That was a long time ago but I’ve peeked in at backup systems in the intervening years and it does seem to hold true over time.
But it really depends how much data you have. My ex dropped a single HDD in a safety deposit box at CoB, N times per week and fetched back the oldest disk. I don’t think she ever said how many were in there but I doubt it was more than three. I think the CTO took one home with him once per week.
The silly thing about most of this set up is that the office, the bank, and the data center were all within half a kilometer of each other. If something bad happened to that part of town they only had the infrequent offsite backup.