Shredding bank statements: what to get rid of and how safely
Paper bank statements are getting rarer, but many people still have whole folders of them at home. During a clear-out, a move or settling an estate the question comes up: can this go, and if so, how? A bank statement looks harmless, but it is one of the most sought-after documents for fraudsters. This article explains how long to keep bank statements, what may safely go and how to destroy them without risk.
Why bank statements are sensitive
A bank statement shows your name, address, account number and often an overview of your spending. With that combination a fraudster can impersonate you, take out subscriptions or open an account in your name. That is why throwing a statement out unshredded is risky. It then lies accessible to anyone at the kerb for hours. Read which other items do not belong with paper in what does not belong in the paper bin.
How long should you keep bank statements?
There is no legal obligation for private individuals, but a few practical guidelines.
| Type of statement | Keep |
|---|---|
| Ordinary monthly statements | 2 years in practice |
| Statements as tax evidence | 7 years |
| Big purchases and warranty | While the warranty runs |
| Mortgage and own home | While owned plus a few years |
How long to keep which document is in how long should you keep documents and the retention periods cheatsheet. In doubt? Then keep it a little longer. The rest can go.
How do you destroy bank statements safely?
Small quantities, yourself at home
A handful of statements you shred fine with a cross-cut shredder. Strip-cut devices leave legible strips and are not recommended. More tips are in destroying confidential documents at home.
Whole boxes at a time, have it collected
Do you have years of statements and other paperwork? Then shredding yourself is an evening-long chore. Have it collected and destroyed, with a certificate as proof. That is especially handy with an estate, see archive destruction for individuals.
And digital bank statements?
Many people now receive statements only digitally. Deleting a file is not destruction, the data stays on your device until overwritten. If you dispose of an old laptop or phone, destroy the data carrier too. Read how that works in data destruction.
Don't forget the other financial papers
Bank statements are not the only ones. Payslips, annual statements, insurance policies and tax papers contain the same sensitive data. Treat them the same. Keep what you need and have the rest destroyed confidentially.
Lots of financial paperwork to clear out?
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Request a quoteFrequently asked questions
How long should I keep bank statements?
Two years is enough in practice, but as tax evidence it is better to keep them 7 years. Statements around big purchases, a mortgage or a tax return you keep longer.
Why can't a bank statement just go in the waste paper?
A bank statement contains your name, address and account number. That is exactly what fraudsters need for identity fraud. Unshredded in the waste paper it lies accessible to anyone at the kerb.
How do I destroy bank statements safely?
Small quantities you shred at home with a cross-cut shredder. Whole boxes at a time you have collected and destroyed, with a certificate as proof.
Do I have to destroy digital bank statements too?
Deleted files stay on your computer or phone until overwritten. If you dispose of an old laptop or phone, destroy the data carrier as well.
Does this apply to other financial papers too?
Yes. Payslips, annual statements, insurance policies and tax papers contain the same sensitive data and should be destroyed confidentially.
Conclusion
Shredding bank statements is not needless caution but protection against fraud. Keep what you need for tax or warranty, and destroy the rest carefully. A few sheets you shred yourself, whole boxes you have collected with a certificate. That keeps your financial data out of fraudsters' hands.
Want your financial paperwork collected? Request a quote via desnipperaar.nl or read how to have paper shredded. Within 5 minutes you have a fixed price.