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Old 04-01-2007, 02:54 PM
badjosh badjosh is offline
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Default Bank account

Do bank share account with other banks,

I want to get another account set up can the bank ask my bank for personal information
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Old 04-02-2007, 02:21 PM
Mark A Mark A is offline
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Default Re: Bank account

Banks will share info via Chexsystems and your FICO score. If you are in the USA a bank is required to take a lot of personal information from you.
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Old 04-03-2007, 05:52 PM
tater03 tater03 is offline
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Default Re: Bank account

Yes banks do ask a lot of personal information when setting up an account but I didn't realize they were allowed to share that information with another bank? I thought that was all confidential?
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Old 04-05-2007, 01:46 PM
Mark A Mark A is offline
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Default Re: Bank account

That information is all about whether or not you pay your bills on time or if you overdraw on your checking accounts.

It's in place to prevent kiting schemes where people write larger and larger checks off of two different accounts to get their balances falsly high by taking advantage of the 2-4 days of float time.

When this is all over, if "successful" the person withdrew a large balance and left the country forever, if failed the checks start becoming rubber and bounce big time in both accounts.

Another reason this info is shared is so the financial knows whether or not you can afford another payment. If your credit report shows 8 credit cards and you habitually miss a payment or two, it will hurt you when it comes to buying stuff like cars, homes, etc.
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Old 04-05-2007, 04:08 PM
mamab mamab is offline
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Default Re: Bank account

Are you asking if you can allow one bank to transfer your personal information (name, address, phone, etc.) to the other, I don't think so. You have to go to each financial institution and fill out their paperwork to open an account. Besides, I wouldn't want banks sharing information without my knowledge, or permission.
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Old 04-05-2007, 06:00 PM
tater03 tater03 is offline
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Default Re: Bank account

That is what I thought the poster meant. Was more of you personal type information. That was the information that I feel they should not be allowed to share.
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Old 04-07-2007, 06:04 AM
Dru Dru is offline
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Default Re: Bank account

Not only can they get information about your banking habits from chexsystems, if they don't like what they find they will close the new one you just opened. The sort of information is similar to a credit report, but also includes things like when was the last time you ordered checks, have you had an account closed, etc.
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