Is it normal for a bank to request your financial statements? - GoFuckYourself.com

WiredGuy · 07-05-2005, 03:59 PM

I never had this issue before, but my bank is requesting that from now on I give a copy of my yearly financial statements to them. Now, I don't have any loans or debts to any banks, but I did recently get my credit card limit increased by 500%, which is their reasoning for asking such information. However, I also surrendered the same amount of my credit card as a security to the bank so to the banks eyes, there is 0 risk of me defaulting on my credit but they still want my financial staments.

I'm wondering if this typical of a Canadian bank to request. I don't like the idea of having these confidential documents floating around my bank.

WG

beemk · 07-05-2005, 04:02 PM

sounds pretty standard, assuming you have your credit card through the bank. when i talked to my bank to get my credit increased she said if i give her an updated yearly income i have a better chance of getting it increased. but if they already increased it, i dont really see their reasoning unless you already told them and they want it as proof.

the Shemp · 07-05-2005, 04:03 PM

Quote:

Originally Posted by WiredGuy

I never had this issue before, but my bank is requesting that from now on I give a copy of my yearly financial statements to them. Now, I don't have any loans or debts to any banks, but I did recently get my credit card limit increased by 500%, which is their reasoning for asking such information. However, I also surrendered the same amount of my credit card as a security to the bank so to the banks eyes, there is 0 risk of me defaulting on my credit but they still want my financial staments.

I'm wondering if this typical of a Canadian bank to request. I don't like the idea of having these confidential documents floating around my bank.

WG

that's for your business account?

WiredGuy · 07-05-2005, 04:04 PM

Quote:

Originally Posted by beemk

sounds pretty standard, assuming you have your credit card through the bank. when i talked to my bank to get my credit increased she said if i give her an updated yearly income i have a better chance of getting it increased. but if they already increased it, i dont really see their reasoning unless you already told them and they want it as proof.

They did increase it after I provided my financial statements for last year. I wasn't aware they wanted it on a yearly basis. But also realize I surrendered the same amount as the credit card as security to the bank, a security they can seize should I default on payment. I was hoping this would be enough to avoid any further credit assessments.

WG

Furious_Female · 07-05-2005, 04:04 PM

I've never heard of such a thing in the US. I wouldn't do it. That's an invasion of privacy, especially for a secured credit line.

Banks are sort of like sponsors, shouldn't keep all your eggs in one basket.

WiredGuy · 07-05-2005, 04:04 PM

Quote:

Originally Posted by the Shemp

that's for your business account?

Correct.
WG

andrej_NDC · 07-05-2005, 04:04 PM

it is not normal, I would change the bank

BigWebRev · 07-05-2005, 04:04 PM

that is odd, must be a Canadian bank thing.......

abyss_al · 07-05-2005, 04:06 PM

don't show them shit... they don't need to know worth a damn..

NoCarrier · 07-05-2005, 04:06 PM

Quote:

Originally Posted by WiredGuy

I never had this issue before, but my bank is requesting that from now on I give a copy of my yearly financial statements to them. Now, I don't have any loans or debts to any banks, but I did recently get my credit card limit increased by 500%, which is their reasoning for asking such information. However, I also surrendered the same amount of my credit card as a security to the bank so to the banks eyes, there is 0 risk of me defaulting on my credit but they still want my financial staments.

I'm wondering if this typical of a Canadian bank to request. I don't like the idea of having these confidential documents floating around my bank.

WG

Yes. When I bought a house I had to give them my financial statements and my income tax statement from the last 3-4 years. It's nothing unusual. They just want proof that you really have a revenue. Your credit record does not have that proof. And it's against federal law for the bank to ask about your tax reports/financial statements to the "Canada revenue agency".

If you don't want to do it, just close your account and go to another bank. But you will propably need to do the same to get credit anyway.

polish_aristocrat · 07-05-2005, 04:07 PM

show them some links to GFY, they will see you're a trusted person

Juicy D. Links · 07-05-2005, 04:08 PM

tell em to eat a cock.

and also to blow you.

RRRED · 07-05-2005, 04:08 PM

I just called your bank and asked them for your phone #

Juicy D. Links · 07-05-2005, 04:08 PM

change over to Bank Of JDL located in Punta Gorda , Belize

the Shemp · 07-05-2005, 04:08 PM

Quote:

Originally Posted by WiredGuy

Correct.
WG

its common if your have a business bank loan, but its kind of odd for a secured credit card...what will they do if you dont provide it...close your account?

