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#1899007 - 02/21/14 07:26 PM retention of daily transactions-checks
dnau Offline
Member
Joined: Jul 2009
Posts: 93
In Minnesota, is there a retention time frame required to retain checks that were deposited into our customers accounts as we convert them to electronic format?

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#1899525 - 02/24/14 09:56 PM Re: retention of daily transactions-checks dnau
RR Sarah Offline
Power Poster
RR Sarah
Joined: Mar 2004
Posts: 2,505
Up North
Are you talking about the actual paper checks?
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#1900047 - 02/26/14 01:40 PM Re: retention of daily transactions-checks dnau
dnau Offline
Member
Joined: Jul 2009
Posts: 93
yes-the actual paper checks

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#1900098 - 02/26/14 03:00 PM Re: retention of daily transactions-checks dnau
RR Sarah Offline
Power Poster
RR Sarah
Joined: Mar 2004
Posts: 2,505
Up North
To comply with record retention requirements, a bank only needs to save a check in one format. If you are using an imaging system and saving the checks in a digital format, you do not need to hang on to the paper check. With that being said, it is a good idea to hang onto the checks for a short period of time. We hold ours for 90 days I believe. I think 60-90 days would be appropriate.
_________________________
Sometimes you have to burn a few bridges to keep the crazies from following you.

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#1900877 - 02/27/14 09:01 PM Re: retention of daily transactions-checks dnau
SmallBank2 Offline
Junior Member
SmallBank2
Joined: Feb 2014
Posts: 32
We hold ours 90 days.

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