B-92-1 - Bank and Trust Record Retention
REGULATION B ‑ 92 ‑ 1
BANK AND TRUST RECORD RETENTION
EFFECTIVE JULY 1, 1992
REPLACES REGULATION 79‑3
TABLE OF CONTENTS
SECTION NUMBER SUBJECT PAGE
One Applicability and Scope 1
Two Procedures 1
Three Electronic Data Processing 2
Four Sanctions 2
Appendix I Bank Record Retention Schedule A‑1
Appendix II Trust Record Retention Schedule A‑10
REGB92‑1
PAGE 1
REGULATION B‑92‑1
BANK AND TRUST RECORD RETENTION
EFFECTIVE JULY 1, 1992
REPLACES REGULATION 79‑3
SECTION ONE: APPLICABILITY AND SCOPE
1.1 These regulations ("regulations") are issued pursuant to 8 V.S.A. Section 502. Section 502 requires the Commissioner of Banking, Insurance and Securities (the "Commissioner") to issue regulations classifying all records kept by banks and prescribing the period for which records of each class shall be retained.
1.2 These regulations apply to banks as defined in 8 V.S.A., Section 2(1). The types of institutions included in this definition are state‑chartered savings banks and state‑chartered commercial banks.
1.3 These regulations apply to records created on or after July 1, 1992.
1.4 These regulations do not apply to those records created prior to July 1, 1992. The retention period applicable to such records shall be the period required at the time such record was created.
SECTION TWO: PROCEDURES
2.1 Banks shall retain all records except records relating to trust powers in accordance with the Bank Record Retention Schedule provided in Appendix I of these Regulations. Banks with trust powers shall retain records relating to trust powers in accordance with the Trust Record Retention Schedule provided in Appendix II of these regulations.
2.2 Banks shall retain records for at least the minimum periods of time specified in Appendix I and Appendix II of these regulations. If a bank does not maintain records enumerated therein, but retains similar records with equivalent information, the bank's records shall be retained for the period of time specified therein for such equivalent records.
2.3 Photographic copies, microphotographic copies or similar reproduction of records shall be treated as the equivalent of original records for the purposes of compliance with these regulations.
PAGE 2
2.4 Records that are not specifically enumerated in Appendix I and Appendix II of these regulations but that are subject to retention requirements pursuant to other state laws or regulations, federal laws or regulation, court orders or bank policies shall be retained for the period specified by such applicable requirements.
2.5 Records subject to longer retention periods than those specified in Appendix I and Appendix II shall be retained for the longer period. Such longer retention periods include those imposed by courts, other governmental agencies, or bank policies.
2.6 A bank shall adopt and implement a written policy to protect records from theft, fire, vandalism, loss, damage, or unauthorized access.
SECTION THREE: ELECTRONIC DATA PROCESSING
3.1 Retention periods specified for records listed in Appendix I and Appendix II apply to equivalent records produced or maintained by means of Electronic Data Processing.
3.2 A bank shall adopt and implement a written policy to protect Electronic Data Processing files from theft, fire, vandalism, loss, damage, or unauthorized access.
SECTION FOUR: SANCTIONS
4.1 A bank which violates any provision of these regulations is subject to administrative penalties in accordance with 8 V.S.A., Section 501 et seq., and in accordance with all other applicable state laws and regulations.
