News Releases

Get a Handle on Your Financial Clutter

CHICAGO, March 22, 2012 – Properly managing financial paperwork can be a headache, but can als o bring benefits, such as preventing identity theft and providing proof of important transactions. However, seeing the benefits of document management is often easier than understanding what should be saved, how long it should be saved for, and what can be tossed.

To aid those looking to clean out their file cabinet, BMO Harris Bank offers the following advice to consumers.

• Keep your documentation organized for easy reference in the event you need to access the paperwork. Consider creating files for pay stubs, tax filing information, warrantees, important receipts, and account statements.
• Take important documents - including home and car titles, social security cards and wills - to a bank safety deposit box for safe keeping. Be sure to keep a list of those documents at home, and note where the safety deposit box resides, in case of an emergency.
• Determine what documents should be kept over the long term, what should be saved over the short term, and what can be tossed. For instance, paperwork verifying tax deductions should be saved for seven years. In most instances, bank statements can be discarded after one year, as can pay stubs after verifying W-2 information is correct.
• Save space by scanning key documents and storing them on your computer, or on a portable storage device which could be kept in your safety deposit box.
• Finally, shred any documents with identifying or personal information prior to disposal. This will reduce your risk of identity theft and help keep your accounts secure.

"Too many people learn too late that it's vital to save certain financial documentation, and BMO Harris wants to prevent that," said Mike Lewis, Regional President, BMO Harris Bank. "We want people to be financially savvy and prepared. Whether you need to prove contributions to an IRA or provide tax-related documentation to the IRS, organizing and managing your financial paperwork can reap dividends over the long term."

About BMO Harris Bank N.A.
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through approximately 700 branches and approximately 1,350 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris BankSM and M&I® are trade names used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.

BMO Harris Bank is a trade name used by BMO Harris Bank N.A. Banking deposit and loan products and services are provided by BMO Harris Bank N.A. Member FDIC. Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC-registered investment advisor. Insurance products are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Investment banking services are provided by BMO Capital Markets Corp. (BMOCMC) and BMO Capital Markets GKST, Inc. (GKST), a Municipal Bond Dealer and member FINRA and SIPC. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc. (Harris SBSB), an SEC registered investment advisor. Family Office Services are provided by Harris myCFO, Inc. Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC (Harris myCFO), an SEC-registered investment advisor and wholly-owned subsidiary of Harris myCFO, Inc. Stoker Ostler Wealth Advisors (Stoker Ostler) is an SEC-registered investment advisor. Investment advisory services to institutional clients are provided by Harris Investment Management (HIM) or its wholly-owned subsidiary HIM Monegy (Monegy), SEC-registered investment advisors. Products offered by HIS, HBIS, BMOCM, Harris SBSB, Harris myCFO, Stoker Ostler, HIM, and Monegy, which are affiliated companies and wholly owned subsidiaries of BMO Financial Corp.,: Are not insured by the FDIC or any Federal Government Agency, not a deposit of or guaranteed by any Bank or Bank Affiliate, may lose value. The purchase of insurance or an annuity is not a condition to any bank loan or service. Not all products and services are offered in every state and/or location.