summary listing. However, as noted below, the records related to the identity of a bank customer must be maintained for five years after the account (e.g., loan, deposit, or trust) is closed. There are a lot of investing and retirement account statements worth keeping. Either way, you should secure records of these accounts closing. Anything older than that is shredded. Chase Auto is here to help you get the right car. Is it better to keep everything just in case? I could not find any record retention guidance for this book. Records of every cashier and other official check of $3,000 or more must be stored for 5 years . If you are an Online Banking customer, you can sign into Online Banking, and select Statements & Documents under the Accounts tab. For example, some. If there was no formal will, the matter might need to be taken to. For any accounts surpassing $100 in transactions, banks including those you've closed accounts with keep records for a minimum of five years. Keep tax-related records for seven years, McBride recommended.