Shredding Bank Statements | A Guide to Security Levels for your Paper Shredder

Shredding Your Bank Statements

Many businesses have internal systems and processes for shredding confidential and private information such as bank statements. While there is no definitive guide, standard or requirement for shredding personal documents such as banking statements, we have outlined a few helpful guidelines and best business practices to assist you in mitigating security risk and improving internal security over sensitive documents.

Cross Cut- Choose a shredder that cross cuts the paper documents makes them more difficult to read or reassemble. Yes, perhaps that might sound like document reassembly is the stuff that spy movies are made of, but there is a piece of mind that comes with knowing that documents have been properly destroyed.

Create a Shredding Process and System – Create a well defined system for destroying confidential bank documents or personal bank statements. This will ensure you mitigate the most risk and reduce your chances of identity theft.

Three Reasons to Shred (paper, not the slopes or half pipe)

1. Protect Your Company from Identity Theft and Fraud - shredding banking or financial documents is more than just a method to reduce paper volume in the office, shredding documents at the source helps protect from identity theft. According to research in 2006, there were 67,000 victims of identity theft. It is very difficult and nearly impossible for would be thieves to steal bank documents that they can’t read!

2. Improve Trust and Integrity – By keeping business materials confidential you build a better relationship with your clients confidential and important information. By paper bank statements or financial documents with bank bank information such as credit card numbers your customers know that you value their information and want to ensure that there is no chance of a security risk.

3. Help the Environment - Recycling paper is a primary concern for all businesses today and now it’s easier than every to recycle!

If your business entity is regulated by the Federal Government or has a requirement under HIPAA, Gramm- Leach Bliley, SOX or FACTA there may be other preferred or regulated procedures for document destruction that must be followed. Please consult your facilities security manager or boss.

If you are going to be shredding credit applications you can read more in the “How To” section of our blog.