Buzz
If you've ever looked up an old bank transaction online, you've probably found that you can only go back a few years. However, banks actually retain your account details for much longer than that.
As Jill Krasny from Credit.com notes, banks typically retain your information for several years—usually about six or seven. Nessa Feddis, senior vice president of the American Bankers Association, mentions that while there are no strict regulations or standards, banks have valid reasons for keeping this data on file.
A bank needs to retain records to investigate disputes,” she explained, “and similarly, customers may require their records if the IRS is reviewing tax returns.” This includes documents such as proof of payment and other financial transactions. Although there are no explicit rules, other laws, like the Fair Credit Reporting Act, make having this data crucial.
It's important to be aware of this if you ever need to search for an old transaction or if you spot something unusual on your credit report. For more details, visit Credit.com’s full post through the link below.
Image credit: mike mozart
