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Banks *REQUIRED* To Provide Historical Statements To Customers?!

travis_austin
travis_austin   |     |   1 posts since 2014

I need to help my 89 year old grandmother apply for medicaid benefits.  Her caseworker has requested bank statements from over 4 years ago.  My grandmother has banked at Small Town Bank (STB) for all her life, but STB has basically told me they can't help with providing information that far back!!!  :o

Aren't banks REQUIRED to maintain statements on their customers basically forever?  Can STB really _refuse_ to provide me those details?!  Am I not saying the right magic words or something?

Help!

Travis



Answers
Jeremy Zongker
Jeremy Zongker   |     |   13 posts since 2009
They are required to keep records for five years according to the Bank Security Act.
https://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_116.htm
paoli2
paoli2   |     |   2,227 posts since 2011
I have never had a problem getting statements from my bank but have never been asked to go back as far as 4 years.  I don't know how long banks have to keep the information.  Why don't you just tell Medicaid the information is no longer available and give them the bank's contact info so they can call them and verify this.  I don't see how Medicaid can insist on statements which the bank no longer has available especially if you get the bank to confirm this.
Shorebreak
Shorebreak   |     |   4,078 posts since 2010
Can someone give me more information on medicaid look back?
Information on Medicaid look back period - AgingCare.com
paoli2
paoli2   |     |   2,227 posts since 2011
I think SB's article must be referring to people who are applying to Medicaid for complete financial and medical help.  Not all Medicaid "programs" have the same requirements.  There are certain programs which work through the Medicaid system which have their own requirements and sometimes it is only the last 3 or 4 statements for all your bank accounts which is more reasonable.  I would think those really in poverty do not have much or any bank accounts any way.  I gather the original poster's grandmother must have been applying for all financial and medical help from Medicaid to need so many years of bank statements.