Statute Browser

Back to New Jersey Statutes

Section: Effect of definitions on treaties, compacts, or agreements

Statute: 17:16W-3

3. A financial institution shall retain records of its accounts as follows: a. Statement accounts: (1) Records of transactions in a statement account sufficient to reconstruct the account and to trace checks, drafts and other orders shall be retained for not less than six years. (2) Account opening records shall be retained for as long as the account is open, plus not less than six years after the closing of the account. (3) Account closing records shall be retained for not less than six years after the closing of the account. (4) A record of the last transaction or contact with the owner, pursuant to section 1 of P.L.1989, c.58 (C.46:30B-18), shall be retained for not less than 10 years after the date of the transaction or contact, as applicable. b. Certificates of deposit which have a specific maturity date and which are not automatically renewed: (1) Records of the account opening, transactions regarding the account, if any, and the closing of the account shall be retained for not less than six years following the stated maturity date. (2) A record of the most recent transaction shall be retained for not less than 10 years after the date of the transaction. c. Passbook accounts: (1) Records of transactions in a passbook account sufficient to reconstruct the account shall be retained for a period of not less than six years. (2) Account opening records shall be retained for as long as the account is open, plus not less than six years after the closing of the account. (3) Account closing records shall be retained for not less than 15 years after the closing of the account. (4) A record of the last transaction or contact with the owner, pursuant to section 1 of P.L.1989, c.58 (C.46:30B-18), shall be retained for not less than 10 years after the date of the transaction or contact, as applicable. L.1999,c.257,s.3.

We hope you find our tools helpful, please visit www.thelegalassistant.com for further information on our other free legal tools and products including LPO compliant legal case management software.