Bank statements are the easiest paper in the house to let go of, and somehow the one people keep longest. Plenty of us have a drawer of them from a bank that no longer exists.
The short answer, in the US: keep ordinary bank statements for one year. That's on the FTC's current "Keep for a Year" list, which adds: "If you can access these documents electronically, consider shredding your paper copies." The exceptions are statements that back up something on your tax return, statements showing a transaction you're disputing, and records of what you paid toward property you still own. Those stay longer, for the reasons below.
For every other kind of document, the master retention chart has the full picture.
How long to keep bank statements and checks
| Document | Keep for | Why / source |
|---|---|---|
| Ordinary monthly bank statement | 1 year | FTC June 2025 "Keep for a Year" list |
| Statement showing an unauthorized transfer | Until the problem is fully resolved | CFPB: report it within 60 days of the statement |
| Statement or canceled check backing a tax item | With that year's tax records, generally 3 years after filing | IRS period of limitations; FTC 2025 three-year group |
| Statement showing a charitable gift | With that year's tax records | IRS Publication 526 accepts a bank statement as a bank record |
| Payments toward a home or other property | Until the limitations period ends for the year you sell | IRS rule for property records |
| Deposited checks | 1 year | FTC June 2025 "Keep for a Year" list |
| Cleared checks | Shred after 14 days | FTC June 2025 shred list |
The 60-day window: why you read every statement
The deadline that matters most isn't years away. The CFPB says that, at the latest, you must notify your bank within 60 days after it sends the statement showing an unauthorized transaction. Wait longer and "you could have to pay the full amount of any transactions that occurred after the 60-day period and before you notify your bank."
So the real work of a monthly statement happens in its first two months: open it, run down the list, and make sure every withdrawal is yours. Once that window passes with nothing wrong, the statement has done most of its job. Keeping it for the rest of the year covers the slower surprises, like a recurring charge you only notice the third time it hits.
If you do find a problem, keep that statement, a copy of whatever you sent the bank, and notes on who you spoke with and when, until it's settled.
When a bank statement becomes a tax record
The IRS treats bank paperwork as proof. Publication 17 says you generally prove payment with "a cash receipt, financial account statement, credit card statement, canceled check, or substitute check." If a statement shows a payment you deducted or income you reported, it's now part of that year's tax records.
How long that means, in the US, generally: the IRS says to keep records that support an item on your return until the period of limitations for that return runs out. That's 3 years after filing in the usual case, 6 years if you left out income worth more than 25% of the gross income on your return, 7 years only if you claim a loss from worthless securities or a bad-debt deduction, and indefinitely if you didn't file or filed a fraudulent return.
That's why "keep it seven years" is everywhere. It's a rule of thumb that covers all of those at once, and the FTC's older shredding guide used it for tax-related canceled checks. It isn't a general IRS rule, and the FTC's 2025 list now puts tax-related canceled checks in its "Keep for at Least Three Years" group. Check IRS.gov for the current wording before you shred anything that went into a return.
Two habits make this painless. First, save the specific statement (or page) with that year's tax papers instead of keeping every month just in case. Second, treat property differently: for payments toward a home improvement, for example, the IRS says to keep records until the period of limitations expires for the year you sell or otherwise dispose of the property. The IRS also notes that insurers and creditors may want you to keep records longer than it does, so check before shredding anything tied to a loan or a claim.
Canceled, deposited and cleared checks
Checks are where the advice gets muddled, so here's the FTC's 2025 list as written. "Deposited checks" sit on the keep-for-a-year list, next to bank statements. "Cleared checks (after 14 days)" sit on the shred list. Tax-related canceled checks are in the three-year group. The FTC lists these separately, so match the label to the paper in your hand rather than treating every check the same way.
For charitable gifts, IRS Publication 526 accepts a canceled check, a bank statement, or "a scanned image of both sides of a canceled check obtained from a bank or credit union website" as a bank record. The image in your online banking can do the paper's job.
Credit card statements follow similar but not identical rules, with their own dispute deadline; how long to keep credit card statements covers them.
Shredding what's done
A statement carries your name, address and account numbers, so it goes through a shredder, not into the recycling. Shredding works best in batches: once a year, pull out the statements older than twelve months that aren't tied to taxes, a dispute or property, and do them in one sitting. If you're unsure what a given page counts as, the bank statement glossary entry explains what's on one and who tends to ask for it.
Where to keep the ones you keep
You may not need paper at all. Most banks let you download past statements as PDFs from online banking, though how far back they go varies, so save the ones you need before you close an account.
For paper you already have, the iPhone's Files app scans it straight into a folder. Open Files, tap the More button (the three dots), tap Scan Documents, and hold the page in view; in Auto mode it captures by itself. Choose a folder such as "Taxes 2026" and tap Save. Filing tax-related statements with that year's return means they leave together when the return's time is up.
Paperlock skips the folder step: save a statement once and it reads the bank, the dates and the amounts, keeps it behind Face ID, and later "find my March checking statement" brings back the page itself.