Declutter – and keep your identity secure – by shredding your financial documents. Start going through that dusty filing cabinet but be careful because some documents have a longer shelf life than others. The following documents are safe to shred right away:
- Paid utility and billing statements
- ATM receipts
- Sales receipts
Electronic statements (credit card or checking account) will prevent keeping track of paper copies. If you choose to hold onto your financial documents, scan them electronically to a computer then discard the paper copy. According to the Federal Trade Commission (FTC), these documents are safe to shred after one year:
- Pay Stubs
- Credit Card statements
- Medical bills (unless in dispute)
The following documents should be kept forever and stored in a secure place:
- Birth certificate
- Social Security card
- Legal will
Note: The FTC recommends keeping tax-related records for 7 years. The IRS normally has 3 years to complete an audit, but in some cases, seven is possible.
Keep your financial documents in a secure place until you can discard them safely. Shredding is one of the safest ways to throw away documents, and you can do just that with us on Saturday, May 18 at our Western Hills Branch. Please contact a Cinfed representative at your nearest branch location with any questions.