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Here's what you Get information about where you can find Chase bank branches and ATMs near you, how to contact customer service, and what the bank's hours of operation are. Toggle navigation Back. Sending you timely financial stories that you can bank on. Please enter an email. It's very important to get rid of any old financial statements in the most secure way possible - shredding or burning them when you can - in order to help you avoid becoming a victim of identity theft.
If you're worried about fraud, we've put together an online resource on how to avoid some of the most common attempts. Bank statements are important because they provide a record of things like payroll deposits, payments and purchases.
However, things like ATM receipts can be shredded once you have a monthly bank statement. If you get your bank statements online, you can request a hard copy from your bank. When it's time to get rid of bank statements, make sure you use a shredder for any financial records so this can be done with no trace back to you or your bank account. Bank statements of the past year should be kept for tax-filing purposes , but you may also need them to get a loan or rent a home. Check with your bank to see how long it will keep your records.
If an audit or another need for a statement comes up within that time period, you can order them from your bank rather than keeping them on hand—although you may need to pay a small fee for older statements. Are you wondering about statements from your business bank account? Here's how long to keep business records. One of the main reasons you need bank statements is to have proof of an item of income, deduction, or credit for the Internal Revenue Service.
The IRS has a period of limitations that applies to income tax returns, and it limits the amount of time you have to amend your return, claim a refund, or claim a credit. Additionally, the period of limitations restricts the time the IRS has to assess additional tax. When determining if you can afford the payments for a loan, a rental home, or something else, they may request to see your bank statements to verify your income. Bank statements can also come in handy to show proof of purchases made by debit card, check, or bank transfer should someone claim you owe them money.
And if you need to use a product warranty or file an insurance claim, a bank statement could help by confirming you made the connected purchases. In some cases, the IRS suggests you keep records longer than three years due to the amount of time the agency can audit you. Having a way to store and keep track of your statements can make it easy to access information if and when you need it.
Here are a few recordkeeping tips for hard-copy records:. With electronic statements being more and more common, you may opt to keep virtual records. However, should you decide to go that route and keep them saved on a single device, you run the risk of losing records if the device crashes, gets lost, or is stolen.
Consider backing up records on a secure secondary storage device or in a secure cloud environment. Another option with digital statements is contacting your bank to find out how long it keeps statements, so you can access them on demand as needed. Time frames and fees can vary by institution and account type, so check before going this route.
Keep your tax returns for seven years if you file a loss for bad debt or worthless securities. Pay stubs should be kept for at least 12 months so you can accurately file your taxes the following year.
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