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Old 01-28-2015, 04:41 AM
 
Location: Phila Pa
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I know by law banks are required to share information on credit card balances as well as too where and for what those cards are being used for. My question is do banks also share information on savings balances? Can one bank gain knowledge as too your savings balance in another?
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Old 01-28-2015, 05:41 AM
 
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If they are affiliated with one another they can otherwise there would be no benefit.
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Old 01-28-2015, 06:12 AM
 
Location: Phila Pa
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Quote:
Originally Posted by Lowexpectations View Post
If they are affiliated with one another they can otherwise there would be no benefit.
So I take that as a "no" they can not or do not have access to that information under the laws pertaining to bank information sharing?
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Old 01-28-2015, 06:14 AM
 
18,868 posts, read 13,640,422 times
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Quote:
Originally Posted by jazzy jeff View Post
So I take that as a "no" they can not or do not have access to that information under the laws pertaining to bank information sharing?
We do not have access to balance information at other banks unless you give it to us. I'm not sure if there is a law or not but it wouldn't be smart business
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Old 01-28-2015, 06:33 AM
 
Location: Phila Pa
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If you read the privacy policy on credit cards is states;

The types of personal information we collect and share depend on the product or service you have with us. This information can include;
Social Security and Income
Account balances and payment history
Credit history and credit scores.


Then it says a customer can not limit this sharing. So my question remains does this only apply to loan balances and not savings balances?
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Old 01-28-2015, 07:40 AM
 
Location: Keosauqua, Iowa
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Your bank will have a privacy policy statement just like the credit card company does. Your best bet is to refer to that, which is probably posted on the bank's website.

Because what information is shared can vary from one bank to another, the answers you get here might or might no do you any good. But because you asked, my bank shares account balance information with other financial companies for joint marketing purposes only. So if I had a savings account at Bank A and applied for a loan at Bank B, Banks A wouldn't share my account balance information with Bank B. But if my bank was going engage in a direct marketing campaign in conjunction with a financial advisor, it might share my account balance with the financial advisor in order to determine if I was qualified for the product being marketed.
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