I am holding a credit card number on file as a “security deposit”. How long should I keep this information?
Occasionally a department will process a pre-authorization on a credit card without actually making a charge on the customer’s account, for example: a damage deposit. This may be done directly on the terminal or on a sales draft. Pre-authorizations on a terminal should be removed once the business transaction is completed, unless charges need to be applied. Sales drafts should be cross-shredded or given back to the client.