NoCarrier · 07-05-2005, 04:11 PM

Quote:

Originally Posted by Juicy D. Links

change over to Bank Of JDL located in Punta Gorda , Belize

Any annual fees?

WiredGuy · 07-05-2005, 04:12 PM

Quote:

Originally Posted by NoCarrier

Yes. When I bought a house I had to give them my financial statements and my income tax statement from the last 3-4 years. It's nothing unusual. They just want proof that you really have a revenue. Your credit record does not have that proof. And it's against federal law for the bank to ask about your tax reports/financial statements to the "Canada revenue agency".

If you don't want to do it, just close your account and go to another bank. But you will propably need to do the same to get credit anyway.

But a house is not a secured loan. I have a high credit card limit on the company account but I have paid it in full every month for 4 years and I gave up the equivalent maximum in the form of a GIC to secure it. I just find it odd that the bank wants to know my financials on a regular basis.

WG

WiredGuy · 07-05-2005, 04:12 PM

Quote:

Originally Posted by RRRED

I just called your bank and asked them for your phone #

Stalker! LOL.
WG

Juicy D. Links · 07-05-2005, 04:13 PM

Quote:

Originally Posted by NoCarrier

Any annual fees?

Ill have a representative contact you.

WiredGuy · 07-05-2005, 04:13 PM

Quote:

Originally Posted by the Shemp

its common if your have a business bank loan, but its kind of odd for a secured credit card...what will they do if you dont provide it...close your account?

I'm not sure. My guess would be lower my credit limit which I really need for my PPC media buys. I can't see them closing my account over this.

WG

Juicy D. Links · 07-05-2005, 04:14 PM

Quote:

Originally Posted by WiredGuy

But a house is not a secured loan. I have a high credit card limit on the company account but I have paid it in full every month for 4 years and I gave up the equivalent maximum in the form of a GIC to secure it. I just find it odd that the bank wants to know my financials on a regular basis.

WG

Weired Guy Bank Of JDL in Punta Gorda , Belize dont ask for any info. We ill set you up yo.

RRRED · 07-05-2005, 04:15 PM

Quote:

Originally Posted by WiredGuy

Stalker! LOL.
WG

So I'm regularly told!

I got a funny story for you later...

azguy · 07-05-2005, 04:15 PM

Big Brother is watching you.....

WiredGuy · 07-05-2005, 04:16 PM

Quote:

Originally Posted by RRRED

So I'm regularly told!

I got a funny story for you later...

Let me guess, it involves you changing your phone number

WG

the Shemp · 07-05-2005, 04:19 PM

Quote:

Originally Posted by WiredGuy

I'm not sure. My guess would be lower my credit limit which I really need for my PPC media buys. I can't see them closing my account over this.

WG

when i had bank problems over depositing US cheques, i sent 10 bottles of champagne to the bank branch Xmas party...never had a problem since..

The Bootyologist · 07-05-2005, 04:21 PM

wanting to know the past 2 years income and this year's current profti and loss outlook is standard practice when a bank gives you any kind of credit. are they supposed to just take a person's word on what they make?

Basic_man · 07-05-2005, 04:23 PM

I would change my bank and tell them to go fuck yourself :D

WiredGuy · 07-05-2005, 04:24 PM

Quote:

Originally Posted by the Shemp

when i had bank problems over depositing US cheques, i sent 10 bottles of champagne to the bank branch Xmas party...never had a problem since..

If anything my bank should be giving me gifts. They once lost my deposit, once applied a credit instead of a debit for a large amount which put my account into the negative, etc. They typically screw up about once per year but its still reasonable for the volume of transactions I do.

WG

WiredGuy · 07-05-2005, 04:24 PM

Quote:

Originally Posted by The Bootyologist

wanting to know the past 2 years income and this year's current profti and loss outlook is standard practice when a bank gives you any kind of credit. are they supposed to just take a person's word on what they make?

I did do this, but I don't think they should continue asking for updated statements every year on a secured line of credit.

WG

azguy · 07-05-2005, 04:26 PM

Quote:

Originally Posted by WiredGuy

I'm not sure. My guess would be lower my credit limit which I really need for my PPC media buys. I can't see them closing my account over this.

