Thanks to all for getting back to me - My aim is to go back as far as possible. I visited the bank in person and was advised that they will get back to me.Just wondering if you are talking about a lot of statements which may cost a lot of money.
Think statement machines in branches might only go back two years and not sure if you need internet access to use those.
It depends on the account type. You should be able to get a statement for a mortgage account from inception, but current account records are routinely destroyed after 7 years where there is no legal / regulatory basis for keeping them longer. Banks are matching various requirements such as CPC, CCMA, AML, CCR, etc which require that certain data must be kept for a specified period, and on the other hand GDPR requirements that you can only hold data as long as you need it. Plus it costs an absolute fortune to store data indefinitely in an accessible form.Is it the case nowadays banks actually destroy bank statement records after about 7 years?
They had a major clear out once the embargo on destruction of banking records was lifted a few years back once the Tribunals were done. Obviously, if you have a contract for a product such as a mortgage that is longer then 7 years, those records would be keptI thought banks kept records for decades. About 20 years ago this was the case. They were held on microfilm, a form of condensed photocopy on film. I know the technology was anologue. I remember as a child who frequented banks alot with savings staff lookjng at these microfilm sheets on readers which looked like a computer.
Is it the case nowadays banks actually destroy bank statement records after about 7 years? I'm glad I never throwaway bank statements.
I know certain Life Assurance companies keep records for decades.
As I said above, by law they have to keep at least 5 years of records so that's the base line minimum.It really depends on institution, account type and account status. You wont get a straight answer here.
As I said above, by law they have to keep at least 5 years of records so that's the base line minimum.
But this is still a rare event.In summary, if a bank ever wishes to sue on a debt, it needs to exhibit ALL bank statements going to to the original granting of the loan.
No. And definitely not for current accounts. Purging data is a full time job in any of the large banks.I can imagine a bank having a system in place to be able to access its own records forever,
No. And definitely not for current accounts. Purging data is a full time job in any of the large banks.
Ok - so the baseline minimum is more than 5 years.Like I said, there is no straight answer as to how far back you can go but the 'baseline minimum' as you put it is longer than 5 years.
6.5 to seven yearsOk - so the baseline minimum is more than 5 years.
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