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Applying for a loan and them requesting access to your checking acvount #5334052 01/27/20 06:27 PM
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Donald Offline OP
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Wife was applying to refinance a student loan for her daughter. The loan company wants the logon userid & PW to checking account to auto deduct.

The loan company can ACH a payment without needing access to checking account userid & PW.

So what is going on. It's not a scam. They will do the loan at a higher rate of you do not provide the access.


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Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334058 01/27/20 06:30 PM
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bullwinkle Offline
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That's weird... What would stop you from allowing them access, making a couple payments, then changing the password??


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Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334062 01/27/20 06:35 PM
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JeffKeryk Offline
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Sounds pretty bad to me. I have never heard of such a thing.


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Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334067 01/27/20 06:39 PM
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kschachn Offline
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Uhh, no. There is no legitimate reason they need that, as you say the payments can be deducted without that information.

What if you didn't have web access to your account? Not all banks provide that, and not all customers take advantage of it for the ones that do. No way I'd fork over that to anyone.


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Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334071 01/27/20 06:40 PM
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Quattro Pete Offline
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Originally Posted by Donald
It's not a scam.

It sure sounds like one.


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Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334072 01/27/20 06:41 PM
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Wolf359 Online Content
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Did you actually call them on the phone to verify?

Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334078 01/27/20 06:46 PM
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tcp71 Offline
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That is either a scam or otherwise illegal. Privacy law should be reviewed for your state.


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Re: Applying for a loan and them requesting access to your checking acvount [Re: Wolf359] #5334080 01/27/20 06:47 PM
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Donald Offline OP
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Originally Posted by Wolf359
Did you actually call them on the phone to verify?


Yes.


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Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334094 01/27/20 06:58 PM
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walterjay Offline
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Proceed cautiously.

Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334098 01/27/20 07:01 PM
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Aredeeem Offline
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Sounds a bit weird. I have a few vendors that pull payments out of my checking account. During set up the only thing I provide to them is my routing number and account number that can be found on the bottom of your check. Providing a log in and a password!? I don’t think so.

Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334101 01/27/20 07:05 PM
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JustinH Offline
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Sorry nope. Not happening.


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Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334106 01/27/20 07:10 PM
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Mainia Offline
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NOPE! The zero need, other then a scam.


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Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334109 01/27/20 07:14 PM
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Wolf359 Online Content
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Either the person you talked to doesn't know what they're talking about or it's some kind of scam. Normally you just sign some direct deposit paperwork. Ask them to send you a copy of the paperwork.

Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334112 01/27/20 07:18 PM
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Aredeeem Offline
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Donald please don’t provide that info. Are you sure you’re dealing with a legit loan outfit and not a scammer masquerading as one. It would take 2 seconds for someone to do a lot of damage. Allowing access and then changing the password a day or two later would be too late. A legit outfit does not need that info. Dangling a lower interest rate to encourage you to do that is a big red flag.

Re: Applying for a loan and them requesting access to your checking acvount [Re: Aredeeem] #5334117 01/27/20 07:21 PM
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blupupher Offline
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Originally Posted by Aredeeem
... During set up the only thing I provide to them is my routing number and account number that can be found on the bottom of your check. Providing a log in and a password!? I don’t think so.

This.

No need for them to have complete access to the account.


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