Financial Records and Documents Stored and Managed Properly
Being involved in the financial sector means accumulating thousands of records and documents. Some of these records and documents will be required by law to be saved for a specific amount of time and some have to be kept indefinitely. This leaves many financial institutions with the problem of too many files and records and nowhere to store them. This is where Master Vault can assist your financial institution providing secure and complaint off-site storage of your financial institution records and documents.
The rules and regulations that must be followed for financial record and document storage depend on the type of financial institution and what type of record or file is being considered. Master Vault has the expertise and experience in working with all types of financial institutions and can assist you with your storage needs. We work with many types of financial institutions in South Carolina including banks, mortgage companies, insurance companies, broker dealers, and more.
Files and Records that Must Be Kept
Knowing how long to keep each document or file is important to ensure that your financial institution is always in full compliance. A list of required documents and files that are common in the financial sector include:
- Vendor Correspondence – 2 Years
- Financial Pans – 6 Years
- Bank Statements – 6 Years
- Bank Reconciliations – 6 Years
- Employee Travel Expense Reports – 6 Years
- Canceled Voucher Checks – 6 Years
- General Correspondence – 6 Years
- Payroll Registers – 6 Years
- Inventory Records – 6 Years
- Cash Receipts – Indefinitely
- Cancelled Stock Certificates – Indefinitely
- Basic Science Records – Indefinitely
- Contracts, Agreements, and/or Leases – Indefinitely
Advantages of Working with Master Vault
Working with Master Vault will provide your financial institution with many advantages. First, you will enjoy a good deal of freed up space. This will also allow you to free up any time that your employees may have had to dedicate to the filing system.
Master Vault can also act as your off-site records and documents management system. We organize and track your records and documents for you so you can have easy access to them at any point in time.
Additionally, all records and documents that are stored with Master Vault are kept secure in a climate controlled environment. This keeps all your clients personal and sensitive information safe from all elements and keeps your financial institution in full compliance at all times. Master Vault can even use the latest in technological storage advancement including document imaging, active file management, and digital archiving to further enhance our services.
Record Keeping with all Safeguards in Place
Keep all your records and documents safe and secure with Master Vault. We put our experience and knowledge to work for your financial institution so you can have peace of mind knowing that your records and documents are stored with every possible safeguard in place.