How long should bank statements be kept for?

luckykitty · Post by **luckykitty** » Tue Dec 23, 2008 3:16 am

How long should bank statements be kept for? Are there any situations where you might need more than 1 years worth of bank statements, for proving something? Cheers.

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jas_rho · Post by **jas_rho** » Tue Dec 23, 2008 9:15 am

I don't really know the answer to your question but I do know you can get the bank statements sent electronically to your online banking system and it is then saved there for years and years. Right now I am not sure about bank statements, but I know at least that the online pay statements that I get from my employer are saved there for 6 years. It is rather handy I think. At first I didn't want to give up the paper form but I haven't regretted it. As for the bank statements, I have not actually needed to look back at past ones ever, I am not saying that its not wise to save them, but I haven't yet needed to go back through them. And I don't miss all the bank envelopes that came in the mail each month!

peteh · Post by **peteh** » Tue Dec 23, 2008 9:18 am

Well, I don't even get a bank statement sent to me anymore. I bank and pay online, I can see everything that has come out or in over the last 3-4 months. Anymore info than that I can just go to the bank and check.
But, if it makes you happy, keeping a pile of papers containing all your transactions at hand, then just carry on storing them.

Tiwaz · Post by **Tiwaz** » Tue Dec 23, 2008 9:52 am

luckykitty wrote:How long should bank statements be kept for? Are there any situations where you might need more than 1 years worth of bank statements, for proving something? Cheers.

In principle, for tax purposes/warranty/etc you are held accountable for maintaining your receipts for purchases or transactions for at least three years.
Banks maintain their databases for at least that period, so switching to online banking might be recommendable.

luckykitty · Post by **luckykitty** » Tue Dec 23, 2008 11:47 am

Ah, so does the bank only keep your records for 3 years if you use electronic statements?

And otherwise, I should keep all the papers for 3 years? Or do they have a record electronically even if i have paper statements?

Pursuivant · Post by **Pursuivant** » Tue Dec 23, 2008 12:06 pm

yes but it costs you money if you ask the records.

luckykitty · Post by **luckykitty** » Tue Dec 23, 2008 1:00 pm

Do you know how much it would cost

?
I guess its cheapest to switch over to electronic then? i just liked having paper copies sometimes, but not when it turns into a mountain :p

peteh · Post by **peteh** » Wed Dec 24, 2008 3:39 am

In principle, for tax purposes/warranty/etc you are held accountable for maintaining your receipts for purchases or transactions for at least three years.
Banks maintain their databases for at least that period, so switching to online banking might be recommendable.[/quote]

In principle yes, and essential if you are running your own business, or are self employed, but surely joe average just dumps them when the wallet gets a bit full. I have lost many a warranty receipt, but now a days most stores (on large items) ask for a social security number etc. That way you are entered into their database so they can keep track.

Ice1 · Post by **Ice1** » Wed Dec 24, 2008 12:56 pm

It all depends on who wants the bank statements? if its for your records a year or two should be ok i guess, if its Mr tax man they normally want you to prove 6 years

and if a divorce is on the cards then you need to go back as far as you can. The banks normally say they can only go back a few years and the rest is archived and trying to get them back is well like trying to p****s in the wind and not get wet, saying that i requested and requested my old bank statements (for my divorce) and the bank eventually "found" and sent me copies from over the past 18 years

P****ed on my ex's bonfire lol

luckykitty · Post by **luckykitty** » Wed Dec 24, 2008 3:33 pm

Ice1 wrote:It all depends on who wants the bank statements? if its for your records a year or two should be ok i guess, if its Mr tax man they normally want you to prove 6 years and if a divorce is on the cards then you need to go back as far as you can. The banks normally say they can only go back a few years and the rest is archived and trying to get them back is well like trying to p****s in the wind and not get wet, saying that i requested and requested my old bank statements (for my divorce) and the bank eventually "found" and sent me copies from over the past 18 years P****ed on my ex's bonfire lol

Wow 6 years is alot.
But wow questions about the divorce, what if someone is getting divorce after many many years of marriage, how far back worth of receipts and statements can you keep

and ps. why is this needed? is it to prove who purchased what and stuff like that, or more about earnings ?

And about the online bankstatements, so how many years is it saved there (as in, i can access it myself and print it out etc)? I bank with Nordea so does anyone know?

Ps. Ice: Wow good to know tho, that they archive so much! At least its nice to know u can request the old statements from that bank, how much did it cost?

Pss Merry Xmas everyone!

Tiwaz · Post by **Tiwaz** » Thu Dec 25, 2008 10:37 am

peteh wrote: In principle yes, and essential if you are running your own business, or are self employed, but surely joe average just dumps them when the wallet gets a bit full. I have lost many a warranty receipt, but now a days most stores (on large items) ask for a social security number etc. That way you are entered into their database so they can keep track.

Yes, you might be added. Or not.

This far I have never been asked for my SS number unless I try to join some regular customer system.

And fact remains, that it does not matter if you are average joe or not when Tax Man comes and asks you to prove something. At that point it is your duty to prove that you have paid everything due. Else they might interpret in a way which is usually worst for you.

raamv · Post by **raamv** » Wed Dec 31, 2008 2:26 am

Tiwaz is right on this one!! 3 years..
If divorce or death..its a different matter..but then records do exist.. and YOU have to pay for it..
Banks do offer you to have soft-copies in excel format if you like of your transactions..
as For receipts..its better if you have the receipt or a soft copy of that one ( Scanned) for stores to honor it..

Pursuivant · Post by **Pursuivant** » Wed Dec 31, 2008 10:06 am

as the HS writes today a lot of people try to get the usage of their own car deducted as expenses. the taxman threw about 100 000 peoples "explanations" out the window and gave them jack... I remember burning one time about 3-4 boxes full of "driving logs" my dad had to keep when he had the company car - and submit the copy to the taxman... nice basement fillers...

Karhunkoski · Post by **Karhunkoski** » Wed Dec 31, 2008 10:26 am

Pursuivant wrote: the taxman threw about 100 000 peoples "explanations" out the window ..

And at the same time the myth about Finns being honest and trustworthy also went out of the window?

Those 100,000 should be fined for fraud.

Pursuivant · Post by **Pursuivant** » Wed Dec 31, 2008 10:32 am

well, of course people commute a lot more these days - and have those "cheap houses" but they don't realise that even that taking the kids to daycare and back and going to work would - if not take 6 hours a day if it was humanely possible to take a bus then thats what you can deduct. I have 45 minutes to work with public with 2 changes and a walk and 13 minutes by car. tough sh*t, but I can deduct the bus pass price as I *can* get to work with public. and then you need to keep an immaculate logbook of every mile if you have a company car...

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