My small company closed a commercial checking account at the local branch of a large bank several months ago. We now have a dispute with a vendor as to whether he was fully paid over the last two years (through both checks and EFT). The bank says that it cannot/will not provide any information on the closed account, even though we have volunteered to pay any research or processing fees. Are there any regulatory requirements for banks to provide account information on a closed account?
The bank is required to retain information sufficient to reconstruct account transactions for five years, including checks over $100. Unless there was language in the deposit contract that would enable the bank to deny requests for research after the account was closed, the bank's stance seems unreasonable.
Unhappily, if the bank persists in its position, you may only be able to push it to provide the records by engaging legal counsel. That may be a cost you won't want to take on, depending on the money involved in the dispute you're trying to resolve.
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The bank is required to retain information sufficient to reconstruct account transactions for five years, including checks over $100. Unless there was language in the 