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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:
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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.
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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!
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