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Question of the Day: What is your non-negotiable item, device, or app for international travel?
Bank accessing personal information
- Thread starter garrith
- Start date
Kosmik
Honorary Master
There is normally always a checkbox somewhere on a credit agreement that you allow them to do those types of checks. be very surprised if there isn't one.
Binary_Bark
Forging
Yes, they can. When applying for credit they ask if they could do a credit check, and if you can afford the credit you are applying for.
It's all part of the approval procedure
He said without asking for his consent.
LazyLion
King of de Jungle
It's something you agree to when applying for a loan.
Thje banks are never going to go into a loan agreement blind.
Thje banks are never going to go into a loan agreement blind.
Binary_Bark
Forging
rietrot
Honorary Master
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Yes if you applied for credit and gave them permission to do a credit check they can check everything. They can check your bank accounts and verify your income and expenses. They are suppose to do this to comply with NCA.
therealace
Well-Known Member
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That should be it...
You have to give permission for that - without permission they aren't allowed to do it.
LOTR
Senior Member
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Agreed - Consent is required to allow them to obtain your other bank info. If you don't give consent for them to obtain the info, then they will request you to provide that info before continuing with the credit process.
Drifter
Honorary Master
They check your bank statement to confirm that your salary is in fact paid into your account, and affordability.
Kosmik
Honorary Master
Bit OT but I once had a funny story with Edgars years ago ( pre-NCA ). I had a store card with a limit of R5k, barely used, had R4.8k available. I went in to buy a gaming console for R3.5k and put it on the card. So when I go to the till, this lady says "oh, this is a hot item" and she needs to speak to the card division. I said ok sure, had my id with me and everything so wasn't stressed. I get handed this phone and the lady on the other end starts doing the whole security check thing. Then she asks me , do I have an account with x bank and what my balance is. I told her firstly, it's none of her or Edgars business who I have a bank account with or what my balance is. I'm not applying for credit, I already have the card which is in good standing and I'm not going to divulge third party details over the phone. After a back and forth, she eventually told me that since I wouldn't "co-operate" , they would not allow the purchase. I told her , "Sure, then I don't need a store card that won't honour their credit agreement with me either".
Closed the account that day and bought what I wanted on my credit card at another store.
Closed the account that day and bought what I wanted on my credit card at another store.
itareanlnotani
Executive Member
You can tell them whatever you want, whether actually do it is another matter, even if they "agree".
Good luck with that. Nedbank still phones for the company accountant who left 10 years ago.
In any Loan agreement you have to give them consent to do a bureau check to proceed. That will give the bank a breakdown of all your Credit products in SA.
If that bank is not where your current account is they will likely do an IDX query which will pull your statements from another bank. Not allowed to be done without your consent, but the general credit check consent might cover this.
It's not necessarily accessing your bank account.
Participating banks exchange transactional account information to credit providers (this is completely aboveboard and legitimate).
See more info at the Document Exchange Association (DEA)
EDIT: as per their processes, you can dispute consent:
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