Answer: Common record retention for records such as these is USUALLY seven years. But each state has its own record retention schedule, so you might want to check out your state's rules. As for the electronic storing of letters, unless it is a legal document or signature card, electronic storage has been standard procedure, and is acceptable in most cases.
Answer by: Carolyn Jones, BOL Guru
There is no specified law or regulation regarding the retention of savings letters or reports. Copies of letters can be stored electronically.
First published on BankersOnline.com 8/12/02