The majority of bank statements should be kept accessible in physical copy or electronic form for one year, after which they should be shredded or otherwise destroyed. Anything tax-related, such as documentation of charitable contributions, should be maintained for a minimum of three years after the donation was made.
How far back should you keep bank statements?
The length of time you should retain bank statements and other financial papers varies depending on the document and how you intend to utilize it. Keep all of your bank and credit card statements for at least one year, if not longer.
How long should I keep my credit card statement?
If you make a purchase that is relevant to taxes, you should maintain the receipt for seven years. Otherwise, there is no reason to preserve the statement for any longer than 60 days unless absolutely necessary. You could also access your statements online, just like you could with banks. However, as previously said, most only go back a set number of years.
Do you have to keep monthly statements?
Once you’ve determined that something is correct, there’s no reason to keep the monthlies. Bank statements: Once you’ve verified that your monthly statement is accurate, you can throw the statement at the end of the calendar year. However, if you’ve used a check to pay for a significant or deductible item, you should keep it on hand for safekeeping.