6

Is it safe to allow a mortgage broker to access my finances? They are requesting it in order to present account balances to our home loan issuer, and while I wouldn't suspect they are scamming us or being fraudulent I felt I should at least confirm that this is a normal thing to do, or even if there is a safer way to do it.

6
  • 1
    What do you mean "access to my bank account"? Are they asking for your login username/password? Or to see your bank statements?
    – littleadv
    Dec 11, 2014 at 0:34
  • 1
    They want the login details, so they could theoretically transfer all my funds anywhere, which is why I'm hesitant
    – FaceySmile
    Dec 11, 2014 at 0:36
  • 12
    And you're even considering this? Are you insane? Run away from that broker, and you should probably report them to the BBB and maybe even the local police.
    – littleadv
    Dec 11, 2014 at 0:44
  • I feel like I would have to be to carry through, but as the loan issuer is requesting the balances, and other information is it worthwhile to question the broker or even bypass him altogether? Edit: Note I am in Australia, is the BBB a national organisation or can it be used internationaly
    – FaceySmile
    Dec 11, 2014 at 0:46
  • 1
    @FaceySmile The BBB is apparently only in the US and Canada. Govt equivalents for this sort of consumer protection exist, but are less known (in the US, at least). From a quick look, maybe the ACCC is a similar Australian organization.
    – Tim S.
    Dec 11, 2014 at 3:43

1 Answer 1

10

All they should need is authorization to do a one-time query of your balances from the bank, to confirm that the balance statement you're showing them is correct and not forged. (If that.) If they ask for more access than that, walk out and find someone else.

4
  • So I should say to the bank that I want that? And will this not allow them to transfer funds?
    – FaceySmile
    Dec 11, 2014 at 0:50
  • 1
    You should first ask the bank whether official bank statements will suffice. They should. If they want to talk to the bank themselves, you need to talk to the bank about arranging for them to be able to ask your balances ONCE, within the next however-many weeks; if the bank can do that, great, but if not I'd suggest finding another broker because they really are being unreasonable.
    – keshlam
    Dec 11, 2014 at 1:07
  • Ok that sounds like the best thing to do, I will try that out and if it doesn't work out we'll look into maybe getting a different broker or even loan issuer. I knew this seemed dodgy, thanks for the answer.
    – FaceySmile
    Dec 11, 2014 at 1:09
  • 1
    Typo: "...first ask the bank..." in that last comment should have been "...first ask the broker...". (insert standard grumble here about comment editing)
    – keshlam
    Dec 11, 2014 at 2:08

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.