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(Just the first random article I happened to hit.)
IMHO there are at least two important takeaways:
1. Always check your statements. The boilerplate verbiage from financial institutions to do this is there for a couple of reasons: - Actually checking helps find problems like the ones written about when they first occur. - The verbiage protects the institutions in case there is a problem and you failed to check. This is a defense mentioned in the article.
2. Hold onto your statements "forever", or at least until there's no more money left to trace. Financial institutions may destroy records after a finite period of time, as allowed by law, e.g. "TD does retain records for RSP accounts for seven years, in accordance with applicable provincial laws."
Comments
Flawed Paperwork Aggravates a Foreclosure Crisis, NYTimes, 2010
https://www.nytimes.com/2010/10/04/business/04mortgage.html
(Just the first random article I happened to hit.)
IMHO there are at least two important takeaways:
1. Always check your statements. The boilerplate verbiage from financial institutions to do this is there for a couple of reasons:
- Actually checking helps find problems like the ones written about when they first occur.
- The verbiage protects the institutions in case there is a problem and you failed to check. This is a defense mentioned in the article.
2. Hold onto your statements "forever", or at least until there's no more money left to trace. Financial institutions may destroy records after a finite period of time, as allowed by law, e.g. "TD does retain records for RSP accounts for seven years, in accordance with applicable provincial laws."