Does anyone know how long banks are required to keep records?

[Widowed Stepmom]

What is the name of your state? ARIZONA

The person I spoke to at the bank said if the account has been closed for some time, they could not access ANY past records. That just doesnt sound right. Anyone?

 

[seniorjudge]

Unfortunately, banks are increasingly stupid when it comes to records.

If there is any regulation requiring them to keep records for x number of years, I think it is widely disregarded.

 

[Antigone*]

Unfortunately, banks are increasingly stupid when it comes to records.

If there is any regulation requiring them to keep records for x number of years, I think it is widely disregarded.

Just in case you didn't check the other thread in which you posted the same questions.

Seven Years is it. We are not required to keep documentation any longer.

Seniorjudge...increasingly stupid... I'm hurt. Bankers may be at the bottom of the list when it comes to the people you trust, but we certainly aren't stupid

 

[seniorjudge]

...Seniorjudge...increasingly stupid... I'm hurt. Bankers may be at the bottom of the list when it comes to the people you trust, but we certainly aren't stupid...

Two stories:

One banker I talked to did not know what an escrow account was.

Another banker (and this is real common) is fuzzy on the concept of what a revocable living trust is and thus will not loan on land held by such a trust.

I could go on.

(BTW, I am equally hard on lawyers.)

 

[Antigone*]

Two stories:

One banker I talked to did not know what an escrow account was.

Another banker (and this is real common) is fuzzy on the concept of what a revocable living trust is and thus will not loan on land held by such a trust.

I could go on.

(BTW, I am equally hard on lawyers.)

Well Senior...we all have our specialty - business banking happens to be mine. I work with escrow accounts and I do commercial real estate loans that are held in living trusts all day long. Don't ask me about a home mortgage or an equity line though... HMDA is a foreign language to me ,

 

[YoyosaidFeia]

How long ago did you close the account?
Did you speak to a teller or an actual banker?
Most banks should be able to pull out your information instantly from their computer within the past year.

 

[seniorjudge]

How long ago did you close the account?
Did you speak to a teller or an actual banker?
Most banks should be able to pull out your information instantly from their computer within the past year.

You may want to actually read the original poster's questions before you answer.

 

[Silverplum]

You may want to actually read the original poster's questions before you answer.

Perhaps we should run a newbie boot camp.