WG

Since you already have the money locked up as a security deposit... why don't you just get a Visa/MC debit card? I use my Visa debit card everywhere, works just like a CC for online payments

EDIT: unless you want to build credit, of course

WiredGuy · 07-05-2005, 04:28 PM

Quote:

Originally Posted by azguy

Since you already have the money locked up as a security deposit... why don't you just get a Visa/MC debit card? I use my Visa debit card everywhere, works just like a CC for online payments

EDIT: unless you want to build credit, of course

We don't have this in Canada. Credit cards and debit cards are two seperate types of cards. I could prepay my Visa but at least with the secured GIC I have with my bank, I get interest on the principle. I wouldn't with Visa.
WG

The Bootyologist · 07-05-2005, 04:28 PM

Quote:

Originally Posted by WiredGuy

I did do this, but I don't think they should continue asking for updated statements every year on a secured line of credit.

WG

why do you even have to secure this line of credit if you have good credit?

not trying to offend you, but something doesn't add up here.

and it's just as the last guy said, if you are securing this credit anyway, why not just use a debit card?

swami · 07-05-2005, 04:28 PM

I think your problem WG is that you DO pay your CC statement for the full amount every month, thus denying them a great profit on interest they expect to get.
They are pissed off with you cos they are making no money from you.

The Bootyologist · 07-05-2005, 04:29 PM

yes, debit and credit cards are two seperate things here in the US as well, but that doesn't affect the fact that you can use a debit card anywhere that visa/mc are accepted.

WiredGuy · 07-05-2005, 04:29 PM

Quote:

Originally Posted by The Bootyologist

why do you even have to secure this line of credit if you have good credit?

not trying to offend you, but something doesn't add up here.

and it's just as the last guy said, if you are securing this credit anyway, why not just use a debit card?

I don't have established credit. I've never taken a loan or financed anything. Been profitable since incorporating so I never had the need to.
WG

Socks · 07-05-2005, 04:29 PM

WG: Honestly I wouldn't take this lightly, unless you have horrible credit. First, they hardly ever even LET people guarantee a credit card anymore, at most banks anyways. Something they "used to do".

Secondly, didn't they already give you the increase?

Thirdly, they should be OFFERING to raise your limit, not breaking your balls over it. Change banks.

Socks · 07-05-2005, 04:30 PM

PS: Get a loan!

Put it in a shoebox or another account, pay it off. Get one a month even for one year. Your credit will be solid.

WiredGuy · 07-05-2005, 04:31 PM

Quote:

Originally Posted by swami

I think your problem WG is that you DO pay your CC statement for the full amount every month, thus denying them a great profit on interest they expect to get.
They are pissed off with you cos they are making no money from you.

I thought of the 3% discount rate that's typically charged, 1% goes to Visa, 1% goes to banks and the remainder is usually given back as rewards to clients. If that's the case, Visa and my bank should love me for the volume I push through.

WG

Thurbs · 07-05-2005, 04:31 PM

maybe they just want to know where your money is really coming from .... maybe they think ur 100k deposits are on par with a cocaine dealer

Jman · 07-05-2005, 04:32 PM

fuck the bank... Gimme a blank check I will give you a huge secured sock to put all those lovely dollars in ;-)

WiredGuy · 07-05-2005, 04:33 PM

Quote:

Originally Posted by Socks

WG: Honestly I wouldn't take this lightly, unless you have horrible credit. First, they hardly ever even LET people guarantee a credit card anymore, at most banks anyways. Something they "used to do".

Secondly, didn't they already give you the increase?

Thirdly, they should be OFFERING to raise your limit, not breaking your balls over it. Change banks.

I wish it were that simple to make the switch. Getting a high USD currency credit card is rather difficult. Other than Royal (currently) and TD, your pretty much out of options. And the Royal reward points and insurance plans were better so I went with royal. If I moved my assets away from Royal, I can guarantee you they'd be even more uptight.

WG

WiredGuy · 07-05-2005, 04:34 PM

Quote:

Originally Posted by SilverCash Thurbs

maybe they just want to know where your money is really coming from .... maybe they think ur 100k deposits are on par with a cocaine dealer

I'm sure they love seeing TCG's offshore bank checks and wondering what the hell I'm doing

WG

Socks · 07-05-2005, 04:37 PM

Hrm true about the US visas, I tried through CIBC and no dice. We're in the "private wealth management" $2m plus section too. Kinda silly! No US $$ visas. Also can't have a euro $$ bank account

The Other Steve · 07-05-2005, 04:37 PM

I think Swami probably hit the nail right on the head - plus the fact that you have no credit history.

I seem to remember someone else from Canada had some unusual problems with their bank but it was just a Canadian thing.

