Is it legal for corporate banking to access any and all of your accounts in fine detail with informing the client or getting consent?
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Is it legal for corporate banking to access any and all of your accounts in fine detail with informing the client or getting consent?
My husband and I are applying for a new mortgage. The financial institution sent us an email today to ask about a deposit to our checking account over 2 months ago. I asked them if I could have a copy of the consent form that I signed to allow them total access to every transaction in my checking account. I was informed they do it all the time and did not have a form asking for permission to do this.
Asked on October 2, 2014 under Business Law, Oklahoma
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Yes, they can do this: they are a business whom you are asking for a new product or service (a new mortgage) and they can review their entire history with you, the same way a contractor could review if you ever paid him late or short on prior home projects before agreeing to do more work, or a store could review whether you ever had lay-a-away or store credit card problems before giving you a new line of credit. Any business may access all it's own customer/account infomation when deciding whether to do new business with, or extend new credit to, that customer.
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