Answer:
In my opinion, the key to the length of time you have transaction detail available is what the customer needs. Especially if you outsource your Internet Banking, I realize there are "click" charges associated with extra retention, but you must focus on customer value here.
The ability of a customer to download a file in January that contains the entire previous year's transactions is significant to many commercial accounts. However, if you provide that information monthly, either through CD-ROM or download, you may, through education, encourage that customer to build the yearly file one month at a time.
I would suggest you talk to your larger on-line users about their needs, and condition your retention around this. As far as I know, there are no minimum requirements for copies of statements on-line.
First published on BankersOnline.com 2/3/03
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