FAQ

‘When Can I Shred This Check?’ and Other Online Banking FAQ

As the COVID-19 pandemic leads banking customers to lean into online technology to manage their money, those trying online banking for the first time may find themselves with questions about how to handle things previously done in person or with paper documents.

If you’re stuck on how to handle some of the practical aspects of online banking, here are answers to common questions.

Should I save monthly statements?

Experian, one of the three major credit bureaus, recommends keeping bank statements for tax purposes to confirm your income or deductible expenses. If you do end up using your statements for your taxes, you may want to hang onto your statements for up to seven years in case the IRS decides to audit you. Even if your bank keeps digital records of your statements, you may want to print or download your statements just in case.

When should I shred the paper

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When can I shred this check? Answers to online banking FAQ

As the COVID-19 pandemic leads banking customers to lean into online technology to manage their money, those trying online banking for the first time may find themselves with questions about how to handle things previously done in person or with paper documents.

If you’re stuck on how to handle some of the practical aspects of online banking, here are answers to common questions.

SHOULD I SAVE MONTHLY STATEMENTS?

Experian, one of the three major credit bureaus, recommends keeping bank statements for tax purposes to confirm your income or deductible expenses. If you do end up using your statements for your taxes, you may want to hang onto your statements for up to seven years in case the IRS decides to audit you. Even if your bank keeps digital records of your statements, you may want to print or download your statements just in case.

WHEN SHOULD I SHRED THE PAPER

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Sign a COVID-19 Waiver FAQ

Consumer Reports has no financial relationship with advertisers on this site.

Even as coronavirus cases climb across the nation, many businesses are trying to reopen, and some are doing so with a new twist—asking customers to sign documents waiving their right to sue in the event that they contract COVID-19 on the premises.

At the same time, some companies are asking employees to sign COVID-19 waivers, hoping to limit their liability if workers catch the virus at work. 

Should you sign such a waiver? Can your employer force you to sign one in order to return to work? And what rights are you giving up if you do?

We put those questions to a range of legal experts to create the following guidelines and recommendations.

First, a few important preliminary points. 

One: The legal and safety implications of COVID-19 waivers are somewhat distinct for these two groups—consumers and workers—and should

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