What is Record Retention Online and Why Do I Need It? by Carolyn Jones, Founder, President and CEO of Financial Records Consultants Record Retention Online is a subscription-based online database of record retention guidelines provided by Financial Records Consultants. To be in compliance your institution must maintain a multitude of records. It is critical that you follow the regulations and laws to avoid fines for non-compliance. We advise you review the records that are listed as “opinion.” These records are considered the best practice and are derived from the review of a similar law and in considering the need and use of a record for other clients. This will also aid in demonstrating to regulators that your institution is making its greatest effort to stay in compliance with every record it generates. Storage and maintenance costs are high and rising every day. Knowing when your records can be destroyed will give you peace of mind and will save money in storage fees and the expenses you may have when complying with legal requests. Using Record Retention Online (RRO), customers have the ability to view the latest guidelines for record retention on more than 4,000 separate banking records in the federal schedule. The record retention schedules are derived from the industry-proven "Guide to Bank Record Retention" and "Bank's Guide to Record Retention." A subscription to Record Retention Online gives you retention schedules covering both Federal and State retention regulations and laws, which includes record titles common to the financial industry. The schedule is fully searchable and user friendly. Your subscription includes: Full access to the online guide to record retention (for the Federal Schedule and any optional state schedules that you have added). Full access to the Retention Policies and Procedures Guide, with step-by-step instructions and forms in PDF format that will help to keep your organization's retention program compliant, documented, and efficient. Also included in this section are specific references to many statutes and regulations specifying record retention. Full access to a subscriber-only "Ask the Author" discussion forum, where subscribers can ask questions directly to Carolyn Jones, one of the nation's leading experts on the topic. How Much Does It Cost? All financial institutions need to purchase the Federal Schedule. Each Institution regulated by the state should purchase both the Federal and State Schedules (if available). These two individual schedules are integrated into a master retention schedule for your financial institution. Multi-Bank Holding Companies must purchase a separate subscription for each of their member banks. The Federal Schedule holds more than 4,000 records, and the individual State Schedules contain records specific to that state's regulatory agency and the total number of records listed varies depending on the available information. Federal Retention Guide Subscription (Annual) $400.00 per bank Federal and one State Guide Subscription (combined annual) $550.00 per bank Additional State Guide Subscriptions (Annual) $150.00 per state Two Ways to Subscribe 1. You can sign up right now! Simply click on the Subscribe Now! link on the left. Payment is accepted (Visa or MasterCard). All transactions are secured by VeriSign. Subscribers are notified by email before the end of the annual term. We do not automatically renew subscriptions. 2. If you would rather pay by check, click on the link for an order form. GET ORDER FORM (Adobe Reader is required to view the order form.) It's that easy, so sign up today! Product Info   |   Product   |   Testimonials   |   About Us   |   Contact Us   |   Disclaimer   |   Return to Main Page      FRC Record Center