Couple doing online banking. Video of the Day. Non-Tax Items. Documents that should be shredded include the following:. When you're ready to dispose of your bank statements, make sure you actually shred them. Just ripping them in half, isn't going to stop identity thieves from piecing together your personal information.
Shredders are now small, portable, and cheap. If your paper volume is enormous, shredding services can be bought.
Some banks will shred your statements for free on request. Checking Accounts. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data.
We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Personal Finance Banking. Key Takeaways Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded.
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Please note: This is not a secured e-mail transmission. Please do not send personal or financial information via email. Should I Refinance? With tax considerations in mind, here are suggestions that may make sense for many people. For other documents, you can use a scanner to scan them into your computer, or you can take photos using your cell phone. Other digital storage options include external hard drives, like HDDs and SDDs, which are compact solutions for storing massive amounts of electronic data.
An even more compact solution is storing electronic paperwork on a flash drive, although flash drives also are easier to misplace or damage. If you go the digital route, it may be a good idea to create multiple backup copies in case one of them is damaged or fails. Digital backups take up much less space than having multiple paper copies of your important documents. Another option is to go with cloud-based storage for essential paperwork.
The past several years have seen an explosion of cloud-based solutions, including:. Using cloud-based storage not only saves on space, but also can be great for organizing and keeping your documents secure, since most services guarantee protection through encrypted networks. Many cloud-based solutions allow access through mobile devices, making your documents accessible almost anywhere in the world.
The last thing you want to do is shred something to save space, only to need it five years later. Throwing away documents with your trash exposes your information to anyone willing to do a little dirty work to steal your identity. You might not realize how much information is present on your old bills, statements, voided and canceled checks and other financial documents. Your best option is to shred any documents that contain sensitive information before tossing them. Either invest in a shredder for your home or utilize a professional shredding service.
Many cities also hold free paper shredding days for residents. A financial life necessarily involves a significant amount of documentation—from monthly bank statements to insurance documents to the various materials required to file your taxes. Kevin Payne is a personal finance and travel writer who writes about credit cards, student loans, debt, credit, and family finances. Kevin lives in Cleveland, Ohio with his wife and four kids.
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