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Retention Requirements: POAs & Death Certificates
Answer by Ken Golliher, BOL Guru
BIO AND CONTACT INFO

Question: How long are we required to keep Power of Attorneys and death certificates and are we required to keep Power of Attorneys if the customer is deceased.

Answer: Record retention requirements are controlled by the state where your institution is located. Check with your state's department of banking or its banking association.

Answer by: Carolyn Jones, BOL Guru
BIO AND CONTACT INFO

Power of Attorney cards as well as death certificates (in my opinion) should be retained for a minimum of 5 years in most states. This is not a written law however and it is up to the institution to set policy. FRC has always suggested 5 years and it is a standard industry practice.

First published on BankersOnline.com 3/17/03





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