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I would like to know if I need to keep bank and mutual Fund statements?

August 13th, 2010

I have kept bank and mutual fund statements for years. I would like to throw them away if not needed. I have some mutual funds I purchased 15 years ago with dividand invested. In order to calculate the cost basis of the fund when I sell the shares, I think I need to keep records of the cost of share when the dividend was used to purchase additional share. Many of the large Mutual Fund companies have started capturing the cost basis for shareholders in the last 10 years so they calculate the cost basis for you. Some of the smaller mutual funds companies do not have this type of service. Any advice is helpful.

For the bank statement, after I reconcile the checks, do I need to keep them for any reasons?

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Technorati Tags: 10 years, checks, cost basis, dividend, mutual fund companies, mutual fund statements, mutual funds companies, shareholders

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Tags: 10 years, checks, cost basis, dividend, mutual fund companies, mutual fund statements, mutual funds companies, shareholders |

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If I deposit 10 checks into my money market savings account, does it count as only 1 of the max 6 transactions?

May 1st, 2010

I understand that there are federal regulations that limit transactions into or out of money market savings accounts to a maximum of 6 per month.

If someone deposits several checks (let’s say 10, for example) at the same time, does that count as only 1 out of the maximum 6 transactions? Or is each check considered a "transaction" according to the regulation?

Thanks!