How long should I keep bank records, and what factors should influence this decision? Is there a specific duration that effectively balances the need for financial transparency with the unyielding constraints of physical space? Considering the myriad types of transactions—such as deposits, withdrawals, and loan statements—do different records warrant varying retention periods? Furthermore, what implications do tax regulations have on these timelines, especially if the documentation could potentially serve as pivotal evidence in an audit scenario? Should I assess my personal financial history alongside general guidelines, or are there unique circumstances that might necessitate a more prolonged retention? In the realm of digital banking, how does the obsolescence of paper records affect the recommended duration for keeping such information? Ultimately, what best practices or strategies can be employed to ensure that I do not inadvertently discard critical financial documents too soon? Is there a universally accepted standard that I should adhere to?