Skip to content

Bank Querying Customer on Age & Retirement Plans

Is it appropriate for a bank to ask a customer what age group are you in and what age do you plan on retiring?

Answer by Patricia Cashman: If the bank is asking a customer in connection with an insurance and/or investment product, then this would be not only acceptable but prudent. If this is in connection with any discussion regarding a loan product, then you have run smack into a serious fair lending issue!


Answer by Randy Carey: I agree with Patricia. If this question is in connection with a loan application, the more appropriate question without consideration of the age of the customer, would be: "Do you expect any change in your income during the term of this loan?" This will allow the applicant to indicate that they are planning to retire in the near future and you can then gather information concerning future income to see if it will continue to support the loan request. It will also cover other situations in which the applicant's income may change in the near future.

First published on 1/19/09

First published on 01/19/2009

Filed under: 
Filed under compliance as: 
Filed under lending as: 

Search Topics