Bank Statments

Tonawanda17
Tonawanda17 Online Community Member Posts: 177 Contributor
in Benefits and income

Hi, does anyone know how long banks keep statments for. I can back 7 years online but some say they throw records away after that but some say they can go back as far as they want.

I did ask albus on another topic but he wasn't sure

Any idea?

Comments

  • poppy123456
    poppy123456 Online Community Member Posts: 64,463 Championing

    7 years if the account is still open. If it's closed then 5 years.

  • Tonawanda17
    Tonawanda17 Online Community Member Posts: 177 Contributor

    Thanks poppy. Maybe i didn't make myself clear. What i mean was after the 7 years is the information destroyed so people like HMRC or DWP wouldn't be able to get it either or is it stored somewhere. Sorry to be a pain

  • poppy123456
    poppy123456 Online Community Member Posts: 64,463 Championing

    I have no idea sorry. If your savings/capital have never been over £6,000 then you have nothing to worry about.

  • Tonawanda17
    Tonawanda17 Online Community Member Posts: 177 Contributor

    Hi Poppy. Thanks. Can you give me your opinion of this. Its long but does mention using a.i in dwp.

    https://www.institute.global/insights/politics-and-governance/reimagining-uk-department-for-work-and-pensions

  • poppy123456
    poppy123456 Online Community Member Posts: 64,463 Championing
    https://forum.scope.org.uk/discussion/comment/886561#Comment_886561

    I seen your other thread and I didn't respond because I don't have the brain power to read through all of that, I'm sorry.

  • MW123
    MW123 Scope Member Posts: 1,212 Championing
    https://forum.scope.org.uk/discussion/comment/886561#Comment_886561

    Tonawanda, I am unfamiliar with the benefits system, but I did read the link you supplied above. Based on that information, I have summarised the key points below. This document, released just yesterday, outlines an initiative that sets a policy agenda for governing in the age of AI. The proposed changes to the DWP will utilise the unique database from the Tony Blair Institute for Global Change (TBI).

    The DWP has two major goals for the upcoming year. First, it aims to eliminate all benefit backlogs, ensuring that no one has to wait for the support they need. Second, it aims to work with other government departments to boost the economy and lower the long-term cost of benefits. They plan to achieve this by quickly spotting mistakes and fraud, using AI to create and monitor better policies, and sharing new tools and information across the government. By doing this, the DWP hopes to show that AI can modernise large, complex departments, set a standard for others, and help design programs that address the real causes of need.

    Additionally, the DWP aims to create a "digital employment assistant" accessible to everyone. This AI-powered tool will provide personalised job advice, connect individuals with virtual career clinics, and match them with suitable jobs or training programs.

    By using AI to streamline processes and make more informed decisions, the DWP can ensure resources are utilised effectively, maximising the value of taxpayer money.

Categories