Nebraska record retention laws that specifically apply to banks are found below. Laws governing banks as corporations, taxpayers, employers or other activities are omitted. In reviewing Nebraska’s laws, you will note that the provisions relieve banks from liability for the act of destroying records after six years and bars claims on inconsistency after one year, but does not provide protection from any other liability based on the records. Some records may have to be kept for longer periods, as they may be needed in lawsuits to defend or support the bank’s position. This involves consideration of state statutes of limitations and other legal rules.
Nebraska also has a record retention schedule compiled by the State Banking Department as a formal regulation. That schedule is also reproduced in the “Nebraska Record Retention Schedule” also in the Record Retention section. Bankers still are advised to look beyond these regulations and determine bank retention periods based both on the law and the bank’s own needs.
Nebraska statutes affecting record retention are as follows:
8-170 Records and files; time required to be kept; destroy, when; ledger sheets, preserve. (1) Banks shall not be required to preserve or keep their records or files for a longer period than six years next after the first day of January of the year following the time of the making or filing of such records or files except as provided in subsection (2) of this section.
(2)(a) Ledger sheets showing unpaid balances in favor of depositors of banks shall not be destroyed unless the bank has remitted such unpaid balances to the State Treasurer in accordance with the Uniform Disposition of Unclaimed Property Act. Banks shall retain a record of every such remittance for ten years following the date of such remittance.
(b) Corporate records that relate to the corporation or the corporate existence of the bank shall not be destroyed.
8-171 Records; destruction; liability; excuse for failure to produce. No liability shall accrue against any bank destroying any such records after the expiration of the time provided in section 8-170. In any cause or proceedings in which any such records or files may be called in question or be demanded of the bank or any officer or employee thereof, a showing that such records or files have been destroyed in accordance with the terms of sections 8-170 to 8-174 shall be a sufficient excuse for the failure to produce them.
8-173 Actions against bank on claims inconsistent with records; accrual of cause of action; limitations. All causes of action against a bank based upon a claim or claims inconsistent with an entry or entries in any bank record or ledger, made in the regular course of business, shall accrue one year after the date of such entry or entries. No action founded upon such a cause may be brought after the expiration of five years from the date of such accrual.
8-174 Records and files; destruction, applicable to national banks so far as any be permitted by laws of United States. The provisions of sections 8-170 to 8-174, so far as may be permitted by the laws of the United States, shall apply to the records and files of national banks.
8-175 Banks; false entry or statement; other offenses relating to records; penalty. Any person who shall willfully and knowingly subscribe to, or make, or cause to be made, any false statement or false entry in the books of any bank, or shall knowingly subscribe to or exhibit false papers with the intent to deceive any person or persons authorized to examine into the affairs of any such bank, or shall make, state or publish any false statement of the amount of the assets of liabilities of any such bank, or shall fail to make true and correct entry in the books and records of such bank of its business and transactions in the manner and form prescribed by the department, or shall mutilate, alter, destroy, secrete or remove any of the books or records of such bank without the written consent of the director, or shall make, state or publish any false statement of the amount of the assets or liabilities of any such bank, shall be guilty of a Class III felony.