Applying for a loan and them requesting access to your checking acvount

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Where is the bank located? Not all banks within the USA are actually in the USA and don't need to follow U.S. Laws. Do I need to explain?
 
Scam to me. People are so gullible anymore. Circle K will sell you gas $.06 cheaper if you let them set up a direct withdrawal from your checking account, not your debit card mind you, a direct draw. Nope. I don't need that either.
 
Would you mind stating the name of this bank?
Simply put, this sounds crazy.
It doesn't even make sense. You could change your password right away.
And so could they!
 
Originally Posted by oldhp
Scam to me. People are so gullible anymore. Circle K will sell you gas $.06 cheaper if you let them set up a direct withdrawal from your checking account, not your debit card mind you, a direct draw. Nope. I don't need that either.


The local chain Cumberland Farms does that too, you get 10 cents off per gallon. They give you free drinks after so many gallons and a couple times a month they give you a freebie. By taking it directly from your checking account, they avoid any fees like you'd have on a debit card. Like an online billpay or like Venmo or Paypal.
 
Originally Posted by Donald
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.

With all due respect, This is a case of your wife going all FULL legalese on them!

Privacy, etc
 
Sounds like the person you talked to is doing a bit of skimming on the side. No way this sort of "policy" would be official at any company. They figure they are dealing with people that have little choices, so they scare them into giving up their login credentials.

Report them and don't give them anything.

Also, if you willingly give them your login credentials, you will have a hard time getting your bank to be on your side in case they do steal money from you. They may even have a case against you for fraud.
 
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Last night i was filling out paper work online about refinancing the house with a different mortgage company. They also wanted my account number, routing number and bank name. I passed.
 
Originally Posted by skyactiv
Where is the bank located? Not all banks within the USA are actually in the USA and don't need to follow U.S. Laws. Do I need to explain?



Yes please.

Any bank operating as a bank in the USA would need to follow federal, state, and local laws in order to do business as an actual bank.

There are certain investment activities that skirt the edges of that but not a bank that would take deposits and hold funds in trust.
 
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Originally Posted by dan_erickson
Last night i was filling out paper work online about refinancing the house with a different mortgage company. They also wanted my account number, routing number and bank name. I passed.


This is standard info for processing ACH payments. That provides a lot more oversight than userid and pw to your bank.
 
Donald - ask the banking institution if they think it's a good idea to give away account ID and PW info. Ask them if they have heard of this kind of request, and if they are pro/con for it's use.

I, for one, would rather pay a higher rate, or more likely laugh and walk away from that lending institution, than give away account access info.
 
Originally Posted by dlundblad
Originally Posted by Donald
It looks like they do it once to verify your account. Here is an explanation.

https://www.reddit.com/r/BitcoinMarkets/comments/40li0k/why_does_coinbase_need_to_log_into_my_bank/


If you had to find an explanation to this none sense on reddit, you should probably pass on this deal.

Did you follow the link and read the explanation ? Seems that you might not be that familiar with reddit. While it has a fair amount of garbage, it also has endless amounts of valuable and accurate information.
 
Scam or not, who the heck would give a stranger their logon info, including password?! You might as well give them the keys to your house and let them know when you're wife's home while you're away on a business trip!

Scott
 
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