Now that Google has doubled the free online storage for its Gmail users* to 2GB, you'd think banks would get with the program. There's value in storing them bits. However, you are still lucky to get a year's worth of data, and many places provide just 3 or 6 months (probably about 50k of data, if that).
In May, Online Banking Report will publish a report on the state-of-the art in online archives at financial institutions. You can get a sneak peek at the notes we've compiled so far by downloading this file (23-page Word doc):
Of the 100 or so banks and credit unions we've looked at, most hold data for less than one year. Here are the storage champs according to a quick look at the data:
- Transaction data: 2 years -- tie between Charter One Bank and Commerce Bancshares (Kansas City)
- Estatements: 3 years -- Bank of America
- Check images: 5 years (according to customer service, 7 years according to its website) -- E*Trade
We'll scrub the data, summarize it, and explain the implications and opportunities next month.
Also I am looking for commentary on the subject. If you've got a comment on the pros, cons, or business case for online archives, send me an email.
--JB
*Google Gmail is still in beta, if anyone needs an "invite" to open an account, just drop me a note.