Returned Statement Record Retention

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Question:

How long do we (Deposit Operations) need to keep customer statements returned for unknown address? Take into consideration that we would keep an Excel log of the ones that come back along with the reason for return.

Answer:

There is no requirement to retain the original statement as long as it can be reproduced at any time. Many banks note their deposit or CIF system regarding the need for a new address and then shred the original statements the same day or after attempting to contact the customer by phone. This practice mitigates the security risks involved in retaining the returned mail.

First published on BankersOnline.com 3/19/07