Jeffrey P. Johnson
Commissioner of Banking,
Insurance and Securities
REGB92‑1.doc
REGULATION B‑92‑1
APPENDIX I
BANK RECORD RETENTION SCHEDULE
RECORD SERIES PAGE
1. Automatic Teller Machine Cards A‑1
2. Audit ‑ General A‑1
3. Central File A‑1
4. Collection A‑1
5. Corporate A‑1
6. Correspondent Accounts A‑2
7. Coupon A‑2
8. Credit Cards (Originating Bank) A‑2
9. Demand Deposit Accounts A‑2
10. General Ledger A‑3
11. Insurance A‑3
12. International (Foreign) A‑3
13. Investment A‑4
14. Loans ‑ Consumer/Commercial A‑4
15. Loans ‑ Mortgage/Home Equity A‑5
16. Mail/Wire Money Transfer A‑6
17. Miscellaneous A‑6
18. Personnel A‑6
19. Proof and Transit A‑7
20. Purchasing A‑7
21. Reports and Returns A‑7
22. Safe Deposit A‑7
23. Safekeeping A‑8
24. Savings and Time Deposits A‑8
25. Tellers A‑8
APPENDIX I
A‑1
REGULATION B‑92‑1
BANK RECORD RETENTION SCHEDULE
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER TERMINATION
RECORD SERIES YEARS CLOSING ACCT OF TRANSACTION
1. AUTOMATIC TELLER MACHINE ("ATM") CARDS
Application. . . . . . . . . . . . . . . .3
Closed ATM Account Numbers . . . . . . . . . . . . . . . 1
Correspondence with Customer . . . . . . .3
Deposit Envelopes. . . . . . . . . . . 3 Months
Transaction Report . . . . . . . . . . . .3
2. AUDIT ‑ GENERAL
Audit Workpapers for
Department and Branch Examination. . . . .7
Loan & Deposit Confirmation Letters. . . .5
3. CENTRAL FILE
Change of Address Notices. . . . . . . . .1
Change of Title Notices. . . . . . . . . .1
Closed Account Record. . . . . . . . . . .1
Open and Closed Account Report . . . . . .1
4. COLLECTION
Collection Tracers . . . . . . . . . . . .1
Correspondence re Incoming
Collections ‑ Acknowledgments. . . . . . .7
Register . . . . . . . . . . . . . . . . .7
Settlement . . . . . . . . . . . . . . . .3
5. CORPORATE
Annual Report to
Stockholders Condition Report . . . . . PERMANENT Bank Charter, Incorporation Papers
and Other Authority to do Business. . . PERMANENT Capital Stock Certificate and Stock . . PERMANENT Capital Stock Ledger. . . . . . . . . . PERMANENT Dividend Checks (after paid)
and Dividend Register . . . . . . . . . . .7
Minute Books: Directors, Stockholders
& Executive Committee Meetings. . . . . PERMANENT Proxies . . . . . . . . . . . . . . . . . .7
Resolutions . . . . . . . . . . . . . . PERMANENT Stock Certificate and Register Books. . PERMANENT
APPENDIX I
A‑2
REGULATION B‑92‑1
BANK RECORD RETENTION SCHEDULE
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER TERMINATION
RECORD SERIES YEARS CLOSING ACCT OF TRANSACTION
6. CORRESPONDENT ACCOUNTS
Advices. . . . . . . . . . . . . . . . . .3
Drafts . . . . . . . . . . . . . . . . . .3
Reconcilements . . . . . . . . . . . . . .3
Statement. . . . . . . . . . . . . . . . .3
Travelers Check Settlement . . . . . . . .3
7. COUPON
Insurance Register . . . . . . . . . . . .2
Outgoing Coupon Letter . . . . . . . . . .3
Settlement Sheets. . . . . . . . . . . . .3
Transmittal Letters‑U.S. Series EE
Bonds Paid Quarterly Statement . . . . . .2
8. CREDIT CARDS (ORIGINATING BANK)
Advice of Service Fee
Charged to Merchant Accounts . . . . . . .1
Applications (Granted and denied). . . . .3
Closing of Accounts. . . . . . . . . . . . . . . . . . . 7
Correspondence with Customer . . . . . . .3
Profit and Loss log on Merchant Fees . . .1
Sales Drafts (microfilm) . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Statements (microfilm) . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
9. DEMAND DEPOSIT ACCOUNTS
Accrual Records. . . . . . . . . . . . . .3
All Records to Reconstruct
a Demand Deposit Account . . . . . . . . .7
Attachments. . . . . . . . . . . . . . . .7
Authority File
(Corporate/Organizational Resolution). . . . . . . . . . 7
Charge Off Records . . . . . . . . . . . . . . . . . . . 7
Check Book Order Forms . . . . . . . . . .1
Checks and Deposit Tickets . . . . . . . .7
Copies of Charges for Items
