Record Retention for Charged Off Checking/Savings

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Question:

How long do banks have to keep records of charged off checking and savings accounts that are paid in full? How about if no amounts have been collected?

Answer:

Different states can have different requirements but since credit reporting agency's will keep items on file for 7 to 10 years, I would keep them this long at a minimum. If a person was to sue the bank over erroneous information, you need back ups to defend your report.