How long should you keep canceled checks
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How long should you keep checks after mobile deposit
How long should you keep bank statements.
Canceled checks serve as valuable records of financial transactions, providing proof of payments made and assisting in the reconciliation of bank statements. Understanding how long banks are required to retain canceled checks is crucial for proper financial management and record-keeping.
This guide explores the regulations and best practices surrounding the retention of canceled checks by banks.
Legal Requirements for Bank Retention of Canceled Checks
In the United States, national banks, federal savings associations, and federal branches or agencies of foreign banking organizations are subject to specific regulations regarding the retention of canceled checks.
According to the Office of the Comptroller of the Currency (OCC), banks must generally retain canceled checks, or copies or reproductions of the checks, for a period of five years.
Exceptions to the Five-Year Retention Period
There are certain exceptions to the five-year retention period for canceled checks:
- Checks of $100 or Less: Banks are not required to retain canceled checks for amounts of $100 or less for
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