Previously Deposited and Returned. . . .6 Months
Dormant Activity Report. . . . . . . . . .7
Items Returned
Reported by Telephone or Wire. . . . . . .1
Kiting Suspect Report. . . . . . . . . .6 Months
New Account Setup/Maintenance
Worksheets/Data Entry Reports. . . . . . .1
Overdraft Report . . . . . . . . . . . .6 Months
Protest Notices Received . . . . . . . . .1
Reconcilement to General Ledger. . . . . .1
Return Items (Outgoing). . . . . . . . . .1
APPENDIX I
A‑3
REGULATION B‑92‑1
BANK RECORD RETENTION SCHEDULE
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER TERMINATION
RECORD SERIES YEARS CLOSING ACCT OF TRANSACTION
9. DEMAND DEPOSIT ACCOUNTS (continued)
Signature Card . . . . . . . . . . . . . . . . . . . . .7
Significant Balance
Fluctuation Report . . . . . . . . . . 6 Months
Statements (Photographic Image) . . . . . 3
Stop Payment Order
(Signed Customer's Copy) . . . . . . . . .1
Transaction Journal (Posted,
Rejected, and/or Suspended). . . . . . . .7
Trial Balance. . . . . . . . . . . . . . .1
Uncollected Funds Report . . . . . . . 6 Months
Undelivered Customer's
Checking Account Statements. . . . . . . .7
10. GENERAL LEDGER
Assets, Liabilities,
and Capital Account Ledgers . . . . . PERMANENT
Certified Checks (if held) . . . . . . . .7
Daily Debits and Credits. . . . . . . PERMANENT
Daily Statement of Condition. . . . . PERMANENT
Earnings and Profit
and Loss Statements . . . . . . . . . PERMANENT
Journal Sheets . . . . . . . . . . . . . .7
Official Checks (i.e., Bank,
Cashier's, Treasurer's, etc.). . . . . . .7
Official & Certified Check Registers . . .7
Settlement Sheets. . . . . . . . . . . . .7
11. INSURANCE
Bankers Blanket and Employee Bonds . . . 21
Casualty Liability Policies. . . . . . . .3
Insurance Policies . . . . . . . . . . . .3
Insurance Records ‑
Fire, Accident and Liability. . . . . . .21
12. INTERNATIONAL (Foreign)
Acceptances‑‑Foreign Exchanges. . . . PERMANENT
Acceptances Purchased Books. . . . . . . .7
Advice Checks Drawn for our Accounts . . .7
Applications for Postal Registration . . .7
Bills of Exchange. . . . . . . . . . . . .7
Cable Orders . . . . . . . . . . . . . . .7
Cash Letters . . . . . . . . . . . . . . .7
Checks and Drafts. . . . . . . . . . . . .7
Collateral Records . . . . . . . . . . . .7
Collections. . . . . . . . . . . . . . . .7
Contracts and Contract Cards . . . . . . .7
APPENDIX I
A‑4
REGULATION B‑92‑1
BANK RECORD RETENTION SCHEDULE
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER TERMINATION
RECORD SERIES YEARS CLOSING ACCT OF TRANSACTION
12. INTERNATIONAL (Foreign) ‑ continued
Correspondence . . . . . . . . . . . . . .7 Credits (paid) . . . . . . . . . . . . . .7 Debits and Credits . . . . . . . . . . . .7 Federal Reserve Reports‑Monthly
Report re Foreign Exchange Position. . . .7 Foreign Drafts Issued‑‑Register. . . . . 20 General Ledger Cards . . . . . . . . . . .7 Letters of Credit Dead . . . . . . . . . .7 Letters of Credit Ledger . . . . . . . PERMANENT
Letters of Credit Issued (copies). . . . .7 Liability Cards (individual) . . . . . PERMANENT
Mail Transfers . . . . . . . . . . . . . .7 Our Accounts/Their
Accounts Ledger Cards. . . . . . . . . PERMANENT
Paid Foreign Drafts. . . . . . . . . . . .7 Preliminary Contracts. . . . . . . . . . .2
Receipts for Cash Payments
and Security Deliveries. . . . . . . . . .7 Register of Checks & Drafts Drawn. . . . .7 Record of Foreign Exchange
Bought and Sold. . . . . . . . . . . . . .7 Remittances . . . . . . . . . . . . . . .7 Settlement Sheets. . . . . . . . . . . ..10 Telegraph Code Book. . . . . . . . . . PERMANENT
Travelers' Checks Sold Record. . . . . . .2 Travelers' Letter
of Credit Guarantees . . . . . . . . . . .7
13. INVESTMENT
Brokers Confirmation
and Invoices/Statements. . . . . . . . . .7 Correspondence . . . . . . . . . . . . . .7 Dealer Account Ledgers . . . . . . . . PERMANENT
