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#1993441 - 02/04/15 07:19 PM Safe Deposit Box Retention
Sgriff Offline
New Poster
Sgriff
Joined: Feb 2015
Posts: 10
I am hoping someone can point me in the right direction for obtaining Washington State's retention guidelines for Safe Deposit Box Contracts?

We currently use Record Retention Online for our retention guidelines, and according to this, the rentention schedule is 5 years after box termination. However our internal guidelines state that the box contract owner history should have a lifetime retention.

Does anyone else follow guidelines similar to these, or know where this lifetime requirement would come from? I am unable to find the state or federal requirement for this.

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Operations Compliance
#1994730 - 02/09/15 11:07 PM Re: Safe Deposit Box Retention Sgriff
Just Jean Offline
Platinum Poster
Joined: Feb 2002
Posts: 582
USA
Not from Washington so can't speak to that, however, BSA calls for five year retention after account is closed. Why on earth would you need/want to know that Joe Customer rented box ABC from 1949-1951? Thanks

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#1994731 - 02/09/15 11:09 PM Re: Safe Deposit Box Retention Sgriff
Sgriff Offline
New Poster
Sgriff
Joined: Feb 2015
Posts: 10
I agree, however our current policy states that the contract iteself can be shredded after 5 years, however our box history must have a lifetime record.

I am not able to locate where this lifetime requirement is located, or like you said, why anyone would ever need it.

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