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#37101 - 10/15/02 03:04 PM GLBA
GTS Offline
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Joined: Mar 2001
Posts: 2
Hendersonville, NC USA
I have heard that some banks have decided not to give out account information to anyone requesting even with a customer authorization. What are other banks doing about requests for account verifications, both deposit and loan?

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Operations Compliance
#37102 - 10/15/02 03:52 PM Re: GLBA
BANNED BY BOL MANAGEMENT Offline
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Joined: Oct 2002
Posts: 524
It's business as usual (here) as long as we have customer authorization. I just don't see how any bank can just cut off this "service," especially when competitors are willing to provide the information. Of course, nothing happens without the customer authorization.

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#37103 - 10/15/02 04:36 PM Re: GLBA
Princess Romeo Offline

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Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
I have not heard of this practice. Frankly, if I was applying for a mortgage loan, and my bank refused to verify account information for the lender, I would be VERY upset if I didn't get the loan.

Privacy and Information Security are one thing. Extreme paranoia and/or laziness at answering legitimate requests is quite another!
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CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

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#37104 - 10/15/02 08:38 PM Re: GLBA
ahou Offline
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ahou
Joined: Aug 2002
Posts: 3,094
We get written customer authorization and have no problems with giving or getting info from area banks.
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Opinions are my own and not of my employer.

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#37105 - 10/15/02 09:18 PM Re: GLBA
Anonymous
Unregistered

The mega banks stopped verifying funds over a year ago. The only way to get anything verified through the BIG guys is in writing with their customer's signature on it. Maybe they have the right idea and are trying to avoid a law suit.

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