Portfolio Ledgers. . . . . . . . . . . PERMANENT
Safekeeping Records and Receipts . . . . .7 Security Investment Ledgers. . . . . . PERMANENT
14. LOANS ‑ Consumer/Commercial
Accrual Records. . . . . . . . . . . . . .3
Application
Granted. . . . . . . . . . . . . . . . . . . . . . . 7
Declinations. . . . . . . . . . 2 years and 1 month
Commercial Loans > $1 Million. . . .1
Charged Off Accounts. . . . . . . .PERMANENT
Collateral Records. . . . . . . . . . . . . . . . . . . .7
Correspondence . . . . . . . . . . . . . . . . . . . . . 3
APPENDIX I A‑5
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER TERMINATION
RECORD SERIES YEARS CLOSING ACCT OF TRANSACTION
14. LOANS ‑ Consumer/Commercial (continued)
Credit Files . . . . . . . . . . . . . . . . . . . . . . 7
Dealer Reserve Account/Records . . . . . .7 Disclosures/Consumer . . . . . 2 YEARS, 1 MONTH (or since last FDIC Compliance Audit)
Financial Statements . . . . . . . . . . .7 Floor Plan Inventory Records . . . . . . .1 New Account Setup Worksheets/
Maintenance Worksheets/
Data Entry Reports . . . . . . . . . . . .1 Paid Loan Record . . . . . . . . . . . . .7 Payment Coupons. . . . . . . . . . . . . .7 Reconcilement to General Ledger. . . . . .2 Regulation A (Extension of Credit) . . . .5 Regulation U (Purpose
Statement of Borrower) . . . . . . . . . . . . . . . . . 3
Regulation Z
(Truth‑in‑Lending Compliance). . . . . . . . . . . . . . 2
Reposessed Accounts. . . . . . . . . . . .7 Resolutions. . . . . . . . . . . . . . . . . . . . . . . 7
Student Loans. . . . . . . . . . . . . . . . . . . . . . 5
Transaction Journal. . . . . . . . . . . 7
Trial Balances . . . . . . . . . . . . . 3
Truth‑in‑Lending Extension Agreement . . . . . . . . . . 1
15. LOANS ‑ MORTGAGE/HOME EQUITY
Accrual Records. . . . . . . . . . . . . .3
Application. . . . . . . . . . . . . . . . . . . . . . . 7
Declinations. . . . . . . . . . . . 2 YEARS, 1 MONTH
CRA ‑ Community Reinvestment Act . . . . .2
Disclosures. . . . . . . . . . . . . . . . . . . . . . . 7
ECOA ‑ Equal Credit Opportunity Act . 2 YEARS, 1 MONTH
EFT. . . . . . . . . . . . . . . . . . . .2
Fair Credit. . . . . . . . . . . . . . . .2 Fair Debt. . . . . . . . . . . . . . . . .2 Federal Housing Act. . . . . . . . . .2 YEARS, 1 MONTH
Financial Statements . . . . . . . . . . .2 Flood Act . . . . . . . . . . . . . . TERM OF LOAN
Foreclosure Documentation. . . . . . . . . . . . . . . . . . . . . . . . . . 7
HMDA ‑ Home Mortgage Disclosure Act. . . .5 New Account Setup/
Maintenance Worksheets/
Data Entry Report. . . . . . . . . . . . .7 Paid Loan Record . . . . . . . . . . . . .7 Payment Coupons. . . . . . . . . . . . . .7 Reconcilement to General Ledger. . . . . .3 Record of Deeds . . . . . . . . . . . . .30
Regulation U
(Purpose Statement of Borrower). . . . . . . . . . . . . 3
Regulation Z
(Truth‑in‑Lending Compliance). . . . . . .2 Resolutions. . . . . . . . . . . . . . . . . . . . . . . 7
APPENDIX I
A‑6
REGULATION B‑92‑1
BANK RECORD RETENTION SCHEDULE
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER TERMINATION
RECORD SERIES YEARS CLOSING ACCT OF TRANSACTION
15. LOANS ‑ MORTGAGE/HOME EQUITY (continued)
RESPA Good Faith Estimate . . . . . . TERM OF LOAN
Settlement Sheet . . . . . . . . . . . . . . . . . . . . 2
Right of Rescission. . . . . . . . . . . . . . . . . . . 7
Transaction Journal. . . . . . . . . . . .7
Trial Balance. . . . . . . . . . . . . . . . . . . . . . 1
Truth‑in=Lending Extension Agreement . . . . . . . . . . 1
16. MAIL/WIRE/MONEY TRANSFER
All Other Mail Records . . . . . . . . . .5 Customers' Receipts
re Money Transfers. . . . . . . . . . .7 Federal Reserve
Transfer of Funds Forms . . . . . . . .7 Record of Incoming Registered Mail . . . .5 Registered Mail Receipts . . . . . . . . .7 Telegrams. . . . . . . . . . . . . . . . .7 Wire Transfers (FEDWIRE+) Records. . . . .5
17. MISCELLANEOUS
Authorization Files:
