How Long Should You Keep Bank Statements? (And When to Shred Them)

For most people, monthly bank statements can be shredded after about one year, once you have checked them against your records and your year-end statement. Keep any statement that supports your tax return, such as proof of deductible payments or business income, for at least three years after you file. Businesses usually keep bank records longer.

Personal Bank Statements: A Simple Rule

• Review each statement when it arrives. Look for charges you do not recognize.
• Keep a year of statements. Once your year-end statement matches, older monthly statements can usually be shredded.
• Keep tax-related statements longer. The IRS generally has three years to audit a return, and longer in some cases, so keep statements that support deductions or income with your tax records.
• Keep records tied to big purchases. Hold statements that prove payment for a home, car, or major improvement as long as you own the item.

Business Bank Statements

Businesses should treat bank statements as part of their financial and tax records. Many accountants recommend keeping them for seven years. Your CPA can set the right schedule for your business. Our guide to which business records to keep and which to shred covers other record types.

How Long to Keep Other Financial Papers

• Tax returns and supporting documents: generally at least three years, longer in some cases. See tax season shredding tips.
• Credit card statements: about one year, unless needed for taxes or a warranty.
• Pay stubs: until you match them to your W-2.
• Canceled checks: treat like bank statements. See how to dispose of old credit cards and checks.

Why You Should Shred, Not Toss

Bank statements show your account number, balance, address, and spending history, which is everything an identity thief needs. Never put them in the trash or recycling bin whole. Learn how criminals exploit thrown-away documents.

Going paperless? You can switch to electronic statements through your bank and shred your paper backlog all at once with a one-time purge shredding service or residential shredding.

Frequently Asked Questions

How long should I keep bank statements?

Most people can shred monthly bank statements after one year. Keep statements that support your tax return for at least three years after filing.

Should I shred old bank statements?

Yes. Bank statements contain your account number and personal details. Shred them instead of throwing them away.

How long should a business keep bank statements?

Many accountants recommend seven years for business bank records. Ask your CPA for your specific schedule.

Do I need paper bank statements if I have online access?

Usually not. Most banks keep several years of statements online. Download any you need for taxes before shredding the paper copies.

Can Marshall Shredding shred my old bank statements?

Yes. We shred personal and business records and give you a Certificate of Destruction. Call (866) 487-4733.

Get Secure Shredding From Marshall Shredding

Marshall Shredding has protected Texas businesses and homeowners for more than 25 years. Call (866) 487-4733 or request a free quote. Every service includes a Certificate of Destruction.