And seriously consider what The Shemp said - some good PR (Public Relations not Page Rank) - can go a long way towards getting people to cut corners

Thurbs · 07-05-2005, 04:38 PM

Quote:

Originally Posted by WiredGuy

I'm sure they love seeing TCG's offshore bank checks and wondering what the hell I'm doing

WG

maybe u should take Juicy up on his offer and get some banking in Belize

The Bootyologist · 07-05-2005, 04:39 PM

Quote:

Originally Posted by The Other Steve

I think Swami probably hit the nail right on the head - plus the fact that you have no credit history.

I seem to remember someone else from Canada had some unusual problems with their bank but it was just a Canadian thing.

And seriously consider what The Shemp said - some good PR (Public Relations not Page Rank) - can go a long way towards getting people to cut corners

any bank who breaks banking laws for a case of champagne would NOT have my accounts long.

Dalai lama · 07-05-2005, 04:40 PM

I never got this before

Socks · 07-05-2005, 04:42 PM

WG, whose the best person / account rep to work with over at TCG?

WiredGuy · 07-05-2005, 04:45 PM

Quote:

Originally Posted by Socks

WG, whose the best person / account rep to work with over at TCG?

Laura Lee.
WG

The Other Steve · 07-05-2005, 04:45 PM

Quote:

Originally Posted by The Bootyologist

any bank who breaks banking laws for a case of champagne would NOT have my accounts long.

It's not about breaking banking laws - it's about establishing some contact with the people.

Banks often have internal rules that can - quite legitimately be bypassed- if someone in the bank at a local level thinks that it is beneficial to the bank to do so.

By establishing himself as an all round nice guy the people at the local level might be prepared to bypass those rules.

It's done all the time - we do it with our bank - be nice to them and they will find ways to return the favour.

It's got nothing to do with breaking banking laws.

07-05-2005, 03:59 PM	#1
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,488	Is it normal for a bank to request your financial statements? I never had this issue before, but my bank is requesting that from now on I give a copy of my yearly financial statements to them. Now, I don't have any loans or debts to any banks, but I did recently get my credit card limit increased by 500%, which is their reasoning for asking such information. However, I also surrendered the same amount of my credit card as a security to the bank so to the banks eyes, there is 0 risk of me defaulting on my credit but they still want my financial staments. I'm wondering if this typical of a Canadian bank to request. I don't like the idea of having these confidential documents floating around my bank. WG __________________ I play with Google.

07-05-2005, 04:02 PM	#2
beemk CLICK HERE Industry Role: Join Date: Jan 2002 Posts: 20,829	sounds pretty standard, assuming you have your credit card through the bank. when i talked to my bank to get my credit increased she said if i give her an updated yearly income i have a better chance of getting it increased. but if they already increased it, i dont really see their reasoning unless you already told them and they want it as proof. __________________ I host with Vacares

07-05-2005, 04:04 PM	#5
Furious_Female Confirmed User Industry Role: Join Date: Oct 2002 Location: Upstate, New York Posts: 8,187	I've never heard of such a thing in the US. I wouldn't do it. That's an invasion of privacy, especially for a secured credit line. Banks are sort of like sponsors, shouldn't keep all your eggs in one basket. __________________ Skype: j3nn.com ICQ 160370494 My current favorite high-converting sponsor: CrakRevenue

07-05-2005, 04:06 PM	#9
abyss_al LOOKING FOR TRADES Join Date: Oct 2003 Location: Southern California Posts: 15,605	don't show them shit... they don't need to know worth a damn.. __________________ EMAIL: allen @ vasmediagroup.com \| ICQ: 311329761 \| SKYPE: abyss.al \| AIM: xABYSSxALx

07-05-2005, 04:07 PM	#11
polish_aristocrat Too lazy to set a custom title Join Date: Jul 2002 Posts: 40,377	show them some links to GFY, they will see you're a trusted person __________________ I don't use ICQ anymore.

07-05-2005, 04:04 PM	#7
andrej_NDC Registered User Industry Role: Join Date: May 2004 Posts: 7,760	it is not normal, I would change the bank

07-05-2005, 04:04 PM	#8
BigWebRev Confirmed User Join Date: Aug 2004 Location: L A Posts: 1,631	that is odd, must be a Canadian bank thing.......

07-05-2005, 04:08 PM	#12
Juicy D. Links So Fucking Banned Industry Role: Join Date: Apr 2001 Location: N.Y. -Long Island -- Posts: 122,992	tell em to eat a cock. and also to blow you.

