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#179605 - 04/14/04 05:07 PM Permanent retention is an awfully long time....

I'm curious to know how other banks are dealing with the issue of "permamnent" retention of items like say "statement of condition". We have ours on everything from paper from the 1920's - 1950s. Then we've got the next set on fische (anybody know where the machine is to read them?). Then the next set (1980s (?) is on optical disks)...which is great because we've got the "reader" but it is currently broken (this is not funny so please stop laughing because you recognize the same situation....).

All comments welcome regarding this retention topic. In other words we have the "media" to reconstruct our permanent data, but we just don't have the hardware (machines) to read it!.

Also, one micro, micro question. How long do you keep loan "tickets"?

Thanks for any comments (funny or not).

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General Discussion
#179606 - 04/14/04 05:21 PM Re: Permanent retention is an awfully long time....
ahou Offline
Power Poster
Joined: Aug 2002
Posts: 3,094
By "loan tickets" do you mean payment coupons? If so, FMS (Financial Managers Society) recommends 7 yrs for R/E loans and for installment loans 6 yrs.
Opinions are my own and not of my employer.

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#179607 - 04/14/04 05:27 PM Re: Permanent retention is an awfully long time....
Skittles Offline
10K Club
Joined: Sep 2002
Posts: 13,963
Also check with your state. Many states have their own retention requirements.
My Opinions Only

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#179608 - 04/14/04 08:34 PM Re: Permanent retention is an awfully long time....
Joined: Feb 2004
Posts: 67
WOW!! And I thought we were the only ones in that situation with machines that work when they feel like it, or older than the earliest info needed to recover!!!

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