How long must I retain bank statement?

Answer by  Darkephoenix (1789)

Generally at least a year for personal finances. Be sure to check your statements against any check stubs or registers you have then shred the files. Anything pertaining to business accounts, i. e. expenses, payroll, etc, should be kept for at least seven years if not more just in the unfortunate case you get audited.

Answer by  lori6755 (19)

Bank statements should be retained for at least 6 years. However, if your bank statement includes investment account information, such as purchase/sale information regarding cd's, mutual funds, bonds, etc. , then the statements should be kept longer so as to aid you in the perparation of cost basis on these investments when needed.

Answer by  MarkWatrous (729)

Unless the statement reflects something you did that involved an investment or a sale of an invetment or it pertains to a IRS tax issue, you can discard any statement that is over three years old.

Answer by  Mgarcia (752)

You do not have to retain a bank statement. You can throw it away as soon as it comes in. However, it is smart to hold on to these statements as long as you hold onto your Tax returns, 10 years.