How to Dispose of Old Bank Statements

You might be tempted to throw away bank statements because it’s easier, but it’s not the safest option. When dealing with documents related to sensitive information, there’s a better route to take.

Shred All Documents With Sensitive Information

According to the Federal Trade Commission, all documents with sensitive information, such as credit card numbers and bank account information, should be shredded to protect your identity from theft. Old bank statements and many other types of documents fall under this category. Some notable documents to shred include:

• Sales receipts
• ATM receipts
• Paid utility, internet and phone bills
• Canceled and voided checks
• Expired warranty coverage
• Credit card, insurance and bank solicitations
• Packing slips and online purchase orders

Keep Time in Mind

While some documents can be shredded right after you receive them, it’s recommended to hold onto certain documents for set periods of time. For example, you will want to keep your old bank statements accessible for one year.

Timing is important in bank statement disposal because these documents may need to be referenced for financial purposes. Store your statements in waterproof bags or lock them in a safe while they’re in your possession.

Other documents to shred after one year include:

• Paid credit card statements
• Pay stubs you’ve checked against your W-2
• Medical bills following payment and any disputes

The Internal Revenue Service (IRS) can audit these materials up to seven years prior, which will also affect your document storage. Bank documents to store for seven years include:

• Tax returns
• W-2s
• Tax-related receipts and canceled checks
• Records for tax deductions
• All other tax records

Turn to TrueShred for Help

At TrueShred, we make document shredding a simple process. Our residential and commercial shredding services comply with privacy requirements and have transparent pricing. We operate in Washington, D.C., Virginia and Maryland with on-site and off-site shredding. Get in touch with us today to shred your bank statements and protect yourself from identity theft.