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Longevity Of Online Statements & Commercial Customers

Question: 
In an article titled "Longevity of Online Statements" by Andy Zavoina, Andy discusses the length of time transactional information should remain available to the Online Customer. Does this period of time also apply to Commercial Online Access Customers? If so, can the bank still make the information available for less than that time frame (Say 45 days)?
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

First published on 02/03/2003

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