If u use internet banking and opt out of paper statements, do u still have to keep physical records for 7 yrs?
Friday, June 10th, 2011
at
9:53 pm
A question asked by mistherd: If u use internet banking and opt out of paper statements, do u still have to keep physical records for 7 yrs?
Best answer:
Answer by lynnn30
I do, I download my statements, and save them to an disk. you never know when you need them.
Agree or disagree? Leave your own thoughts below.
Tagged with: banking • internet • keep • paper • physical • records • statements • still
Filed under: Online Banking
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I don’t know I don’t bank online I think that is bad business, but I think that if you did that it would be good to keep some kind of hard copy of what you did? You might wouldn’t have to?
your virtual records will suffice. if you need to print or have a hard copy of anything that is still possible. No you do not have to also maintain a physical copy.
The bank probably *won’t* keep them online for 7 years.
If you are self-employed, you definitely need to keep the records that long in the event of an audit.
If you are a wage-slave and have very simple taxes, 4 years is enough.