How long does a bank keep records of your financial transactions?
I got into an argument with my friend as to how long a bank keeps records of your purchases.
How long does a bank (in this case People’s Bank) keep records of your transactions.
For example if I made a purchase today, how long would People’s Bank keep a record of that transaction?
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July 22nd, 2010 at 3:18 pm
forever
July 22nd, 2010 at 3:22 pm
At minimum, as long as your account is open. Transactions older than 6 months or so will take a while to find, and you will be charged for the effort, but the records are not destroyed.
July 22nd, 2010 at 4:15 pm
Probably for 30 years. Many banks are storing records on laser disks in several places, in case of a disaster. Laser disks are hard to tamper with and are not subject to erasure by magnetic pulses.
July 22nd, 2010 at 4:42 pm
~~Every transaction is stored. After many years it goes into a longtime storage system so can take longer to receive, but it is always track-able.~~