04 NCAC 06C .1002         NONPERMANENT RECORDS

(a)  Each credit union shall retain nonpermanent records as defined in Paragraph (b) of this Rule, in a manner consistent with reasonable business practices as set forth in G.S. 54-109.17, rules, and federal regulations. The board of directors of the credit union shall determine the length of time that any nonpermanent record not specified in this Rule shall be retained based upon reasonable business practices.

(b)  All records not referenced in Rule .1001 of this Section shall be considered nonpermanent records.

(c)  The following nonpermanent records shall be retained in their original form or in any electronic or digital form that permits their retrieval and replication:

GENERAL LEDGER

General  Ledger                                                                                                                                                    15 years

Journal Cash (Journal of original entry)                                                                                                          15 years

Signature Cards   (after the account is closed)                                                                                               10 years

Shares and Deposits Subsidiary Ledger                                                                                                          10 years

Bank Reconciliations                                                                                                                                          10 years

Registers: (Check, Money Orders, and Collateral)                                                                                       10 years

Record of Receipts (Deposit tickets, Payroll Deduction Records)                                                             10 years

Withdrawal Slips: (Cash Payments, Check Payments)                                                                                10 years

Cancelled Checks, Money Orders, Cancelled Checks                                                                                 10 years

Bank Statements                                                                                                                                                 10 years

Bank Deposit Slips                                                                                                                                              10 years

Invoices for Sale or Purchase of Securities                                                                                                    10 years

ADMINISTRATIVE

Certificates and Licenses to Operate Under Programs of Various Government Agencies

After the Term of the Program Expires                                                                                                           10 years

Minutes of the Credit Committee Meetings                                                                                                   10 years

Charged off Loans (Note and Application)(after the date of the charge off)                                           10 years

Charge off Ledger Sheet                                                                                                                                    10 years

LEGAL JUDICIAL AUTHORIZATION

Attachments or Garnishments                                                                                                                           10 years

Bond Claims                                                                                                                                                         10 years

Court Orders                                                                                                                                                         10 years

MEMBER RECORDS

Transaction Records                                                                                                                                           10 years

Members Periodic Statements                                                                                                                          10 years

Month End Trial Balance                                                                                                                                  2 years

Signature Cards   (after the account is closed)                                                                                               10 years

LOANS (COMMERCIAL, CONSUMER, AND MORTGAGE)

Subsidiary Loan Ledgers                                                                                                                                    10 years

Delinquent Loan Schedules                                                                                                                               5 years

Loan Applications (after the loan is paid)                                                                                                      2 years

OTHER

Tax Records                                                                                                                                                         10 years

Personnel Records                                                                                                                                               10 years

Expense Reimbursement Forms                                                                                                                       5 years

Reports: Statistical Reports submitted to NCUA or Credit Union Division                                             10 years

Escheat records, including communications between the credit union and the NC Department

of State Treasurer and records containing the information required to be included in the report

filed with the State Treasurer pursuant to G.S. 116B-60.                                                                            10 years

History Note:        Authority G.S. 54‑109.12; 54-109.15; 54‑109.17;

Eff. February 1, 1976;

Readopted Eff. April 4, 1978;

Amended Eff. March 1, 2016;

Readopted Eff. February 1, 2018.