Attachments ‑ Closed Cases. . . . . .7
Escrow Agreements . . . . . . . . . .7
Joint Agreements. . . . . . . . . . .7
Powers of Attorney
(closed accounts) . . . . . . . . .7
Resolutions (closed accounts) . . PERMANENT
Surety and Indemnity Bonds. . . . . .7
Cash Items (Petty Cash). . . . . . . . . .3
Correspondence . . . . . . . . . . . . . .7
Municipal Securities Dealer
Forms/Underwriting Documents. . . . .3 (After Termination)
NEACH Paper Advices. . . . . . . . . . . .7
Notice of Tax Levy . . . . . . . . . . . .7
Safekeeping Records and Receipts . . . . . . . . . . . . . . . . . . . . . . 7
U.S. Series E/EE Bond Issued/
Redeemed Report to Fed. . . . . . . .1
Form W8. . . . . . . . . . . . . . . . . .4
Form W9. . . . . . . . . . . . . . . . . . . . . . . . . 7
B Notice . . . . . . . . . . . . . . . . . . . . . . . . 7
Year End Tape. . . . . . . . . . . . . . .4
IRS Customer Notices . . . . . . . . . . .7
APPENDIX I
A‑7
REGULATION B‑92‑1
BANK RECORD RETENTION SCHEDULE
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER TERMINATION
RECORD SERIES YEARS CLOSING ACCT OF TRANSACTION
18. PERSONNEL
Individual Files‑After Termination
(Application, Salary Record,
Performance Evaluation, Payroll
Deduction Authorizations, etc.) . . . .7
Payroll Changes Authorization. . . . . . .7
Payroll Checks or Receipts . . . . . . . .7
Employment Applications. . . . . . . . . .1
Time Sheets. . . . . . . . . . . . . . . .3
Tax Reports. . . . . . . . . . . . . . . .7
W‑2 Withholding Tax Forms. . . . . . . . .7
19. PROOF AND TRANSIT
Cash Letters . . . . . . . . . . . . . . .1
Copies of Advices to Depositors
re Errors on Deposit Slips . . . . . .3 Deposit Breakdown According
to Ledger Controls . . . . . . . . . .3
Microfilm. . . . . . . . . . . . . . . . .7
Proof Department Recapitulations . . . . .3
Proof Records Needed to Reconstruct
a Demand Deposit Account . . . . . . .2
Tape Listings of Checks
Received in Deposits . . . . . . . . .3
20. PURCHASING
Copies of Purchase Orders. . . . . . . . .7
Deferred Expense Records . . . . . . . . .7
Expense Vouchers & Attached Bills . . . 15
Railway Express Receipts . . . . . . . . 15
21. REPORTS AND RETURNS
Audit or Directors
Examination Reports . . . . . . . . .7
Bank Examination Reports . . . . . . PERMANENT
Call Reports ‑ State and Federal . . PERMANENT
Cost Reports . . . . . . . . . . . . PERMANENT
Departmental Expense Reports . . . . . . .7
Depreciation Records . . . . . . . . PERMANENT
Earnings and Dividend Reports
or Income and Dividend Reports. PERMANENT
Escheat Reports. . . . . . . . . . . PERMANENT
Expense Ledger . . . . . . . . . . . PERMANENT
FDIC Reports . . . . . . . . . . . . PERMANENT
Tax Returns. . . . . . . . . . . . . PERMANENT
Federal Reserve ‑
Weekly Report of Condition. . . . . .2
Other Tax Returns. . . . . . . . . . PERMANENT
APPENDIX I
A‑8
REGULATION B‑92‑1
BANK RECORD RETENTION SCHEDULE
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER TERMINATION
RECORD SERIES YEARS CLOSING ACCT OF TRANSACTION
22. SAFE DEPOSIT
Access Tickets . . . . . . . . . . . . . .7
Closed Contracts . . . . . . . . . . . . . . . . . . . . 7
Contents after Removal . . . . . . . . . .7
Leases or Contracts. . . . . . . . . . . .7
Power of Attorney. . . . . . . . . . . . . . . . . . . . 7
Rent Receipts. . . . . . . . . . . . . . .7
Signature Cards. . . . . . . . . . . . . . . . . . . . . 7
Vault Opening and Closing Record . . . . .1
23. SAFEKEEPING
Closed Accounts . . . . . . . . . . . . .10
Delivery Receipts . . . . . . . . . . . .10
Safekeeping Records and Receipts. . . . . 7
24. SAVINGS AND TIME DEPOSITS
Accrual Records . . . . . . . . . . . . . 3
Cash Settlement Sheets. . . . . . . . . . 3
Certificates of Deposit‑‑Canceled. . . . . . . . . . . . 7
Christmas & Vacation Club Checks Paid. . .7
Christmas & Vacation Club
Deposit Tickets. . . . . . . .7
Christmas & Vacation Club
Signature Cards. . . . . . . . . . . . . . . 7
