Better Business Bureau Paso del Norte, Commercial Records Center, and Sam’s Club invites consumers to its free Shredding Event on Saturday, April 22nd , from 9-1 p.m. at Sam’s Club West Side, 7970 N. Mesa.
Since 2005, BBB Paso del Norte has helped thousands of consumers by providing on-site shredding. This is an opportunity to help protect consumers from identity thief by securely destroying confidential documents that include Social Security numbers, birthdates, PIN numbers, passwords, financial information, among others.
The first rule of identity thief protection is: If you don’t need it, shred it – responsibly. Consumers are urged to take a few minutes of their time to properly shred and dispose of documents.
According to a recent Javelin Strategy & Research study, 15.4 million consumers were victims of fraud in 2016, an increase of more than 2 million victims from 2015, with losses of $16 billion.
“We all need to take more precautions to prevent identity theft. BBB provides this free and convenient option for consumers to protect themselves. It is important to remember that a single document that contains personal confidential information can be used by criminals to impair your financial and personal integrity”, said Marybeth Stevens, President of BBB Paso del Norte.
Consumers can bring up to 100 pounds (3 bags or boxes) of documents with sensitive information to be securely shredded on the spot. Services are free but donations will be gladly accepted. Funds collected support the BBB’s Foundation and Center for Character Ethics, whose mission is to educate the community regarding ethics and best consumer and business marketplace practices.
The following is some helpful information regard time periods for retaining personal records.
Tax information & returns
a) There is a general three year statute of limitation for your taxes. This means the IRS has three years from when you file your return to start an audit.
b) Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
c) Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
d) Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
e) Keep records indefinitely if you do not file a return.
f) Keep records indefinitely if you file a fraudulent return.
g) Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
Canceled checks with no long-term significance for tax or other purposes can be destroyed after one year. BBB advises that consumers indefinitely keep any canceled checks and related receipts or documents for a home purchase or sale, renovations or other improvements to owned property, and non-deductible contributions to an Individual Retirement Account.
Deposit, ATM, credit card and debit card receipts
Consumers should save credit, debit, and ATM receipts until the transaction appears on their statement and they have verified that the information is accurate.
Credit card and bank account statements
Credit card and bank account statements with no tax or other long-term significance can be discarded after a year; remaining statements should be kept for up to seven years. If a consumer receives a detailed annual statement, they should keep it and shred the corresponding monthly statements.
Credit card contracts and other loan agreements
Credit card contracts and loan agreements should be kept for as long as the account is active in case the consumer has a dispute with their lender over the terms of the contract.
Documentation of a purchase or sale of stocks, bonds and other investments
Investors should retain documentation of a purchase or sale for as long as they own the investment and then seven years beyond that time. Monthly retirement and monthly investment account statements can be shredded annually after being reconciled with the year-end statement.
Paycheck stubs can be shredded yearly after the income has been reconciled with a tax forms. These documents can include very important information including Social Security numbers and financial institution account numbers if you use direct deposit.
Utility or monthly bills
Monthly bills should be shredded the year after being received by the consumer. This way, if it’s a power bill, for example, consumers can compare this month’s bill to last year’s bill for any major changes before shredding it. Unless you are claiming household expenses as tax deductions, there is no need to keep these types of records very long.
Home financial information
Deeds, mortgages, and Bills of Sales should be kept permanent; Real Estate Records of Improvement should be retained for length of home ownership.
Don’t just toss it, shred it!