Having asked a bank to extend account statements retention policy to 1 year (45 days now), bank came up with more then double costs per transaction(line item): EUR 0.28 versus EUR 0.12.
Basically, reporting costs for each transaction will be EUR 0.28 with retention policy 1 year.
Has anyone heard about it before? Is it a normal practice?
that seems excessive to me though it depends on the amount of transactions you have. But everything is up for negotiation with banks. Also there might be another way to retain the information. Can you download and store the statements yourself in excel for example for you reference. I assume the reason you need the longer retention period is to be able to check your history of transactions.
A TMS can also be a solution? They store ALL the history.
Thank you, Patrick.
You are right. The retention policy for statements of the same bank is 7 years. I believe it is possible to retrieve also in excel.
However, for analyses purposes you sometimes need a period of a few months to be analized (or a transaction to be found) and it is inconvenient to go to statements archieve and check the statements month by month.
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