FAQs
Besides your rental history, bank account number and other details play a crucial role in screening prospective tenants. A look at your bank statements helps property managers determine whether you have enough monthly income not just to afford rent but also other living expenses comfortably.
What are the 4 pieces of information a bank statement tells you? ›
What are the 4 pieces of information a bank statement tells you? Transaction History: Details of all deposits, withdrawals, fees, and purchases. Account Balance: The opening and closing balances for the period. Account Details: Information like account number and the bank's customer service contacts.
Why is my accountant asking for my bank statements? ›
If he is your personal accountant or business accountant it would make sense to do that because your bank statements are part of your tax structuring. He would need those in order to do your taxes.
Is it safe to share a bank statement for verification? ›
Is it safe to share bank statements for verification? Yes, it is safe to submit your bank statement for verification. However, check the legitimacy of the financial institution to avoid any bank statement fraud.
What should I black out on my bank statement? ›
Ensure that all confidential information, including account numbers, transaction details, residential addresses, etc., is redacted. Do not forget to redact any third-party information, such as a joint account holder's name or account number.
Can landlords check your bank balance? ›
A: Yes, housing companies and landlords in California generally are allowed to request bank statements from rental applicants during the screening process. However there are some limitations in place under CA state law.
Is it safe to give accountant bank statements? ›
You must personally decide how much information and access you give to your accountant, but the most common practice is to grant them “View Only” access. This will allow your accountant to see statements and check images but they will NOT be able to make transactions or transfers, pay bills, or move YOUR money.
Is it safe to give accountant access to bank account? ›
To ensure the security of your account, please ensure that you don't share your bank login credentials with your accountant.
Is it normal to be asked for bank statements? ›
Lenders typically look for 2 months of bank statements from potential borrowers, which provides enough data to assess your income consistency, spending habits, account balances and other crucial financial information. It's possible the lender may ask to see more bank statements for additional insights in process, too.
Can anyone do anything with your bank statement? ›
Bank and credit card statements usually contain your name, address, and details about your account that can be used by identity thieves to commit fraudulent acts, while any other mail you receive may also contain similar information.
In a bank statement, you should redact: Account number. Social Security number. Personally Identifiable Information (PII)
Is it illegal to ask for bank statements? ›
Bank statements for whom? It is legal for you to request bank statements for any account that you are an owner or authorized signer on. It's illegal to request someone else's bank statements.
Is it normal for an apartment application to ask for a bank account number? ›
Yes, rental applications can ask for bank statements, account numbers or other information that verifies your income. Landlords use this information to establish your ability to manage your finances and pay your rent on time.
Why do they ask for bank statements? ›
Bank statements offer insight into your financial situation that helps lenders make that determination. For example, your deposits help the lender verify your income and its source, and your savings tell the lender if you've got sufficient funds to cover a major repair or weather a financial emergency.
Should I give my tenant my bank account number? ›
There is no security issue in allowing your tenants to have your bank account number.
Can a landlord ask for bank statements BC? ›
A landlord cannot require a tenant's banking information prior to establishing the tenancy.