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#278058 - 11/22/04 02:36 PM Return of Cancelled Checks
Sandra Offline
Member
Sandra
Joined: Jan 2003
Posts: 84
Massachusetts
Chapter 167D Section 27 - We offer a free checking account whereby we do not return cancelled checks. Customer "affirmatively" agrees at account opening. Is there a retention for keeping cancelled checks. We can produce a copy if needed.
Thanks.

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#278059 - 11/22/04 03:36 PM Re: Return of Cancelled Checks
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
There is no retention period of which I am aware. I'd recommend keeping them long enough to verify the quality and retreivability (accuracy of indexing) of the checks.
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#278060 - 04/17/05 03:47 PM Re: Return of Cancelled Checks
Anonymous
Unregistered

How long should you keep cancelled checks?

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#278061 - 04/18/05 02:17 PM Re: Return of Cancelled Checks
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
That depends on whether you refer to keeping checks that you have written or if you're discussing retaining original cancelled checks from the perspective of a bank. For IRS guidelines on Recordkeeping for Individuals, obtain a copy of IRS Publication #552 at http://www.irs.gov/pub/irs-pdf/p552.pdf
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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