Old bank statements - clearing out

[DasPepe]

I have moved a lot as a child and adult, including countries. We are not currently in the UK but considering going back. I’m trying to clear things away, regardless where we move we cannot be shifting bank statements going back to 1997. I cannot let go of them, I somehow think I might need them. I have a fear of giving / getting rid of things only to need them just after or spending money to buy new ones. I’m posting in AIBU because I need some firm sense talked into me but I also want to make sure it’s the right thing to do.

Thank you

@Rollercoaster1920

I think 7 years is the rule of thumb for financial records. I remove an old one for every new one that goes in my folder. Keeps it to one ring binder!

Good luck.

There really is no need to do this. They are all available online - that's why banks offer a completely paperless service. It's a terrible waste of resources to have paper statements sent out unnecessarily.

I've just checked and have instant access to all bank statements going back 11 years online.

On the other hand; I shredded all my old bank statements just before the PPI refunds/claims began, several years later (and oddly inspired by a thread on MN) I made a claim and got several thousand back but it was only after the banks were told they had to search for the information on your behalf.

7 years for self employment i thought?

Two years for regular stuff. I personally just keep three months paper (for ease as I don’t want a printer etc if needed)

OP - if you struggle with the letting go, would it help to try and think of any scenarios in which you may need a statement from over 20 years ago? And if you didn’t have that paperwork and actually needed it, how you would get round it?

You will feel so liberated when its gone!!!

I scanned a couple (so I had the details of bank and account number in case I ever need it to prove where I used to live) and kept one paper one.

I'd take a photograph of the newest statement of each account and then bin everything prior to 2015.

It's passed now, but when reclaiming PPI was a thing, people were able to use old bank statements to reclaim thousands, even when banks had got rid of records over 6 years old. So it's worth keeping electronic records of account numbers, just in case you ever need them.

Ha! I've been tidying my dad's papers - found receipts for carpets from 1959, bank books from the 1940s, insurances from the 1930s and my late mother's national identity card from WW2.

1997 bank statements? Erm... bin them!

I just helped my mum apply for pension stuff. The only thing that her paperwork hoarding helped with was to confirm when she was in various jobs, and that was mostly payslips. Bank statements were zero use. If I were you I would record income timelines and addresses of jobs etc, any relevant employee or account numbers. Then shred & recycle

I'm the same 😂 I would keep one or 2 from each bank account, and 1 or 2 & from each different home address.

I would keep them, they are a nice way to remind you of what you spent and where, such as a special meal with a now departed loved one or the first car loan repayment. Mine go back to 1984 and quite often the kids ask to see them to see what mum used to get up to

I thought it was a maximum of 7 years needed.

OP do they have pounds, shillings and pence listed?

OP, think about this. My mum just died and I have been clearing her flat. I thought I was pretty much finished then found a box of cheque stubs dating back to 1992.

Unless you want your kids cursing your name after you die, which is exactly what I did when I found them, bin the bank statements.

Op, if you do clear them out, hang onto one from each separate address.

Recently I have had to prove that I lived at an address in 1985 (for an old pension) and in 1991 ( to replace a lost share certificate). In each case I had to provide original paperwork.

So perhaps you could compromise and hang onto a few.