Is it legal for corporate banking to access any and all of your accounts in fine detail with informing the client or getting consent?

UPDATED: Oct 2, 2014

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Is it legal for corporate banking to access any and all of your accounts in fine detail with informing the client or getting consent?

My husband and I are applying for a new mortgage. The financial institution sent us an email today to ask about a deposit to our checking account over 2 months ago. I asked them if I could have a copy of the consent form that I signed to allow them total access to every transaction in my checking account. I was informed they do it all the time and did not have a form asking for permission to do this.

Asked on October 2, 2014 under Business Law, Oklahoma


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Yes, they can do this: they are a  business whom you are asking for a new product or service (a new mortgage) and they can review their entire history with you, the same way a contractor could review if you ever paid him late or short on prior home projects before agreeing to do more work, or a store could review whether you ever had lay-a-away or store credit card problems before giving you a new line of credit. Any business may access all it's own customer/account infomation when deciding whether to do new business with, or extend new credit to, that customer.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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