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Closed account files

  • 1.  Closed account files

    Posted Aug 19, 2020 07:23 AM

    Can anyone confirm the record retention term for closed account files?

     

    Thanks in advance.

     

    Frank Hunt, President

    Central Wisconsin Credit Union

    1301 Post Rd

    Plover, WI 54467

    715-341-0520

    frank@mycwcu.com

     

     



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  • 2.  RE: Closed account files

    Posted Aug 20, 2020 04:37 PM
    Frank,
    Our Kansas DCUs has a somewhat dated Record Retention guideline, which we've edited significantly to address the types of records utilized today (as opposed to 30-40 years ago). Records for closed accounts are specified at 7-year retention from the date of closure, and we have not identified any types of records requiring longer retention for closed accounts.

    By the way, we've edited the KDCU guidelines substantially to update references for modern-day. For instance, in a digital banking or electronic documents world, what in the heck constitutes a 'withdrawal slip" or a "journal and cash record?" To the best of our interpretation, we've specified the records which we believe are today's analogues of those old-time types of documents.

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    Paul Meissner CCUE, MBA
    Chief Financial Officer
    Credit Union of America
    Wichita KS
    316.265.3272
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