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How To Throw Away Old Bank Statements Properly



How To Throw Away Old Bank Statements Properly

Bank statements are very sensitive documents; treat them as such. Hence, the need to properly dispose of them. Getting into the wrong hands can be catastrophic.

You’ve been thinking about safe methods to dispose of bank statements with no risk. At least you no longer need the gigantic bank statements in the cabinet. Yet, you are scared of your document slipping into the hands of criminals. So how do you dispose of them properly?

The importance of how delicate your bank statements are cannot be overemphasized, and you should protect your personal information. Before you throw away your paper works, be sure you will not need them in the foreseeable future.

Be shrewd when you want to get rid of your documents through shredding or other means. Let’s get into the details of safe ways to discard old bank statements.

Shred Old Bank Statements

A top-notch method is shredding without mercy. It is a popular option for destroying old bank statements. A good shredder, especially industrial shredders, will make your document illegible.

After shredding, splits the papers into different trash cans to confuse someone who would want to piece the documents together. If you cannot afford a shredder, ask the local library, bank, or other stores if they offer this service. Most times, you can get it done for free.

Leverage this means because it’s environmentally friendly and approved by HIPAA.

Cut Old Bank Statements

Once you confirm that there will be no need for your bank statement during a tax audit in the future, destroy it by cutting the paper into tiny pieces. Dispose of all financial documents when it becomes irrelevant. Depending on the papers, you might have to keep them for one, five years, or seven years.

For instance, if the bank statement in your document bag has been there for seven years, pick up your scissors and cut it into tiny untraceable pieces. There are no repercussions, and the IRS can only go back seven years for auditing purposes.

Be patient if you opt for this method. Cut all sensitive information till it becomes unreadable.

Burn Old Bank Statements

Another way of disposing of your bank statements is burning them in metal. Burning deprives criminals of access to using your identity because it turns your document into ashes. If you plan to burn your bank statement, do it safely.

So, before using bonfire, get to know your state restrictions. And visit your state law office to ask for requirements.

Soak Old Bank Statements in Water

The most effective way to take the ink off your documents and render them useless to identity thieves is by soaking them in water. You need to be extra patient because it takes 24 to 48 hours. Additionally, if your financial papers are bulky, you will need a metal container to accommodate them.

Whatever method you choose, destroy every personal information that might expose you to identity theft. Identity fraud complaints reached 444,602 in 2018, according to the Federal Trade Commission.

So far, many people have chosen the shredder as their favorite means of disposing of their old bank statements as they consider it the safest and less stressful. Whichever method you pick, make sure it conforms with your state’s laws. Happy shredding!