After you close a bank account, you might be ready to move on with new and different banking options. Don’t leave any loose ends behind that could come back to haunt you, though. Criminals are frequently on the prowl, looking for any personal information they can pilfer.
Checks to Keep
You don’t need to save most of the cancelled checks you’ve got stashed from your closed account, according to the Federal Deposit Insurance Corporation. Hold onto checks from any purchases you claimed in your taxes for seven years in case of an audit. Keep checks for the big purchases, like a home purchase and renovations, for as long as you own the home. Hold onto these checks for seven years past the date you sell the home.
Shredding Cancelled Checks
Cancelled checks have some important information on them that an identity thief would love to get. In general, you should shred anything you’re throwing away that has your name, address, telephone numbers and email address. Once you sort through your cancelled checks and determine the ones to toss, shred them to keep this information out of dumpster divers’ hands.
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