You must retain the “Proof of Authorization” records for a two year period from the date of the transaction in order to assist in protecting yourself from future claims arising out of that payment. Although the rules of the Automated Clearing House Association (NACHA) and the Regulation E of the Consumer Protection Act do limit the timeframes within which a consumer or business can contest a payment, various State statutes of limitations may apply and allow future claims by Payers well beyond those timeframes. Additionally, most State or Federal Regulatory or Law Enforcement Agencies investigating consumer complaints or financial crimes would expect such records to be retained for a minimum of two years.
