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Home > Frequently Asked Questions > I am holding a credit card number on file as a “security deposit”. How long should I keep this information?

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.

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  • Treasury Operations FAQ [1]

Source URL:https://www.uoguelph.ca/finance/i-am-holding-credit-card-number-file-%E2%80%9Csecurity-deposit%E2%80%9D-how-long-should-i-keep-information

Links
[1] https://www.uoguelph.ca/finance/category/category/revenue-control