Posted on 02/28/2018 3:34:29 PM PST by MNDude
I am involved in the lawsuit, and I have been needing bank records from 2010. It sounds like Banks only keep the records for six or seven years.
I'm curious if anyone has ever had experienced trying to obtain bank records older than 6 years and if they have had success. By the way, I am with Wells Fargo.
You can wire me $500 U.S. Dollars.
I can you help.
Financial institutions are required to keep the physical records for 7 years. They may, however, have them archived in a virtual or scanned form. It never hurts to ask.
There's a reason the bank doesn't keep them longer than that. Too many files. IRS only requires 7 years I think.
What kind of lawsuit requires bank records from almost a decade ago?
I would think that they have what you are looking for....but don’t be surprised if they charge you to get them.
I don’t know the exact letter of the law. I’m sure there are many caveats and exceptions, but the IRS, and more relevant to banks, the SEC, under Sarbanes Oxley, require banks to keep all records for audit and investigation purposes for 7 years.
I can imagine at midnight on the start of that 8th year, bank compliance officers are dumping stuff into the shredders.
Asked for the microfiche. :-)
The service manager or branch manager at a local branch would be able to tell you what the options are.
They will work with you to get them if they re still available.
I suspect they are required to keep them archived for more than a d care. Keep asking who keeps the records at headquarters until you get a name.
As an aside, in TX, we learned that when you close a company, you are required to keep the papers forever.
Wells Fargo probably destroyed them on purpose.
Count yourself lucky that the bank is still around. Trying to track stuff from a closed or merged bank adds a whole ‘nother dimension to the exercise.
All you can do is ask. Really nicely. IT guys would be more likely to know than a front line teller or branch officer.
I would think it would be less likely for a checking account than for something like a loan.
Most banks have a central place where old records are stored. I needed one for a very old transaction and they had it. I called the branch where the transaction took place and they gave me a number to call for old records.
From 8 years ago? There are statutes of limitations that would kill most lawsuits.
Seek and obtain licensed legal counsel.
My brother ran into this problem on a divorce.
Is this a deposit account? It depends on the bank, they are supposed to keep records for at least 5 years, see this link:
https://www.helpwithmybank.gov/get-answers/bank-accounts/bank-record-keeping/faq-bank-accounts-bank-record-keeping.html
However the bank may keep them longer, you will have to call Wells Fargo to see if they keep records longer than 5 or 6 years. On their FAQ page it says they keep online statements for 7 years
“Too many files.”
digital data is cheap
Wells Fargo can retrieve the statements
Keep records forever? Really? What happens when somebody dies? Suppose someone had a business, closed it, but nobody in the family knew anything of where records were? What if someone had no family, no children?
Just saying, as more and more years go by, it would be harder and harder to find old files, and/or enforce the law or regulations which tell you to maintain records forever.
I’ve probably got all of my old statements and crap up in the attic. Probably won’t do you any good. (BUT - one more excuse for not going through it all and dumping it!)
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