Thread Options
#2261643 - 10/26/21 09:14 PM Incomplete online applications
bamboozled Offline
Gold Star
Joined: Jan 2012
Posts: 275
Is there a retention period for deposit account applications that were applied for online?

Return to Top
Deposits and Payments
#2261644 - 10/26/21 09:22 PM Re: Incomplete online applications bamboozled
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,285
Galveston, TX
Not at the Federal level. All other record retention requirements would be based on State law or CYA principals for lawsuits.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2261668 - 10/27/21 01:44 PM Re: Incomplete online applications bamboozled
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,355
On the Net
To a large extent when there is no rule to follow, ask yourself how often you may want to go back to these records and if there would be any possible liability to the bank for the data. If it could be subject to a lawsuit of any kind, what is the statute of limitations? Just having data is a risk because you may still have private/confidential info and with that comes a security responsibility. So you don't want it just anywhere. Then ask, are there associated accounts, was it denied, withdrawn or just incomplete? If incomplete was it replaced by an accepted and approved application that it could be retained wit, if needed at all? When you save these, if you do, how would you find a record? Ensure there is filing system if it was the record was requested.

My point is, don't keep them to keep them. Know why the bank opts to and place controls accordingly.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top

Moderator:  John Burnett