I have a question for anyone currently or previously employed in a
financial services organization.

Banks process 3 types of check.  General ledger checks for A/P, "On Us"
checks and transit checks.

GL checks are not part of this question.

For the following examples, we'll assume I bank with BBVA Compass (BBVAC).

"On us" checks are checks written by customers of BBVA Compass.  i.e.  I
write a check to pay for my groceries.  It's processed by the grocery
store's bank (let's say BofA) and returned to BBVAC.  BBVAC images the
check and retains the image for 7 years.  We have no questions about this
process or the retention.

Transit checks are drawn on another bank and deposited into BBVA Compass.
 i.e. My son writes me a check and he banks at Chase.  I deposit it into my
account with BBVAC.  BBVAC  images the check, deposits the amount in my
account and sends the original check back to Chase for them to retain for 7
years.

Here is the question....  What is the common business practice retention
for transit checks?  If there is fraudulent activity, our legal group can
always go to the originating bank and request a copy of the check as long
as it's within 7 years.  Do we (BBVAC) need to keep a copy of the transit
check for 7 years as well or can we destroy/delete our image after a lesser
amount of time?  How does your bank handle this?

Replies can be sent directly to me or posted on the list for other's
knowledge.

*BBVA Compass*

*Debi Tadd*

*Records and Information Management Analyst*

Tel. 512-453-4272 - Fax 512-453-0899 - Mobile 512-284-2035 –
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*Shoal Creek* – 7951 Shoal Creek, Austin, TX  78757
TX-AU-SH-PMG



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BBVA Compass is a trade name of Compass Bank, a member of the BBVA Group.
Compass Bank, Member FDIC.

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