Does a bank have to provide proof of balance withdrawal?

UPDATED: Oct 1, 2022

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Does a bank have to provide proof of balance withdrawal?

I received over 1,900 in financial aid in early 2011
and now that I have checked my account, the money
is gone. I never touched the money assuming I
would keep it there until I needed it. I have asked for
a statement to see what happened to my balance
and BankMobile has said they cant provide me with
a statement for anything past 7 years. Am I not
entitled to proof of when my money was withdrawn?

Asked on October 29, 2018 under Business Law, California


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

They are simply not required to keep records forever: 7 years is the typical period they must be maintained for, for tax, malpractice/professional negligence, or contractual purposes. So it's not that you are not entitled to the records, but that they are not required to keep statements or documents or information for more than 7 years. They can't provide you what they don't have and did not have to keep. Bear in mind that you could and should have periodically checked your own account, so you should have had this information yourself.

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