How long must a bank keep canceled checks? (2024)

FAQs

How long must a bank keep canceled checks? ›

(In general, banks that do not return original checks to customers are required to keep copies of checks for seven years.)

How long must a bank keep canceled checks / check records / copies of checks? Generally, if a bank does not return canceled checks to its customers, it must either retain the canceled checks, or a copy or reproduction of the checks, for five years.

A "reasonable" period of time can range from two business days to up to six business days. A hold can also be placed if a bank has reasonable cause to doubt the collectability of the check. The portion of a deposited check that exceeds $5,525 can be held for two to five business days.

How long must banks keep deposit account records? For any deposit over $100, banks must keep records for at least five years. Banks may retain these records for longer periods if they choose to do so.

A canceled check is one that has been cleared by cashing or depositing it, rendering the check null and void for further transactions. A canceled check indicates that the clearing process has been completed, so canceled checks can be used as proof of payment.

Usually your monthly statement will include the check number, amount, and date of payment for each check you wrote. State laws also generally require banks and credit unions to keep a copy of all checks for seven years. Contact your bank or credit union directly if you need to obtain a copy of a cancelled check.

Request a copy in branch or over the phone — If you need access to a canceled check that's not available online, you may still be able to request a copy from a bank teller or by calling the customer service number. Usually, banks and credit unions are required to keep copies of canceled checks for seven years.

After about 10 years, banks usually archive the records offline or to microfilm/digital storage. This gets closed account records off the main system but is still accessible if needed. Old records may be destroyed after 20-30 years per bank policy.

In these cases, keep them for at least three years. Pay Stubs: Match them to your W-2 once a year and then shred them. Utility Bills: Hold on to them for a maximum of one year. Tax Returns and Tax Receipts: Just like tax-related credit card statements, keep these on file for at least three years.

How long will Bank of America retain statements? We keep copies of your statements for up to 7 years.

Why are cancelled checks not returned? ›

Banks are not required by law to return canceled checks. If you receive your checks or copies of checks, it's usually because of your account agreement and your bank's policies.

While both checks are unable to be used, a canceled check is one that has been paid by a financial institution. A voided check is one that you, the account holder, has written the word “void” on to make sure it isn't used to transfer funds.

If he didn't deliver as promised, you do not owe the money and have the right to stop payment. Assuming that you had enough money in the bank to cover the check, stopping payment is not a crime.

Bank requires in-person request: Some banks may require visiting a branch and proving ID to make the request. Schedule time for an in-person appointment if needed. Online access unavailable: If the closed account was very old, banks may not have digital records. Hard copies from storage may be the only option.

Personal, business, and payroll checks are good for 6 months (180 days). Some businesses have “void after 90 days” pre-printed on their checks. Most banks will honor those checks for up to 180 days and the pre-printed language is meant to encourage people to deposit or cash a check sooner than later.

How long will Bank of America retain statements? We keep copies of your statements for up to 7 years. If you're an Online Banking customer, you can go paperless now.