Record Retention

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 through a joint venture between BankersOnline.com and Financial Records Consultants.

To be in compliance, your institution must maintain thousands of different types of records. It's critical that you follow regulations and laws as well as industry best practices in order to stay in compliance. But record storage and maintenance is costly. Knowing when records can be destroyed could save lots of money for your institution -- both in storage fees and in complying with legal requests.

Using Record Retention Online, customers have the ability to view the latest guidelines for record retention on more than 4,000 separate banking-related items. The banking record retention schedules are derived from the industry-proven "Guide to Bank Record Retention." Record Retention Online also provides links to the latest industry news, event information, and interactive discussion forums. People at your financial institution will:

Learn the importance and impact of retention guidelines
Learn how guidelines are changing and why
Learn how these changes affect your institution

What's Included
A subscription to banking Record Retention Online gives you retention schedules covering both Federal and State retention regulations and laws, which include more than 4,000 record titles common to all financial institutions. 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 regs 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?
The cost of the online guide to bank record retention is based on your bank's charter. All financial institutions need the Federal Schedule, and those banks that are 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 should purchase a separate subscription for each one of their banks. The Federal Schedule holds more than 4,000 records, and the individual State Schedules contain about 300 records specific to that state's regulatory agency.

Federal Retention Guide Subscription (Annual)
$400.00 per bank charter

Federal and single State Guide Subscriptions (combined annual)
$550.00 per bank charter

Additional State Guide Subscriptions (Annual)
$150.00 per state per charter

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 secure and subscribers are notified at the end of the annual term.

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