How Long Do Banks Usually Keep Information About Your Old Account?
If you’ve ever searched the internet for an old banking transaction, chances are you could only go back to the past couple of years. However, banks actually keep your account information for much longer.
As Jill Krasny of Credit.com notes, banks keep your information for quite a long time – usually about six or seven years. There are no specific requirements or guidelines, according to Nessa Feddis, senior vice president of the American Bankers Association, but there are legitimate reasons why banks keep this information in files:
The bank will need to have its records to investigate the dispute, she said, and “likewise, the client may need records if the IRS is investigating tax returns.” Think about things like payment confirmation and other transactions. Again, “there is no rule, but other laws, such as the Fair Credit Reporting Act, make it important to get information.
It’s good to know if you ever need to find a really old transaction or if you notice something wrong with your credit report. For more details, navigate to Credit.com’s full publication at the link below.
How long do banks keep my old account information on file? | Credit.com