WASHINGTON—Banks are better at recordkeeping than credit unions, according to a new report.
WalletHub has released its report on 2015’s Best & Worst Banks for Record Keeping, which reveals the online record-keeping policies of the nation’s largest banks and credit unions – including the length of time records are available for immediate download, what types of historical records are maintained, and the cost associated with accessing them.
In compiling the report, WalletHub collected information from the online banking disclosures and customer service lines of the 10 largest banks and the 10 largest credit unions based on deposits.
The main findings:
- Banks offer better record keeping than credit unions for both personal and business credit cards and checking accounts (see charts below). For instance, banks retain historical credit card statements for much longer than credit unions, on average (78 months vs. 59 months).
- Personal checking accounts provide online statements that are available for immediate download for much longer than business checking accounts (44 months vs. 33 months). Business accounts provide historical statements for 20% longer, however.
- While historical account statements are free at most banks and credit unions, they can cost as much as $7 at certain institutions.
- None of the surveyed institutions provides a bulk download option for online statements.