JThimm88 Posted June 3, 2011 Report Share Posted June 3, 2011 I'm curious to know why apartment applications ask for your checking/savings account numbers? Is it to simply verify that you do have a bank account, or do they actually go and see just how much $$$ is in each of those accounts? Is it for some other reason? I never thought about it when we applied to live in the apartments we're currently living in, but as we're possibly making a move across the country and looking at applications, I just had the question pop into my mind! Quote Link to comment Share on other sites More sharing options...
JudoMinja Posted June 3, 2011 Report Share Posted June 3, 2011 Some require you to have a certain income to be able to live in their apartment- ex. requiring you to make 3x the rent. This helps insure that you will be able and thus more likely to pay your rent. Others just want to know that you have "an" income. It depends on who you are renting from just how stringent the requirements will be, but all of them at least want to know that you are making money. Quote Link to comment Share on other sites More sharing options...
Guest saintish Posted June 3, 2011 Report Share Posted June 3, 2011 I've never had one ask account and routing numbers, I have been asked to provide pay stubs. Quote Link to comment Share on other sites More sharing options...
Just_A_Guy Posted June 3, 2011 Report Share Posted June 3, 2011 (edited) They can pull your credit history; but I think (not positive) that your credit report should show the presence of any significant positive bank account balances. That being the case, the only reason I can fathom for them needing your account numbers is if they're planning on pulling money out of those accounts directly. I'd be wary. IIRC, you are/were at one point a student at a church-owned university. Taking advantage of students is a cottage industry in both Rexburg and Provo. Edited June 3, 2011 by Just_A_Guy Quote Link to comment Share on other sites More sharing options...
Guest saintish Posted June 3, 2011 Report Share Posted June 3, 2011 That being the case, the only reason I can fathom for them needing your account numbers is if they're planning on pulling money out of those accounts directly... I'd be wary.I thought about that but if you pay rent with a check they already have your routing number and account number. Quote Link to comment Share on other sites More sharing options...
JThimm88 Posted June 3, 2011 Author Report Share Posted June 3, 2011 In our current complex (we've been here for almost 2 years), they asked for account numbers, but I check our bank account frequently and no money has ever been drawn. We still give them checks to pay our rent from, so I was just wondering. And actually, the complex we are looking into moving into is all the way back in Wisconsin (so no longer one of the places here in Rexburg where we currently are). JudoMinga probably has it right. I Googled this subject and couldn't find much, but someone did also mention the 3x rent as well. Quote Link to comment Share on other sites More sharing options...
dahlia Posted June 3, 2011 Report Share Posted June 3, 2011 I'd never provide a bank account number to a leasing agent. If I don't pay the rent, they can come and sue me and get a judgment. No way would I make it easy for someone to pull money from my account without my knowledge or permission. I consistently refuse to give account numbers and have never been refused any credit, lease, or whatever. The bank account info is a rather poor indicator of your financial worthiness. 'Worthy' people have checking and savings accounts. People who may abscond without paying the rent use a check cashing service (big generality, but you get the picture). If they want to get your credit record, they can use your SSN and pull a credit history. Also, there is this little thing called privacy - the leasing agent certainly does not have the right to get your bank balance. I'd even go out on a limb and say the bank can't confirm or deny that you have an account. Even the IRS has to give you a Notice to Levy before it takes money out of your account. It's one thing to say 'yes, I have checking and savings accounts,' it's quite another to provide the number and routing info. Quote Link to comment Share on other sites More sharing options...
Blocky Posted June 4, 2011 Report Share Posted June 4, 2011 If they want to get your credit record, they can use your SSN and pull a credit history. Also, there is this little thing called privacy - the leasing agent certainly does not have the right to get your bank balance.IF they run a credit check it will show the balance on all accounts. I'm guessing the only time they would be able to get money from your accounts is if they ever have a judgment against you. Otherwise, it's true that paying with a check gives them all that same info. Quote Link to comment Share on other sites More sharing options...
skippy740 Posted June 4, 2011 Report Share Posted June 4, 2011 It IS possible for leasing agents & especially mortgage brokers to ask for a "verification of deposit". However, I've never heard of an apartment complex asking for such information. (I worked in a bank for over 3 years and had these things coming in at least once a week.) Also, bank balances are NEVER reported to credit agencies (transunion, experian, equifax). They are deposit accounts, not credit accounts. They can be reported if closed and charged off with a negative balance... but it's usually also reported to ChexSystems as well. Quote Link to comment Share on other sites More sharing options...
JThimm88 Posted June 4, 2011 Author Report Share Posted June 4, 2011 Well, now I feel like I'm going nuts, for every single apartment application that I've looked at (both here in Rexburg and in a few cities in Wisconsin near where my husband's family and my own reside) have all asked for account numbers for checking/savings accounts. Hm, hm, hm. I mean, like I stated earlier, never had a problem doing so in the past 2 years we've been here, but you just never know. Thanks for all the answers everyone! Quote Link to comment Share on other sites More sharing options...
skippy740 Posted June 4, 2011 Report Share Posted June 4, 2011 This is a really good forum to ask good questions about credit, banking & other issues.Credit and Debt Problems Forums - Powered by vBulletinI used to moderate on this forum a few years ago. I used the screen name "DHK". I still have a bunch of "stickies" in the banking & finance forum. Quote Link to comment Share on other sites More sharing options...
mnn727 Posted June 4, 2011 Report Share Posted June 4, 2011 Ask the manager/rental agent why they are asking for that information and if they don't have a reasonable answer, leave it blank. Quote Link to comment Share on other sites More sharing options...
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