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#17775 - 05/15/02 03:13 PM Signature Card-Record Retention
DCollins Offline
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DCollins
Joined: Oct 2001
Posts: 707
I know from previous posts that the record retention for signature cards on closed accounts seems to be 5-6 years After the Account is Closed. Can anyone tell me where I can find this in the Code of Federal Regulations (CFR)? I looked at 31 CFR 103.34, but it doesn't mention record retention.

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#17776 - 05/15/02 03:34 PM Re: Signature Card-Record Retention
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Look in ยง103.38. It's five years.
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#17777 - 05/15/02 03:37 PM Re: Signature Card-Record Retention
Bartman Offline
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Bartman
Joined: Oct 2000
Posts: 1,191
Springfield
You have two issues here. First is BSA, which requires 5 year retention. My source cites 31 CFR 103.34(b)(1) and 31 CFR 103.38(d).

The other is your state's statute of limitations. In Michigan, since the signature card grants signature authority, it may be relevant in breach of contract situations - it's recommended we keep them for 6 years after the account is closed. Your state may have different requirements.

The answers above both apply whether it's a checking or a savings account.
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#17778 - 05/16/02 04:28 AM Re: Signature Card-Record Retention
cbinder63 Offline

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cbinder63
Joined: Dec 2001
Posts: 674
Colorado
In Colorado it appears to be 7 years after closure or if the card is VOIDed (i.e new card or change of signatures).
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#17779 - 05/16/02 05:17 PM Re: Signature Card-Record Retention
Happy Offline
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Happy
Joined: Jan 2002
Posts: 282
In Iowa it is 11 years after close.

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