Recent Topics
Where do you buy super cheap reading glasses?
by MoneyJohn - 02/20/20 11:34 AM
Caliper Boot Was Loose When Changing Pads
by Fitz98 - 02/20/20 11:15 AM
Non-Detergent and Additized Mono-Grades
by MolaKule - 02/20/20 11:14 AM
$25 Pennzoil rebate on 1 case of 6 qts
by Ride_Red - 02/20/20 08:28 AM
Ratcheting Wrenches
by Redright9 - 02/20/20 07:27 AM
Buick Regal 2.0T Ecotec Engines
by ET16 - 02/20/20 06:34 AM
Fuchs Titan GT1 Evo 0w20 LL014FE
by kr_bitog - 02/20/20 05:46 AM
Tungsten Ravenol
by V10 - 02/20/20 01:37 AM
Can an SSD make this much difference?
by 14Accent - 02/20/20 01:14 AM
The Big Oil Change - Sinclair Oil 1960's
by StevieC - 02/19/20 10:47 PM
A new topper for my truck
by HM12460 - 02/19/20 10:12 PM
AAP/Carquest platinum pads/rotors
by parshisa - 02/19/20 10:03 PM
Apple watch - high data usage
by Quattro Pete - 02/19/20 09:46 PM
Gas in the 80's vs Today
by alcyon - 02/19/20 09:34 PM
1993 Hilux 3.0 diesel
by Mayberryminitruc - 02/19/20 08:58 PM
WrightGrip 2.0 wrench set
by spasm3 - 02/19/20 08:57 PM
Don't forget about your clutch fluid
by Number_35 - 02/19/20 08:40 PM
Financial Advice
by cpayne5 - 02/19/20 08:28 PM
Newest Members
Jason454, Max331, 4fordsd, Mayberryminitruc, DaiwaGuy
70759 Registered Users
Who's Online Now
101 registered members (2012AccentSE, Anduril, ABomb369, 750IX, apollo18, 53' Stude, 9 invisible), 2,180 guests, and 21 spiders.
Key: Admin, Global Mod, Mod
Forum Statistics
Forums67
Topics301,697
Posts5,200,820
Members70,759
Most Online4,538
Jan 20th, 2020
Donate to BITOG
Print Thread
Hop To
Page 1 of 5 1 2 5
Applying for a loan and them requesting access to your checking acvount #5334052 01/27/20 06:27 PM
Joined: Mar 2004
Posts: 23,829
D
Donald Offline OP
OP Offline
D
Joined: Mar 2004
Posts: 23,829
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.


2015 Ford F-250 w/Powerstroke
2016 Subaru Crosstrek CVT (wife's)
Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334058 01/27/20 06:30 PM
Joined: Oct 2004
Posts: 10,025
B
bullwinkle Offline
Offline
B
Joined: Oct 2004
Posts: 10,025
That's weird... What would stop you from allowing them access, making a couple payments, then changing the password??


06 Ram 3500 CTD 4X4(FG Venturi), 93 GMC C3500 6.2, 89 F-450 7.3, 98 XJ 4.0(XG8A), 05 xB(XG3600), 18 Transit 3.7, 03 Merc Grand Marquis 4.6 2V(XG2)
Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334062 01/27/20 06:35 PM
Joined: Jan 2010
Posts: 3,168
J
JeffKeryk Offline
Offline
J
Joined: Jan 2010
Posts: 3,168
Sounds pretty bad to me. I have never heard of such a thing.


2018 Tesla Model 3, Medium Range Battery
2018 Lexus RX450h
2013 Lexus GS350 F Sport
2006 Acura TSX
2001 Tundra Access Cab, 1998 Accord LX, 1968 Corvette L36 Roadster, 1965 Olds 4-4-2
Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334067 01/27/20 06:39 PM
Joined: Dec 2005
Posts: 13,522
K
kschachn Online Content
Online Content
K
Joined: Dec 2005
Posts: 13,522
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.


1994 BMW 530i, 251K
1996 Honda Accord, 280K
1999 Toyota Sienna, 430K
2000 Toyota ECHO, 284K
Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334071 01/27/20 06:40 PM
Joined: Oct 2002
Posts: 38,601
Quattro Pete Offline
Offline
Joined: Oct 2002
Posts: 38,601
Originally Posted by Donald
It's not a scam.

It sure sounds like one.


2002 530i   2015 Q5 3.0T   2018 Charger SRT
Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334072 01/27/20 06:41 PM
Joined: Apr 2012
Posts: 7,996
W
Wolf359 Offline
Offline
W
Joined: Apr 2012
Posts: 7,996
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
Joined: Aug 2013
Posts: 726
T
tcp71 Offline
Offline
T
Joined: Aug 2013
Posts: 726
That is either a scam or otherwise illegal. Privacy law should be reviewed for your state.


2016 F150 Eco: Edge 0w40
2005 Sienna 3.3: NAPA 5w30 syn. (varies)
Re: Applying for a loan and them requesting access to your checking acvount [Re: Wolf359] #5334080 01/27/20 06:47 PM
Joined: Mar 2004
Posts: 23,829
D
Donald Offline OP
OP Offline
D
Joined: Mar 2004
Posts: 23,829
Originally Posted by Wolf359
Did you actually call them on the phone to verify?


Yes.


2015 Ford F-250 w/Powerstroke
2016 Subaru Crosstrek CVT (wife's)
Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334094 01/27/20 06:58 PM
Joined: Apr 2009
Posts: 732
W
walterjay Offline
Offline
W
Joined: Apr 2009
Posts: 732
Proceed cautiously.

Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334098 01/27/20 07:01 PM
Joined: Mar 2019
Posts: 114
A
Aredeeem Offline
Offline
A
Joined: Mar 2019
Posts: 114
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
Joined: Apr 2004
Posts: 5,662
J
JustinH Offline
Offline
J
Joined: Apr 2004
Posts: 5,662
Sorry nope. Not happening.


'16 Ford Escape
'11 Scion XB
Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334106 01/27/20 07:10 PM
Joined: Apr 2015
Posts: 683
M
Mainia Offline
Offline
M
Joined: Apr 2015
Posts: 683
NOPE! The zero need, other then a scam.


2018 Lowered Hyundai Kona AWD 1.6T
2014 Toyota Rav4 AWD
2005 Honda Civic
Re: Applying for a loan and them requesting access to your checking acvount [Re: Donald] #5334109 01/27/20 07:14 PM
Joined: Apr 2012
Posts: 7,996
W
Wolf359 Offline
Offline
W
Joined: Apr 2012
Posts: 7,996
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
Joined: Mar 2019
Posts: 114
A
Aredeeem Offline
Offline
A
Joined: Mar 2019
Posts: 114
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
Joined: Aug 2004
Posts: 6,311
blupupher Offline
Offline
Joined: Aug 2004
Posts: 6,311
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.


'18 Santa Fe: PP 10W-30/OEM
'18 Soul: Synpower 5W-30/PG
'10 Santa Fe: Synpower 5w-30/D+
'04 F150: Magnatec 10w-30/ST
'12 xB: M1EP 0W-20/CQ Blue
'02 F150: Magnatec 5W-20/D+
'94 VT1100: Peak 15W-40/D+
Page 1 of 5 1 2 5
Previous Thread
Index
Next Thread

BOB IS THE OIL GUY® Powered by UBB.threads™