Records Retention

Make record retention a priority!

To be in compliance, your institution must maintain hundreds of different types of records. It is critical that you follow regulations and laws as well as industry best practices in order to stay in compliance. But record storage and maintenance is costly whether you store the records onsite or pay to have them stored professionally. Knowing when records can be destroyed could save your institution time and money – both in terms of storage fees and in complying with legal requests.

Full customization.

With Banking Spectrum’s Record Retention Schedule, your institution will have the latest guidelines for the retention on more than 500 separate banking-related items covering 20 departments (e.g. deposit services, human resources, account payable, branches, safe deposit.) This retention schedule was designed to provide a summary of record retention requirements covering both federal and New York State retention laws and regulations. Where specific requirements are not specified in a regulation, guidance is given based on best practices. There's also a final column where the institution can customize its actual retention policy.

How much does it cost?

The complete Record Retention Schedule including both federal and New York State retention requirements is $495. It is delivered to you via email as a Word document so that your institution may customize the schedule as needed. 

Contact us for more information.