Personal Finance

What's the best way to dispose old bank/CC statement and other financial documents?

  • Last Updated:
  • Jun 4th, 2012 8:50 pm
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Poll: How should I dispose of old financial documents?

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Sr. Member
User avatar
Aug 25, 2005
527 posts
12 upvotes

What's the best way to dispose old bank/CC statement and other financial documents?

Hey all,

So I'm cleaning some stuff up and wondering how I should dispose all my old bank/CC/other statements, credit card contracts, and other such items. Things like CRA notice of assessments and copies of old tax returns I think I should keep (min 7 years?). But for the rest, what's the safest way to dispose of them limiting any chances of identify theft and other fraud.

Please see poll for the options I've considered.

Thanks.
14 replies
Deal Addict
Feb 3, 2008
1315 posts
98 upvotes
Winnipeg
shred. burn after if paranoid
Jr. Member
User avatar
Jan 5, 2009
168 posts
17 upvotes
Ottawa
Shred at work or toss it in with the cat litter (Nobody likes dirty cat litter).

Besides, most identity theft does not happen because of dumpster diving.
Deal Fanatic
User avatar
Nov 23, 2005
7737 posts
3647 upvotes
1. Buy a Shredder
2. Buy a cross cut shredder if you are paranoid
3. Buy a cross cut shredder and burn if you are super paranoid


I have a cross cut shredder and that`s what I use for any financial statements. After that, garbage it is.
[OP]
Sr. Member
User avatar
Aug 25, 2005
527 posts
12 upvotes
Thanks for the responses guys. Looks like I'm in the market for a shredder. I've also got quite the collection of old credit cards, driver's licenses and health cards. Time to dispose of those as well (after I've made a digital photo album out of them, not the CCs). So, a shredder will be useful for that as well.
Deal Addict
Dec 28, 2008
1316 posts
121 upvotes
Toronto
I don't live in the city, so I use fire.

Family has a business in the medical industry, so the amount of records we need to make is asinine.

Once a year have a big fire and get through about 10 banker's boxes worth of crap that is past the dates required to have.
Deal Addict
Dec 31, 2009
1568 posts
130 upvotes
Heh. Just a week ago I cleaned out my storage unit and found an old 2-drawer filing cabinet my ex-wife and I used to share. Inside was all kinds of financial documents dating from about 1985 to 1999, when we divorced.

I had myself a nice fire in the fire-pit we have in the backyard. It was fun looking at all my old credit card statements.

EDIT. I voted "Other". You should just leave them in your recycling. Unshredded and untouched in any way.
Deal Addict
User avatar
Sep 10, 2007
2885 posts
225 upvotes
CALGARY
Shredder at work is a fine option, if you dont care about bring them with you.
For Sale in Calgary :
PS4 GAMES - NHL 16 + NBA LIVE 16 + Assassin's Creed Syndicate = $85
Deal Addict
User avatar
Dec 19, 2007
1460 posts
171 upvotes
Toronto
Most of our stuff is online, and we currently don't have a shredder...

Any stuff I get I just rip up and run under water for 5-10 secs, ball it up and toss it in the recycling.
Banned
User avatar
Dec 1, 2011
2427 posts
336 upvotes
Winnipeg
MarcFromOttawa wrote:
Jun 3rd, 2012 8:00 pm
Besides, most identity theft does not happen because of dumpster diving.
Definitely would have to disagree here. Maybe it doesn't happen where you live, but it's a huge problem in Winnipeg. People in our building, if they receive mail for a previous tenant, they throw it in the trash can with the unwanted flyers, rather than place the mail on top for the postman to collect the next day. I take that mail out of the trash all the time, it just amazes me how many people throw it out. There are dumpster divers throughout our complex on a daily basis. I'm sure they're not looking for food.
Can you believe it? They sent my income tax return forms back to me! In response to question # 4, "Do you have any dependants?" I replied - "2.1 million illegal immigrants, 1.1 million crack heads, 4.4 million unemployable people, 901 thousand people in over 85 prisons, and 650 idiots in Parliament.
Apparently, this was NOT an acceptable answer.

Who the hell did I miss? :razz:
Member
Apr 8, 2006
326 posts
20 upvotes
What's the point of shredding before burning lol....save yourself the $50

I shred, don't recycle. Recycling would be cleaner to go through than garbage anyway...
[OP]
Sr. Member
User avatar
Aug 25, 2005
527 posts
12 upvotes
The RFDer in me really doesn't want to buy a shredder (although there is one on sale today at Dell Small Biz Days of Deals). I like the idea of soaking in water. Gonna give that try.

I don't mind taking it to work but something about that feels weird.
Newbie
User avatar
Mar 25, 2012
59 posts
6 upvotes
ETOBICOKE
Hang them in the washroom, in lieu :cheesygri of toilet paper.
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