File Tips

Standard retrieval through Corodata is fulfilled the same day or next business day, depending on service area and request type. Scan-on-demand delivers a digital copy of a specific file through our secure client portal, often within hours of the request. Fast retrieval is one of the core advantages of a professional financial records management program […]

Records should move offsite once they are inactive but still within their retention period. Active records that are accessed regularly can remain on-site or be digitized via scan-on-demand, while inactive records are the strongest candidates for off-site storage. For most institutions, this is the point where financial services document management becomes more efficient and more […]

Financial records should be shredded as soon as they reach the end of their regulatory retention period. Most financial institutions use scheduled shredding with weekly, biweekly, or monthly pickups for routine destruction, supplemented by one-time purge shredding for larger cleanouts. A consistent bank document management cadence is the easiest way to stay ahead of retention […]

Compliant document destruction is the secure, documented disposal of records that have reached the end of their retention period. For financial institutions, this means NAID AAA certified shredding with a Certificate of Destruction issued for every job, providing the audit trail that banking records management programs require.

For most financial institutions, offsite document storage in a SOC 2 compliant facility provides physical security, environmental controls, fire suppression, 24/7 monitoring, and a documented chain of custody that on-site storage rarely matches. Bank document storage offsite also frees up premium office space and reduces the operational burden of managing records in-house.

The storage of financial documents is governed by SEC Rules 17a-3 and 17a-4, FINRA Rule 4511, GLBA, SOX, and FACTA, with additional state requirements from laws like the California Consumer Privacy Act and the California Delete Act. Most financial institutions build retention schedules that map each record type to the regulation that governs it.

FINRA Rule 4511 requires member firms to preserve books and records in a format and media that comply with SEC Rule 17a-4, with a default retention period of at least six years for records that have no specified period elsewhere. Customer account records are generally retained for at least six years after account closure, while […]