What do you do with statements?

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AAA
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What do you do with statements?

Post by AAA »

It's generally a good idea to periodically check brokerage and bank statements but do you also download them? If the latter, is it to have the information readily available or is there some thought that they might be used to prove account holdings should a major systems disruption occur? I'm wondering, however, if you think they would be accepted as proof of anything considering how they could be faked.
Normchad
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Re: What do you do with statements?

Post by Normchad »

I still get mine in the mail, intentionally. Generally I shred them the next day. Once or twice a year I file them away, as a potential reminder to people after my passing that we had accounts with money over there.
02nz
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Re: What do you do with statements?

Post by 02nz »

I think it's a good idea to download them. Brokerages don't keep them (at least on the website) for all that many years. No they would not be all that hard to fake but it's at least prima facie evidence if there's an issue, if needed the brokerage can confirm.
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Watty
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Re: What do you do with statements?

Post by Watty »

I still get paper statements in the mail. This is mainly so that if something happens to me my wife or kid will get them and know that they need to do something with them.

Several months into a new year I will shred the old once except for the year end summary statement which I file away.
bondsr4me
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Re: What do you do with statements?

Post by bondsr4me »

I keep my statements and then file them with that year's tax returns.

Eventually, years down the road, they get burned.
runner3081
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Re: What do you do with statements?

Post by runner3081 »

All electronic, I do nothing.
livesoft
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Re: What do you do with statements?

Post by livesoft »

I let my financial institutions keep my statements online all year, then I download the statements that document what I need for my tax return which is generally just the year-end and the 1099s. The statements I download at tax time are stored on digital media (a disk) with my tax file(s). When I file my tax return electronically, I generally also print out the return AND the supporting statements and put them in a fire-resistant box in my house.

Thus, I have the same statements in 3 places: at financial firms' clouds, an external hard drive at home, and paper hardcopy in a fire-resistant box. But not monthly statements nor transaction statements which are only in financial firms' clouds.
Last edited by livesoft on Sat Jul 25, 2020 11:25 am, edited 1 time in total.
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novemberrain
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Re: What do you do with statements?

Post by novemberrain »

We might need them in like 30 years later right? I mean I diligently put money into taxable accounts every week (VTSAX). I will start withdrawing after say 20 or 30 years. Won’t I need today’s statements when filing my taxes in 2040 or 2050?
02nz
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Re: What do you do with statements?

Post by 02nz »

novemberrain wrote: Sat Jul 25, 2020 11:25 am We might need them in like 30 years later right? I mean I diligently put money into taxable accounts every week (VTSAX). I will start withdrawing after say 20 or 30 years. Won’t I need today’s statements when filing my taxes in 2040 or 2050?
You shouldn't need them, but still a good idea to save them. Shares you purchase now are "covered," meaning the IRS requires the brokerage to track the cost basis for each "lot." That cost basis information SHOULD transfer even if you move the shares to another brokerage. So when you sell them you should not require the statements, the brokerage will report cost basis/gain information to you and the IRS on the 1099.
HomeStretch
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Re: What do you do with statements?

Post by HomeStretch »

For brokerage accounts, I download at year-end:
- 1099
- purchase/sale transaction confirms for the year
- year-end cost basis detail
- year-end brokerage statement
- fully year activity detail if not included in the year-end statement.

I keep a folder of Roth IRA backup (paper) as per the instructions to Form 8606.

For bank statements, I download the full year activity detail (6 pages max). During the year I add payee information/descriptions (for anything not readily recognizable) to my online bank transactions. So the full year activity detail I print suffices for record retention rather than retaining all monthly bank statements.

Most credit cards offer an annual statement with full year transaction detail. I download those as well.
PaunchyPirate
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Re: What do you do with statements?

Post by PaunchyPirate »

I review all monthly statements when they are generated online for accuracy - banking, credit cards, brokerages, etc. Anything financial gets reviewed.
I only download and keep the ones for my brokerage accounts.
I only keep them electronically (PDFs) - organized by account, year, month.
I also download and print out every buy/sell transaction confirmation and put it in a binder. There aren't that many.
As I've moved around brokerages thru the years, I've shredded old confirmations after they no longer applied (all sold, all taxes paid, etc.)
Afty
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Re: What do you do with statements?

Post by Afty »

I do download all statements and have been doing this for years. It occasionally comes in handy. I have some old investments where I've had to piece together the cost basis from decade-old statements. Another example: we had a break in and I was able to use old order confirmation emails and credit card statements for the insurance company to reimburse us for many of the stolen items.
Jason95357
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Re: What do you do with statements?

Post by Jason95357 »

AAA wrote: Sat Jul 25, 2020 10:59 am It's generally a good idea to periodically check brokerage and bank statements but do you also download them? If the latter, is it to have the information readily available or is there some thought that they might be used to prove account holdings should a major systems disruption occur? I'm wondering, however, if you think they would be accepted as proof of anything considering how they could be faked.
I just have a folder on my computer for all my finances, and a sub-folder for each account. Statements get downloaded there, with a filename that sorts well (accountname-YYYY-MM-DD). I've a nightly backup that makes sure these and other important information on the computer are stored, and once a month I rotate the backup device off-site, swapping between another I have - just in case the house burnt down or theft or a virus, etc.

While a statement could be faked, I'd think it would be their lawyers against yours anyway. Just depends on where the law stands.
Broken Man 1999
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Re: What do you do with statements?

Post by Broken Man 1999 »

I receive a mailed household statement from Vanguard each year. I put it in a report cover, five years in each report cover, tabbed with year info. I'm working on my fourth report cover. Started in 2003 with Vanguard, so compared to some posters I'm a newbie.

That is the only mailed financial statement I receive.

I examine the online statements for all credit cards, credit unions, but I do not download them or save them, as I have never needed them.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go. " -Mark Twain
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