Deposit and Withdrawal Tickets . . . . . .7
Lost Passbook Bond/Notice. . . . . . . . .1
Microfilm. . . . . . . . . . . . . . . . .5
New Account Setup/Maintenance
Worksheets/Data Entry Reports . . . . .1
Opened and Closed Account Reports. . . . .1
Reconcilement to General Ledger. . . . . .1
Resolutions. . . . . . . . . . . . . . . . . . . . . . . 7
Signature Cards and/or
Power of Attorney Agreement. . . . . . . . . . . . . 7
Time Account Contracts . . . . . . . . . . . . . . . . . 7
Transaction Journal. . . . . . . . . . . .7
Trial Balance. . . . . . . . . . . . . . .7
25. TELLERS
Cash ‑ Teller's Proof. . . . . . . . 6 Months
Cash ‑ Total Bank Reconcilement. . . . . .1
Cashed Items‑‑Films. . . . . . . . . . . .2
Currency Transaction Report. . . . . . . .7
Currency Vault Record. . . . . . . . . . .1
Money Shipment Receipts. . . . . . . . . .2
Night Depository Agreements. . . . . . . . . . . . . . . 7
APPENDIX I
A‑9
REGULATION B‑92‑1
BANK RECORD RETENTION SCHEDULE
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER TERMINATION
RECORD SERIES YEARS CLOSING ACCT OF TRANSACTION
25. TELLERS (continued)
Night Depository Bags ‑
Customer's Receipts. . . . . . . . . .7
Night Depository Bag
Received, Daily Record of. . . . . . . .7
Teller Machine Tapes . . . . . . . . . 3 Months
Teller's Recapitulation
(as part of General Ledger). . . . . . .7
Teller's Vault Visitation. . . . . . 6 Months
Treasury Tax and Loan Receipts . . . . . .7
REGB92‑3.doc
REGULATION B‑92‑1
APPENDIX II
TRUST RECORD RETENTION SCHEDULE
RECORD SERIES PAGE
1. Trust ‑ Corporate A‑10
2. Trust ‑ Personal A‑11
3. Trust ‑ Employee Benefit Plan A‑13
4. Trust ‑ General A‑14
APPENDIX II
A‑10
REGULATION B‑92‑1
TRUST RECORD RETENTION SCHEDULE
Institutions shall retain trust records for the period of time specified in the trust agreement or the following schedule, whichever period is longer:
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER MATURITY
RECORD SERIES YEARS CLOSING ACCT OF BOND ISSUE
1. TRUST ‑ CORPORATE
Bonds and/or Coupons
‑ Cancelled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
‑ Destruction Certificates. . . . . . . . . . . . . . . . . . . . . . PERMANANT
Construction Requisitions. . . . . . . . . . . . . . . . . . . . . . . . PERMANENT
Contracts/Resolution/
Appointment as Agent
(Including Bank's Own Issues). . . .PERMANENT
Conversion Agent Records . . . . . . . 21
Corporate Indenture Trustee Records & Legal Document Files
‑ Trust Indenture. . . . . . . .PERMANENT
‑ Fiduciary Records . . . . . . . 3 After Litigation or Termination
‑ Fee Documentation . . . . . . . 3 After Termination
‑ Fiduciary Bond. . . . . . . . . 3
‑ Fiduciary Litigation. . . . . . 3 Years after Termination of Litigation
Corporate Property Records . . . . . . 5 After Satisfaction Obligation
‑ (Releases and Receipts) . . .PERMANENT
‑ Trust Receipts for
Exchange or Substitution
of Collateral . . . . . . . .PERMANENT
Corporate Trust Ledger . . . . . . . . 21
Dividend and Interest Checks . . . . . 7
Escrow Accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Fingerprint Cards. . . . . . . . . . . 3 After Termination Employment
IRS 1099 Listings. . . . . . . . . . . 7
Misc. Correspondence
Memoranda/Documents. . . . . . . . . . . . . . . . . . . . 3
Outstanding Dividend Register. . . . . 7
Overdraft Lists. . . . . . . . . . . . 6 Months
Record Date Security Holder List . . PERMANANT
Securities Documentation
‑ Records Relative to Lost
or Stolen Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Securities Transactions
‑ daily buy/sell record . . . . . . 3
‑ customer acct. record . . . . . . 3
‑ buy/sell orders . . . . . . . . . 3
‑ broker/dealer transaction
record with amount of
commission paid . . . . . . . . . 3
‑ broker/dealer confirmation. . . . 3
‑ broker/dealer statement . . . . . 3
Signature Authorization Files. . . .PERMANENT
APPENDIX II
A‑11
REGULATION B‑92‑1
