Why do they want your bank account numbers on rental applications?

Question

Isn't that dangerous to put the info down? Cause I want to rent my own apartment for the 1st time and there's alot of personal finacial info that they want. I don't want to write any of my finicial info down especilly account numbers.

Answer 1

I was an apartment manager for 25 years. We listed the bank account numbers AND the credit card numbers on our applications. We also did a credit check, criminal check & employment verification. We also had their social security number, drivers license number & car plate number.



I STOPPED making prospective tenants give me their account numbers for banks & credit cards. If I couldn't glean enough information from the other things we checked on, too bad. WHY? Because that really is not right. With all the deception & identity theft I didn't want to know those numbers.



I agree with you. I wouldn't put my numbers out there. You have no idea who goes in those files. I shouldn't say that, but it is true. If you really want an apt. at a place that requires those numbers, ask why & tell them why you don't want to do it.

Answer 2

Typically its a standard term of a rental or lease agreement that you make annually 2 or 3x as much as the total rent. Its your bank account, so if they call your bank, all the bank can tell them is what the balance is. They can't withdraw, hold, or move around funds. You shouldn't be concerned about that. Also, they can't question how you budget your money. The landlord will just want your rent each month... no matter where it comes from. If you're concerned about giving out personal finance information (and you should be, there ARE a lot of shady landlords and property managers out there), just give them a copy of a recent w-2 to prove to them how much money you're capable of making, to qualify you for the property.

Answer 3

of course its dangerous -- but most large apartment complexes require it. you can always look for an apartment somewhere else.



i have had better luck going through realtors and smaller places. larger places often look at you like a liability. you don't have to give them any information but they don't have to rent to you either.



back in the dark ages you used to drop a deposit on an apartment of at least a month or two in advance. now nobody has that much sitting around so they get creative. its really not to access your bank account but for proof that you have one. proof of a bank account is somehow supposed to equate to you being a better tenant than someone that doesn't have a bank account. at the same time i have had people that wanted the bank numbers to my family's trust. i learned to draw a line and find someplace else -- and there are lots of other places out there more willing to work with you.



i found the worst thing you can do is offer them money for deposit instead. if you have money to use as a deposit and you look like you are buying your way in they automatically think you are a drug dealer or something. ask them if there are alternatives and if you can have documents destroyed after they check your account - just don't think too many steps ahead of them.

Answer 4

Bank account numbers are normally required for the landlord to rent their property. After all, they are allowing a stranger to have the physical and legal control of an investment worth many thousands of dollars so they want to know you are a responsible person. Checking credit and bank information is part of the process.



Also, if you show yourself to be a deadbeat and leave the property with damages or without paying rent, or have to be evicted, it becomes information the landlord can give to the lawyers to collect any money you owe.

Answer 5

yes, they check out a lot of stuff. Some ask for all that, some ask for most of that. I suspect they want your bank account to see how you manage your money, and later to verify that when you send them a check that it's really from you. Yes, and they check your credit too. Your account numbers are there anyway. I've rented for many years without any problem and my info has been with the landlords.

Answer 6

Dude! That is really weird they are doing that! I honestly would ask them why is it exactly that they ask for your bank account NUMBER. I can understand if they want you to provide your financials (bank statement or current account balances plus employer/ monthly income) just so they can see that you are affluent enough to pay for the apartment on a monthly basis. Plus, I'm sure they ask you for a deposit for the apartment should you, as a tenant, damage the property... The only reason I can really think of them wanting your account number is so that they can debit your account on a monthly basis to pay for rent, at which point it should be disclosed how they are looking to collect the monthly dues for the place you are looking to rent. I rented for quite a while, never had to do that. I would really watch out on this and be asking questions to the landlord/lady to please clarify why exactly is it they want the actual account number



Good luck with that,

--Yimmy

Answer 7

many of my peers say it is

normal and one said his paperwork

required it.



I do agree with another answerer--

I would make sure my credit is good

and offer my ssn but NOT my

bank account data--it is private.



If the apt complex says WE must

have it, I would move on...



u can also "hire" a rental agency

that will find you an apt and they will be told by you "no bank acct data to be used."



also, fyi, it is desireable to purchase

on a lease-option, a condo if it would be your first purchase but it is

likely your time to buy!



[at the same or even less monthly payments!]

Answer 8

They want it so if you don't pay your rent and they windup taking you to court they have an account to garnish. But how are you planing to pay rent? cash, money order or check? FYI, If you pay ANYONE with a check they have your account #.

Answer 9

They don't want to rent to a scammer. It is standard to have to provide that information as well as previous landlords and employers, references and credit info.

Answer 10

I would not reccommend giving all of that information. The name of the bank should be good enough.

Answer 11

umm...duh...they want to know if you have the ability to pay the rent.

Answer 12

I would not do that,