how long should you keep paper statements?

dave76

not sure this is the right board, but it is related to bank accounts. Is there a recommended time you should keep paper copies of bank statements (and credit card statements, phone bills etc)? I am having a big sort out and have tons of the things going back 6 or 7 years in some cases. I think I should keep them for the last 12 months, but is there any reason I shouldnt just burn the rest (I could shred them, but burning feels better ) ?

Fondue_2

I thought it was 6 years? Not sure why, but that's the staute of limitations period for a lot of things, including debts, so may be why. Think that's for bank statements, etc. You wouldn't necessarily need to keep utility bills for that long, although personally I would.

Caped_Avenger

Yeah, if you ask your bank thay will almost certainly recommend keeping statements for the last 6 years.

dave76

6 years, really?

What about if your bank has switched to paperless statements through online banking? My present current account switched to paperless a couple of years ago but I still have all the paper statements for years before that.

Caped_Avenger

I'd always advise 6 years, yes.

With online statements, it's difficult. I'm a bit old-fashined in that i like to have actual paper statements that i can keep for referece, that are actually printed on official bank paper. Like i say, i'm a bit old-fashined like that.

gizmoleeds

dave76 wrote:

My present current account switched to paperless a couple of years ago...

I love the ways banks try to sell paperless banking to us!

I was reading one a few days ago as I am considering switching banks. It went like "We now offer true paperless banking to all customers. We make your life easier as you no longer have to deal with paper statements..."

So you save money by stopping sending me postal statements and it deosn't cost me a thing. Wow - what a nice bank :rotfl:

System

gizmoleeds wrote:

I love the ways banks try to sell paperless banking to us!

I was reading one a few days ago as I am considering switching banks. It went like "We now offer true paperless banking to all customers. We make your life easier as you no longer have to deal with paper statements..."

So you save money by stopping sending me postal statements and it deosn't cost me a thing. Wow - what a nice bank :rotfl:

Yeah and when your underpaid, overpaid, or have a problem with a transaction thats gone out of your account. You either dont notice it or you have no proof. Yeah, clever that. :rolleyes:

Simon_Wallace

Caped_Avenger wrote:

I'd always advise 6 years, yes.

Thanks to Dave for starting the thread, I'm also currently looking to get rid of a lot of statements to make room for a nursery.

I think 6 years is a fair shout. We had a 5 year money-back cover for our fridge freezer, when it came to claim the company had gone burst. Found the credit card slip and got every penny back :beer:

I recently closed an Egg card, and they told me I had 24 hours to download all my statements. Is this legal? Is this fair?

Cheers
Simon

black-saturn

Incidentally, anyone applying for benefits would need 6 months worth of bank statements.

jimmyjim_uk

this has been discussed a couple of times before

have a look at these threads for more info

http://forums.moneysavingexpert.com/showthread.html?t=58669&highlight=bank+statements

http://forums.moneysavingexpert.com/showthread.html?t=49163&highlight=statements

payless

http://www.hmrc.gov.uk/pdfs/sabk4.htm#h15