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  • 1.  Record Retention

    Posted 9 days ago

    Record Retention: How Are Other Institutions Handling This?

    Hi everyone—
    I’m interested in learning how record retention is structured across different banks and credit unions, particularly from a facilities and operational support perspective. I’d love to hear how your organization approaches the following:

    • Ownership:
      Who owns record retention in your organization (Facilities, Compliance, Legal, Risk, Operations, or a shared model)?

    • Storage model:
      Do you manage records in‑house, or do you outsource storage and destruction to vendors such as Iron Mountain or another records management provider?
      If hybrid, how do you determine what stays onsite vs. offsite?

    • Tracking & destruction:
      How do you track records, retention periods, and destruction dates (e.g., spreadsheets, barcoding, vendor portals, internal systems)?

    • Keeping the schedule current:
      How do you ensure your record retention schedule stays up to date with regulatory changes and business needs?
      Is there a formal annual review process, and who is responsible for driving updates?

    I’m particularly interested in practical lessons learned—what’s working well, what you’ve changed over time, and any pitfalls to avoid.

    Thanks in advance for sharing your experiences.



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    Jessica Palm
    AVP Facilities Manager
    Metro Credit Union
    Chelsea MA
    7818087008
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  • 2.  RE: Record Retention

    Posted 8 days ago

    Jessica – In my company Operations manages records retention.  Facilities delivers the boxes from each location to the centralized storage area, when requested.  The boxes also have a destruction date on them so Operations can pull those boxes and have our shredding service collect them for security shredding.

     

    Sharon Taylor
    VP Facilities



    3801 Tupelo Drive | PO Box 789 | Columbus, IN 47201
    P 812-314-0372 | 800-232-3642, ext. 0372
    smtaylor@centra.org | www.centra.org

     




    Original Message


  • 3.  RE: Record Retention

    Posted 16 hours ago

    Jessica,

    • Ownership:
      At Ephrata National Bank, our Security Department owns Record Retention. The Security Department reports to our Chief Risk Officer, so they work very closely with Risk and Compliance.
    • Storage model:
      We have the space at our headquarters to be able to store our records in house. 
    • Tracking & destruction:
      Before a box gets to Record Retention, we have a form that the department head who is sending the documents to be retained has to fill out. This form lists all of the records in the box. Once the box arrives to our retention storage, the Security Department tracks what is in each box, where the box is located in retention storage, when the box was placed into retention, and if it needs to be held permanently or when it needs to be destroyed according to regulations      . The boxes are numbered, and our shelves are labeled to make finding the boxes easier if they need accessed, or when it comes time to mark them for destruction. All of this information is kept on a spreadsheet in a shared file.
    • Keeping the schedule current:
      Annually, the Security Department will go over what is in Record Retention and mark the boxes that can be removed for destruction. At this time, any changes in regulations will be made.

    The Facilities Department does play a major role in this process. We will bring the boxes to the storage room from other departments/locations, and when we place them on the shelves, a member from the Security Department is there to log all the information. Also, after the holding period, the Security Department marks the boxes for destruction, and the Facilities Department is responsible for getting them destroyed as we handle the document destruction vendor contract.



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    Nathan Imhoff
    Maintenance Tech Lead
    Ephrata National Bank
    Ephrata PA
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    Original Message


  • 4.  RE: Record Retention

    Posted 7 days ago

    Hi Jessica,

    I work for Salal Credit Union and Facilities owns the record retention in our organization. We work with Compliance and the department managers who need storage. 

    We outsource storage and destruction to our vendor, Access Corp. They offer pickup service and deliver files to us when needed. They also take care of our shredding service.

    We track our files with Access' online customer portal. We can request pickups, deliveries and check on our inventory's destruction dates, etc.

    Facilities partners with our Compliance team to make sure we are up-to-date on our retention schedule and any regulatory changes.

    One of the lessons learned was making sure the departments who needed files stored offsite were using the proper labels and barcodes for their file boxes. At first they were using their own numbering system and that made it confusing keeping track of our files. We have since corrected those files with the proper barcode and numbering system. Now it is easy to request files when needed.

    I hope that helps.

    Thanks!



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    Mark Verner
    Sr. Property & Facilities Manager
    Salal Credit Union
    Seattle WA
    206-826-7629
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    Original Message


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