Report an error. Journalistic Standards. About The Star. If you do not yet have a Torstar account, you can create one now it is free Sign In. Conversations are opinions of our readers and are subject to the Code of Conduct. The Star does not endorse these opinions. More News. By asking for your bank details, the landlord is able to confirm that you actually hold an account and that your monthly income, less your expenditures, is enough to cover the rent.
Another reason for Landlords to want to know your account number is for security in the eventuality that you may fail to pay the rent. Landlords and agents usually want to check that you can pay the rent. They may ask to see: an employment contract or letter from your employer.
Give them redacted statements showing your bank name and your name, statement date, maybe last three of acct number, black out everything except deposit amount and source and date. They want to see if you have 2. A landlord or property manager may ask for your bank account number to ensure that you actually have a bank account and make enough to cover the rent. Keep in mind that this number is also listed at the bottom of any personal checks you may use to make payments.
The bank will never divulge your personal information to a depositor. A person making a deposit at a teller, will hand your banking details with a check or cash to deposit into your account.
Do you have to provide your Social Security number on the rental application? Rules vary by the company that provides the credit report. You are engaged in a financial transaction that is subject to the Customer Identification Program. Most healthcare providers will ask you for your Social Security number when you are seeking medical care. Debt data appears on your credit report, which the landlord can obtain with your consent.
Some landlords verify your income by asking for copies of your bank statements. The landlord is within his rights to request such information. Landlords want to rent to stable, reliable tenants — not someone who keeps his cash under the mattress. By asking for your bank details, the landlord is checking that you actually hold an account and that your monthly income, minus your expenditures, is enough to cover the rent.
The landlord may also want your bank account number as security against you subsequently defaulting on the rent. While the landlord has the right to ask for your bank balance, you have an equal right to refuse.
LOL And we ask to see if your check will be any good or if it's going to bounce every month costing us time and money. So the bottom line is refusing to provide information may get you turned down.
Or you can pay your lease in cash in advance. Of course then I'll wonder why you want to pay in advance and assume you are a con artist until proven otherwise. Ya just can't win. Last edited by jamies; at AM.. Originally Posted by jamies. With unscrupulous LL's wanting you to pay for replacing carpet that's 18 years old because that is their motus operandi in getting new things for units instead of paying for carpet themselves and charging you for things in hopes that you get zero of your deposit back, then the tenant has a right to question this procedure.
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