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    • SCUD
    • By SCUD 21st Oct 19, 5:43 PM
    • 106Posts
    • 11Thanks
    Piles of bank statements!
    • #1
    • 21st Oct 19, 5:43 PM
    Piles of bank statements! 21st Oct 19 at 5:43 PM
    Hi... I am not sure if this is the right area to post my question.

    I have piles of paper bank statements and credit cards statements. They are back to years ago.

    I always thought I need to have them to “prove my existence” in case something happens and to prove for example that in July 2009 I was here and here is my bank statement!

    Two years ago I started tuning down this habit or paranoia!
    So I started keeping 4 statements a year (1 from each quarter). But still I am running out of space to store them.

    I might sound crazy but how do you think I should organise that matter? Does someone really needs one day a statement which is 10 years old?

    Any tips, experience or advise would be highly appreciated.
Page 2
    • ratechaser
    • By ratechaser 23rd Oct 19, 9:35 PM
    • 627 Posts
    • 533 Thanks
    I've one account that I opened in 1970, and I've got all statements for that account (proves I don't keep changing accounts). All the others are paperless now, and old statements have been shredded.

    I wouldn't trust a bank to still have statements from more than six years ago, whatever they may claim (the bank might not be around in the future). Definitely keep a copy (paper or electronic) evidencing significant purchases, gifts, (and where the money come from), changes of address etc. as mentioned above if you think there's any possibility of questions in the future, otherwise just keep the current ones.
    Originally posted by Eco Miser
    Lordy, and I thought Mrs RC was bonkers for keeping her first (and still main) bank account's statements back to the 80s. She's convinced that she's viewed as a better credit risk for maintaining the same account for 32 years. Uh huh
    • eskbanker
    • By eskbanker 24th Oct 19, 12:11 AM
    • 11,665 Posts
    • 14,462 Thanks
    Lordy, and I thought Mrs RC was bonkers for keeping her first (and still main) bank account's statements back to the 80s. She's convinced that she's viewed as a better credit risk for maintaining the same account for 32 years. Uh huh
    Originally posted by ratechaser
    Continuity of longstanding accounts is generally viewed as a positive factor within a credit history, assuming the account is visible there (some old accounts predate the standardised collation of such data). However, either way round, there's no value in retaining statements for this purpose....
    • carolinerunner
    • By carolinerunner 27th Oct 19, 1:01 AM
    • 514 Posts
    • 6,314 Thanks
    Having had current accounts for 40 years, I can honestly say that no organisation has ever asked to see them. The only exception is that I once had a VAT inspection, I am self-employed. If you have a specific reason to keep them in order to prove certain things, that would be different I would think that nowadays, GDPR means that we are all entitled to any bank statements because they are our personal data
    Erratically money saving
    • Flobberchops
    • By Flobberchops 27th Oct 19, 11:35 AM
    • 1,211 Posts
    • 1,118 Thanks
    Although I certainly haven't kept years of bank statements (and certainly not for closed accounts) I do occasionally hear horror stories where the local council/government/Visa Office has demanded original statements from years back. Go digital? Great, if you just want the data for your own budgeting purposes, but often the same bureaucratic organisations that are asking for proof of address from 1991 will insist on original paper documents.

    Working in branch we have statement printing machines that provide "digitally stamped" documents; we were assured this Digital Stamp was developed in partnership with the Home Office and would be universally recognised. In practice? I have had customers come back to me saying the Home Office didn't recognise it, wanted original statements in colour, required a member of staff to sign each page, etc. We have systems that retain digital copies of all correspondence for at least six years. It's not uncommon for this to be insufficient for customer requests - usually relating to probate, residency, and so on.

    As I mentioned, I'm personally doing the paper-trail equivalent of driving without a seatbelt and just binning or shredding most paperwork that comes my way. I hope that's not something I'll come to regret; but I think it's a common complaint that the UK currently has no recognised, standardised method of verifying digital documents.
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
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