# Should I keep bank/other statements? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [April 8, 2002, 3:49am UTC](https://boards.straightdope.com/t/should-i-keep-bank-other-statements/102422 "2002-04-08T03:49:59Z")\ **Posts on this page:** 6\ **Page:** 1
**Author:** ![Bearflag70](https://avatars.discourse-cdn.com/v4/letter/b/8e7dd6/32.png) [@Bearflag70](https://boards.straightdope.com/u/Bearflag70)\ **Post date:** [April 8, 2002, 3:49am UTC](https://boards.straightdope.com/t/should-i-keep-bank-other-statements/102422/1 "2002-04-08T03:49:59Z")
It seems I collect a lot of paper because “I might need it someday.” This mainly applies to bank and credit card statements. However, after several years of filing them away, I realize that I have **never** had to refer to a saved statement once it has been filed away. If the IRS needs something, I can get copies from the bank, I suppose. The cost wouldn’t be too bad because I would only need it for a single given tax year. This seems easier than having to go through my files every so often to clean out all the old crap. Should I just shred this stuff immediately upon verifying its accuracy? What say you? ---
**Author:** ![Violet](https://avatars.discourse-cdn.com/v4/letter/v/ebca7d/32.png) [@Violet](https://boards.straightdope.com/u/Violet)\ **Post date:** [April 8, 2002, 4:53am UTC](https://boards.straightdope.com/t/should-i-keep-bank-other-statements/102422/2 "2002-04-08T04:53:03Z")
You can check the IRS site for file keeping info. But if you have a business, you should retain files for longer periods of time. ---
**Author:** ![Bearflag70](https://avatars.discourse-cdn.com/v4/letter/b/8e7dd6/32.png) [@Bearflag70](https://boards.straightdope.com/u/Bearflag70)\ **Post date:** [April 8, 2002, 5:03am UTC](https://boards.straightdope.com/t/should-i-keep-bank-other-statements/102422/3 "2002-04-08T05:03:08Z")
I don’t own a business. Perhaps I should ask… Do Dopers keep their statements? Why/not? ---
**Author:** ![Violet](https://avatars.discourse-cdn.com/v4/letter/v/ebca7d/32.png) [@Violet](https://boards.straightdope.com/u/Violet)\ **Post date:** [April 8, 2002, 5:07am UTC](https://boards.straightdope.com/t/should-i-keep-bank-other-statements/102422/4 "2002-04-08T05:07:51Z")
If a person files a Form 1040A or a 1040EZ, I think the bank statements & credit card statements can be trashed. ---
**Author:** ![Ringo](https://avatars.discourse-cdn.com/v4/letter/r/779978/32.png) [@Ringo](https://boards.straightdope.com/u/Ringo)\ **Post date:** [April 8, 2002, 5:10am UTC](https://boards.straightdope.com/t/should-i-keep-bank-other-statements/102422/5 "2002-04-08T05:10:49Z")
A couple of weeks ago I finally tackled my stash. I’m fairly certain I’ll not be needing my 1986 electric bills again (although it was interesting to see how they’ve changed). I tossed and tossed. The new plan is to keep 'em for a year. I _have_, once, actually had to refer to a months old charge. But anything that’s going to come up will likely surface in 90 days or so. You _do_ need to keep anything that may be relevant to an IRS audit (I was audited for three consecutive years - that might explain the pack-ratism I’ve recently shaken off) for three to six years after the record is no longer part of your tax situation. So records associated with a long term investment may be kept for many years, i.e., until three to six years after divestiture of that investment. ---
**Author:** ![happyheathen](https://avatars.discourse-cdn.com/v4/letter/h/b5e925/32.png) [@happyheathen](https://boards.straightdope.com/u/happyheathen)\ **Post date:** [April 8, 2002, 5:58am UTC](https://boards.straightdope.com/t/should-i-keep-bank-other-statements/102422/6 "2002-04-08T05:58:58Z")
general rule is 7 years. (English Common Law strikes again) Most things have shorter legal lives, but, as a rule, until you know different, figure on 7 years. NOTE/WARNING: If your bank has taken to ‘warehousing’ your checks and sending only images of the front: what you are getting proves that your INTENT was to pay so-and-so/this much/on this date. the critical info - WHO/WHEN cashed the check is on the back - those little blocks of data show who ACTUALLY cashed it. those for whom this is of interest probably already know…