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We are about to close our small business bank account. I need advice on what information I should download from online-banking before I actually close the old account. I imagine that getting these records would be way harder once I would not be customer of that bank anymore.

The primary use for these records would be for potential inquiries from tax agencies.

So far I have been able to download transaction history up to 27 months (with issued check photocopies). Also, I was able to download monthly statements going back 6 years. Is there anything else that I may have missed, but potentially would need? Do I need to go to bank to get even older records than they allow me to download via online-banking?

  • Did you ever receive a 1099-INT from the bank? I would add those. Otherwise it seems like you have all your bases covered. – quid May 2 '16 at 17:00
  • What is the legal requirement for tax documents bookkeeping in your country? In my country, it is 5 years (so today I can safely throw away all the tax-related documents from 2010 and back). – Mindwin May 2 '16 at 17:26
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The simple answer is...get everything you can. If you're closing the account then you want to have as complete a record as possible for yourself just for the sake of playing it safe. There's no such thing as having "too much information" when it comes to your financial records.

You can never tell when something will come up that requires information from years past that you thought you'd never need, and if you don't have it, then what?

This is a matter of being prudent, and while it make take some effort to obtain the records, it's better to be safe than sorry.

Good luck!

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