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#1750044 - 10/17/12 08:03 PM Record Retention
amyinred Offline
New Poster
Joined: Feb 2010
Posts: 15
We are looking to free up some storage space in our building and want to shred some closed accounts, specifically closed HSA and IRA files. What are the record retention policies for closed IRA and HSA accounts? We scan all documents and keep the electronic image indefinitely, so I am assuming we are okay to destroy the physical documents. But, I also don't want to get in trouble down the road for not having the physical documents. What is everyone's policy/thoughts on this?
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Operations Compliance
#1751243 - 10/23/12 12:16 AM Re: Record Retention amyinred
NeverEndingSupport Offline
100 Club
Joined: Jan 2004
Posts: 210
Alaska
I know that we don't treat our HSA or IRA contracts any differently than any other deposit account. We image our contracts and destroy the original once quality control has been performed (usually within 30 days). We will purge the imaged contract seven years after closure.

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