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06/06/2021

Is it OK to throw away old bank statements?

Is it OK to throw away old bank statements?

It is safe to throw away your bank statements, as long as you do so in a particular fashion. If you have a significant amount of paperwork, hire a shredding service. If you don’t have that type of volume, put it through a shredder. Tearing the papers up once or twice won’t do the trick.

Should you keep old car insurance documents?

If you are wondering how long to keep car insurance records, the answer is usually one year or less, or for as long as they are valid. If you still have the documents, for example, for a car you no longer own, these can be safely discarded.

How long should you keep records of paid bills?

Chart: What records to keep, how long to keep them

Document How long to keep it
Credit card statements One month
Pay stubs One year
Bank statements Keep monthly statements for one year. Keep annual statements related to your taxes for at least seven years.
Utility and phone bills One month

How far back do you need to keep tax returns?

In most cases, you should plan on keeping tax returns along with any supporting documents for a period of at least three years following the date you filed or the due date of your tax return, whichever is later.

Why is shredding paper a bad idea?

Paper shredders increase security risks. You shred your documents to prevent identity theft and maintain the confidentiality of your information. But your paper shredding machine doesn’t offer the most secure method for completely destroying confidential information.

What do you do with old checkbooks?

You can take your old checkbooks to their in-store print shops, and they will shred them in front of you. Many banks and credit financing companies have expensive shredders for business use. They also offer their clients to shred checks on demand.