TRUST RECORD RETENTION SCHEDULE
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER MATURITY
RECORD SERIES YEARS CLOSING ACCT OF BOND ISSUE
TRUST ‑ CORPORATE (Continued)
Stock Certificates
‑ Cancelled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
‑ Destruction Certificates. . . . . . . . . . . . . . . . . . . . . . .Permanent
Stockholder Records
Stop Payment Orders/Indemnity Bond. .PERMANENT
Subscription/Tender/Warrant
Records. . . . . . . . . . . . . . . . 3 After Expiration
2. TRUST ‑ PERSONAL
Abandoned Property
‑ Notice Letters. . . . . . . . . . . 7
‑ Delivery Receipts . . . . . . . PERMANENT
Administration Expenses . . . . . . . . . . . . . . 7
Agreements
‑ Agency/Custody/Escrow . . . . . . . . . . . . . . . . 7
Appraisal of Real and
Personal Property. . . . . . . . . . . . . . . . . . .7
Authorization & Approvals of
Donors/Confiduciaries and
Consultants. . . . . . . . . . . . . . . . . . . . . . . . 3
Bank Account Reconcilements. . . . . . 3
Check Register . . . . . . . . . . . . 7
Checks, Cancelled. . . . . . . . . . . 7
Common Trust Fund
Valuation Records. . . . . . . . .PERMANENT
Customer Disclosure Authorizations . . . . . . . . . . . . 3
Daily Posting to Trust
Accounts/Blotter. . . . . . . . . . . 3
Discretionary Principal Distributions . . . . . . . . . . 7
Fiduciary Records. . . . . . . . . . . 3 After Termination of Litigation
‑ Fee Documentation. . . . . . . . . 3
‑ Fiduciary Bond . . . . . . . . . . 7
‑ Fiduciary Litigation . . . .DURING LITIGATION
‑ Fiduciary Income Tax Returns and Supporting
Documentation. . . . . . . . . . . 7
‑ Fiduciary Receipts and Releases. .PERMANENT
Inventory (Schedule A) . . . . . .PERMANENT
IRS 1099 Listings. . . . . . . . . . . 7
Legal Opinons and
Related Correspondence. . . . . . . . . . . . . . . . . . .7
Misc. Correspondence
Memoranda/Documents. . . . . . . . . . 3
Overdraft Lists. . . . . . . . . . . . 6 Months
Personal Income Tax Returns
& Supporting Documentation . . . . . . 7
APPENDIX II
A‑12
REGULATION B‑92‑1
TRUST RECORD RETENTION SCHEDULE
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER MATURITY
RECORD SERIES YEARS CLOSING ACCT OF BOND ISSUE
TRUST ‑ PERSONAL (continued)
Probate Records
‑ Letters of Appointment . . . . . . 3 After Closing Estate
‑ Inventory/Amended Inv. . . . . . . 3 After Closing Estate
‑ Administrative Expenses. . . . . . . . . . . . . . . . .7
‑ Decree . . . . . . . . . . . . . . 3 After Closing Estate
‑ Accounting
‑‑ Annual . . . . . . . . . . . . . 3
‑‑ Final. . . . . . . . . . . . . . 7 After Closing Estate
‑ Wills. . . . . . . . . . . . . . . 3 After Closing Estate
‑ Claims Against Estate. . . . DURING LITIGATION
Real Estate and Mortgage
Deeds and Related Documentation. . . . 5 (After Disposal)
Securities Documentation
‑ Records Relative to Lost
or Stolen Securities. . . . . . 3
Securities Transactions
‑ Daily Buy/Sell Record . . . . . . 3
‑ Customer Acct. Record . . . . . . 3
‑ Buy/Sell Orders . . . . . . . . . 3
‑ Broker/Dealer Transaction
Record with Amount of
Commission Paid . . . . . . . . . 3
‑ Corporate Action. . . . . . . . . 3
‑ Broker/Dealer Confirmations . . . 3
‑ Broker/dealer statements. . . . . 3
Tax Returns and
Supporting Documentation
‑ Fed. Estate Tax . . . . . PERMANENT/3 YRS *
‑ Fed. Gift Tax . . . . . . PERMANENT/3 YRS *
‑ Fed. Nominees' Info . . . PERMANENT/7 YRS *
‑ Fiduciary Income Tax. . . . . . . 7 **
‑ Decedent's Final Income Tax . . . 3
Temporary Safekeeping
Records and Receipts . . . . . . . . . 7
Trial Balance. . . . . . . . . . . . . 3
Trust Account Payroll
Records/Regulatory Filings . . . . . . 7
Trust Checks . . . . . . . . . . . . . 7
Trust Document . . . . . . . . . . PERMANENT
Trust Statements . . . . . . . . . PERMANENT
* Regulations of the Internal Revenue Service require taxpayers to retain any records and documentation with respect to income tax matters for an indefinite period of time.
