This question is for a Probate Attorney or Banking Attorney. I am paying $45.00. I'm not sure exactly how to do this. I am paying $30.00 from my credit card and I have $15.00 available balance on my account.Question:I live in Texas. Could you please tell me where in the state or federal codes it states how long a bank must keep bank records of individuals checking, savings, certificate of deposit, etc., after the accounts become inactive and the penality for not keeping the records. In my case, I am talking about the records of a person that is recently deceasedThanks so much.John
State/Country relating to question: Texas
Welcome. This site allows for a general response that will help you with your legal issue. If necessary, for specific advice contact a local attorney. I am happy to help you. If you need clarification, hit reply and please ask a follow up question before providing a rating. According the the Comptroller of the Currency Administrator of National Banks of the US Department of Treasury, National banks must retain record of any deposit over $100 for at least 5 years. At the bank's discretion, these records may be retained for longer periods. This information is informative and helpful. If you need clarification, hit reply and let me know. Otherwise, please provide a positive rating so to allow me to get credit for helping you. Thank you.DamienBosco41090.7969389699
Could you please tell me where I could find the code that states the answer to my question and the penal code that states the penality for the bank not keeping the records ?
I just spent about a half hour searching for the exact code and cannot find it prior to your follow up question. I am going to have to opt out so another expert can possibly help you. Thank you.
Mr. Damien Bosco opted out of my question. Could a new attorney help me.
I believe this may answer your question:Bank Secrecy Act/Anti-Money Laundering InfoBaseAPPENDIX P: BSA RECORD RETENTION REQUIREMENTS
This appendix is provided as a sumXXXXX XXXXXsting. For comprehensive and current BSA record retention requirements, refer to U.S. Treasury/FinCEN regulations found at 31 CFR 103. These BSA record retention requirements are independent of and in addition to record retention requirements under other laws.
The BSA establishes recordkeeping requirements related to various types of records including: customer accounts (e.g., loan, deposit, or trust), BSA filing requirements, and records that document a bank’s compliance with the BSA. In general, the BSA requires that a bank maintain most records for at least five years. These records can be maintained in many forms including original, microfilm, electronic, copy, or a reproduction. A bank is not required to keep a separate system of records for each of the BSA requirements; however, a bank must maintain all records in a way that makes them accessible in a reasonable period of time.
The records related to the transactions discussed below must be retained by a bank for five years. However, as noted below, the records related to the identity of a bank customer must be maintained for five years after the account (e.g., loan, deposit, or trust) is closed. Additionally, on a case-by-case basis (e.g., U.S. Treasury Department Order, or law enforcement investigation), a bank may be ordered or requested to maintain some of these records for longer periods.
This record shall contain:
A record of any request made or instructions received or given regarding a transfer of currency or other monetary instruments, checks, funds, investment securities, or credit greater than $10,000 to or from any person, account, or place outside the United States.
A record of each grant of signature authority over each deposit account.
A statement, ledger card, or other record on each deposit account showing each transaction in, or with respect to, that account.
Each check, draft, or money order drawn on the bank or issued and payable by it that is in excess of $100.
Each deposit slip or credit ticket reflecting a transaction in excess of $100 or the equivalent record for direct deposit or other funds transfer deposit transactions. The slip or ticket must record the amount of any currency involved.
Records prepared or received by the bank in the ordinary course of business, which would be needed to reconstruct a transaction account and to trace a check in excess of $100 deposited in a demand deposit account through its domestic processing system or to supply a description of a deposited check in excess of $100.
This record shall contain:
A bank must maintain a record of each bank check or draft, cashier’s check, money order, or traveler’s check for $3,000 or more in currency.
If the purchaser has a deposit account with the bank, this record shall contain:
If the purchaser does not have a deposit account with the bank, this record shall contain:
A bank’s BSA recordkeeping requirements with respect to funds transfer vary based upon the role of a bank with respect to the funds transfer.
Bank acting as an originator’s bank. For each payment order that a bank accepts as the originator’s bank, the bank must obtain and retain a record of the following information:
Bank acting as an intermediary bank or a beneficiary’s bank. For each payment order that a bank accepts as an intermediary bank, or a beneficiary’s bank, the bank must retain a record of the payment order.
Exceptions. The BSA does not require a bank to maintain records for the following types of funds transfers: (1) funds transfers where both the originator and beneficiary are the same person and that originator’s bank and the beneficiary’s bank are the same bank; and (2) transfers where the originator and beneficiary are any of the following:
A record of the TIN of any customer opening an account. In cases of joint accounts, information on a person with a financial interest must be maintained. (If the person is a nonresident alien (NRA), record the passport number or a description of some other government document used to verify identity.) This information must be recorded within 30 days of the date the transaction occurs. In the event a bank is unable to secure the information, it must maintain a list containing the names, addresses, and account numbers of those members for whom it has been unable to secure the information.
Exceptions. A bank does not need to maintain TIN for accounts or transactions with the following:
A bank must maintain a record of any SAR filed and the original or business record equivalent of any supporting documentation for a period of five years from the date of filing.
A bank must maintain a record of all Currency Transaction Reports (CTR) for a period of five years from the date of filing.
A bank must maintain a record of all designation of persons exempt from CTR reporting as filed with the Treasury (i.e., FinCEN Form 110) for a period of five years from the designation date.
A bank must maintain a record of all information it obtains under its procedures for implementing its CIP. At a minimum, these records must include the following:
A bank must retain the identifying information about a customer for a period of five years after the date the account is closed, or in the case of credit card accounts, five years after the account becomes closed or dormant.
A bank must retain the information relied on, methods used to verify identity, and resolution of discrepancies for a period of five years after the record is made.
As noted, these BSA recordkeeping requirements are independent of and in addition to requirements to file and retain reports imposed by other laws. For the meaning of the BSA terms, see 31 CFR 103.11.
This does answer most of my question. Thanks so much. I just was wondering if you might know the penality for a bank not keeping the bank records.
The BSA records retention requirements doesn't say what the penalties are for violation thereof.So I don't know that.I actually thought they had to keep the records for 7 years - not just 5.I have dealt with banks who had fires and they only had 3 years of information to my detriment.
20 years experience in estate and trust planning, probate, and wills
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