07-05-2005, 04:08 PM	#13
RRRED Confirmed User Join Date: Jan 2001 Location: WA Posts: 6,754	I just called your bank and asked them for your phone #

07-05-2005, 04:15 PM	#23
azguy Confirmed User Join Date: Nov 2004 Location: Scottsdale, AZ Posts: 5,167	Big Brother is watching you.....

07-05-2005, 04:21 PM	#26
The Bootyologist So Fucking Banned Join Date: Jun 2004 Location: m00dville Posts: 2,912	wanting to know the past 2 years income and this year's current profti and loss outlook is standard practice when a bank gives you any kind of credit. are they supposed to just take a person's word on what they make?

07-05-2005, 04:23 PM	#27
Basic_man Programming King Pin Industry Role: Join Date: Oct 2003 Location: Montreal Posts: 27,360	I would change my bank and tell them to go fuck yourself :D __________________ UUGallery Builder - automated photo/video gallery plugin for Wordpress! Stop looking! Checkout Naked Hosting, online since 1999 !

07-05-2005, 04:28 PM	#33
swami Confirmed User Join Date: Aug 2003 Location: vanuatu Posts: 1,989	I think your problem WG is that you DO pay your CC statement for the full amount every month, thus denying them a great profit on interest they expect to get. They are pissed off with you cos they are making no money from you.

07-05-2005, 04:29 PM	#34
The Bootyologist So Fucking Banned Join Date: Jun 2004 Location: m00dville Posts: 2,912	yes, debit and credit cards are two seperate things here in the US as well, but that doesn't affect the fact that you can use a debit card anywhere that visa/mc are accepted.

07-05-2005, 04:29 PM	#36
Socks Confirmed User Industry Role: Join Date: May 2002 Location: Toronto Posts: 8,475	WG: Honestly I wouldn't take this lightly, unless you have horrible credit. First, they hardly ever even LET people guarantee a credit card anymore, at most banks anyways. Something they "used to do". Secondly, didn't they already give you the increase? Thirdly, they should be OFFERING to raise your limit, not breaking your balls over it. Change banks.

07-05-2005, 04:30 PM	#37
Socks Confirmed User Industry Role: Join Date: May 2002 Location: Toronto Posts: 8,475	PS: Get a loan! Put it in a shoebox or another account, pay it off. Get one a month even for one year. Your credit will be solid.

07-05-2005, 04:31 PM	#39
Thurbs The Thrilla in Manila Join Date: Sep 2004 Location: Thurbs' Lagoon, Christmas Island Posts: 4,785	maybe they just want to know where your money is really coming from .... maybe they think ur 100k deposits are on par with a cocaine dealer

07-05-2005, 04:32 PM	#40
Jman Too lazy to set a custom title Industry Role: Join Date: Sep 2003 Location: Canuckstikan Posts: 22,790	fuck the bank... Gimme a blank check I will give you a huge secured sock to put all those lovely dollars in ;-) __________________ email: [email protected] Best AI Affiliate Program Niche Dating Program PPS! FantasyXXX.AI Teams: jean.francois.laverdiere TG: @jman1216

07-05-2005, 04:37 PM	#43
Socks Confirmed User Industry Role: Join Date: May 2002 Location: Toronto Posts: 8,475	Hrm true about the US visas, I tried through CIBC and no dice. We're in the "private wealth management" $2m plus section too. Kinda silly! No US $$ visas. Also can't have a euro $$ bank account

07-05-2005, 04:37 PM	#44
The Other Steve Confirmed User Join Date: Dec 2001 Location: Sunny Queensland - perfect one day and better the next. Posts: 2,106	I think Swami probably hit the nail right on the head - plus the fact that you have no credit history. I seem to remember someone else from Canada had some unusual problems with their bank but it was just a Canadian thing. And seriously consider what The Shemp said - some good PR (Public Relations not Page Rank) - can go a long way towards getting people to cut corners __________________ Left intentionally blank ... just like my brain

07-05-2005, 04:40 PM	#47
Dalai lama Strength and Honor Join Date: Jul 2004 Location: Europe Posts: 16,540	I never got this before __________________ A program you can trust. Gallerybooster Run multiply TGPs of 1 script

07-05-2005, 04:42 PM	#48
Socks Confirmed User Industry Role: Join Date: May 2002 Location: Toronto Posts: 8,475	WG, whose the best person / account rep to work with over at TCG?