** With the exception of accounts with loss carry‑back/forward or closing of the account/estate.
APPENDIX II
A‑13
REGULATION B‑92‑1
TRUST RECORD RETENTION SCHEDULE
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER MATURITY
RECORD SERIES YEARS CLOSING ACCT OF BOND ISSUE
3. TRUST ‑ EMPLOYEE BENEFIT PLAN
Abandoned Property
‑ Notice Letters . . . . . . . . . . 7
‑ Delivery Receipts. . . . . . . PERMANENT
Accountings . . . . . . . . . . . . . . . . . . . . . . . 7
Acturial Reports. . . . . . . . . . . . . . . . . . . . . 7
Administration Expenses
‑ Discretionary. . . . . . . . . . . 7
‑ Non‑Discretionary. . . . . . . . . 1
Agreements
‑ Agency/Custody . . . . . . . . . . . . . . . . . . . 7
Appraisal of Real and
Personal Property. . . . . . . . . . . . . . . . . . . . 7
Audits
‑ Department of Labor . . . . . . . . . . . . . . . . . 3
‑ Trust . . . . . . . . . . . . . . . . . . . . . . . . 3
Authorization & Approvals of
Plan Administrators/
Cofiduciaries and Consultants . . . . . . . . . . . . . . 3
Bank Account Reconcilements. . . . . . . 3
Check Register . . . . . . . . . . . . . 7
Checks, Cancelled. . . . . . . . . . . . 7
Common Trust Fund Valuation
Records . . . . . . . . . . . . . . PERMANENT
Customer Disclosure
Authorizations . . . . . . . . . . . PERMANENT
Daily Posting to Trust
Accounts/Blotter . . . . . . . . . . . . 3
Employee Records . . . . . . . . . . PERMANENT
Fiduciary Records. . . . . . . . . . . 3 After Litigation or Termination
‑ Fee Documentation. . . . . . . . . 3
‑ Fiduciary Bond . . . . . . . . . . 7
‑ Fiduciary Litigation . . . . . . . 3 After Termination of Litigation
‑ Fiduciary Receipts . . . . . .PERMANENT
and Releases
IRS 1099‑R/W2‑P Listings . . . . . . . 7
IRS Determination Letter . . . . .PERMANENT
IRS/DOL Filings
‑ 5300 Series . . . . . . . . .PERMANENT
‑ 5500 Series . . . . . . . . . . . . . . . . . . . . . 7
‑ PBGC. . . . . . . . . . . . . . . . . . . . . . . . . 7
‑ 5498. . . . . . . . . . . . . . . 7
Legal Opinions and Related
Correspondence . . . . . . . . . . . . . . . . . . . . . . 7
Misc. Correspondence
Memoranda/Documents. . . . . . . . . . 3
Overdraft Lists. . . . . . . . . . . . 6 Months
Plan Document. . . . . . . . . . .PERMANENT
APPENDIX II
A‑14
REGULATION B‑92‑1
TRUST RECORD RETENTION SCHEDULE
NO. OF YEARS NO. OF YEARS
NO. OF AFTER AFTER MATURITY
RECORD SERIES YEARS CLOSING ACCT OF BOND ISSUE
TRUST ‑ EMPLOYEE BENEFIT PLAN (Continued)
Real Estate & Mortgage Deeds
& Related Documents. . . . . . . . . . 5 After Disposal
Securities Documentation
‑ Records Relative to Lost
or Stolen Securities . . . . . . . 3
Securities Transactions
‑ Daily Buy/Sell Record . . . . . . . 3
‑ Customer Acct. Record . . . . . . . 3
‑ Buy/Sell Orders . . . . . . . . . . 3
‑ Broker/Dealer Transaction . . . . . 3
Record with Amount of
Commission Paid
‑ Corporate Action. . . . . . . . . . 3
‑ Broker/Dealer Confirmations . . . . 3
‑ Broker/Dealer Statements. . . . . . 3
Signature Authorization Files . . .PERMANENT
Tax Reports. . . . . . . . . . . . . . 6
Temporary Safekeeping
Records and Receipts . . . . . . . . . 7
‑ Trial Balance . . . . . . . . . . . 3
‑ Trust Account Payroll
Records/Regulatory Filings. . . . . 7
Trust Checks. . . . . . . . . . . . . . 7
Trust Document. . . . . . . . . . . PERMANENT
Trust Statements. . . . . . . . . . PERMANENT
4. TRUST ‑ GENERAL
Audit Reports . . . . . . . . . . . . . 7
Minutes of Trust Committee. . . . . PERMANENT
Minutes of Investment Committee . . PERMANENT
Reconciliations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Regulatory Financial Statements . . . 18 Months or until next audit
Trade Journal . . . . . . . . . . . . . 7
REGB92‑4.doc
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