Letting Agents - is this normal?

gordonstights

Just a quicky as I have never dealt with an agency before (usually deal with the landlord directly), but is it normal for an agency to take photocopies of your bank statements?

I thought they'd just want to see them to confirm you had income and activity on the bank account, but they put me on the spot asking to photocopy them and I'd never heard of this before! Is there any security issues I should be worried about them having these copies (both mine & partners statements)?

Thanks

gordonstights

Anyone?

Chris2685

I hope not, I don't want those leeches knowing what I earn and spend!

gordonstights

Well I thought them photocopying them was a bit personal. Feel a bit miffed about it actually. Obviously if someone says "yeah they always do that" then I guess I won't feel as bad, but if it really is an oddity I think I might ask for them back!

Notlob

They will probably keep them as evidence in support of their due diligence procedures. If you default, they will want to show they looked at your finances.

Notlob

Gingernutmeg

You can refuse to show them your bank statements. OH and I always do, it's our personal information and we don't feel comfortable sharing it. If the credit checks come back clear, with no significant debts, bankruptcy or CCJs, and they know we're employed and how much we earn, and we can give them a good reference from a previous LA/LL, then seeing our bank statements isn't going to change that. I feel it's highly intrusive and given that I can't see the landlord's (or the agency's!) statements then they shouldn't be seeing mine. We've always refused and never lost a house over it. If push came to shove then they could see my statements (with any significant information tippex-ed out), but I'd absolutely refuse to let them photocopy it. I don't trust most agencies, and there's no way they're holding on to information like that.

rlm_3

Oooh, I'd be interested to know people's opinions on this too. OH and I have rented for the past ten years (since starting university and we studied for a longgggggg time...) We have always managed to deal directly with the LL before and had mainly positive experiences. We both have new jobs and will be moving. We aren't very familiar with the new area and will probably go through an agent.

Just had a look at Ts & Cs for an agent I viewed a property with today. As well as the application form, where they ask for info about our employment (including gross salary), they ask for proof of identity and proof of our current address. They suggest that a bank statement can be used as proof of residence; this may be why you LA wanted to see your bank statement but they also say that a utility bill will do the job.

I can't think of any good reason why they would need to see the details of a bank statement in particular. As Gingernutmeg says, they should have enough info from all of the other checks to work out that you're good for the rent payments.

Personally, if push comes to shove, pratically I don't really mind some one seeing my accounts but on principle, it's none of their business. If the only reason they want the statement if for proof of residence then they could easily just photocopy the top bit with your address and stuff on but blank out/fold over the part with your transactions.

Also, we have seen a property we like. Unfortunately, it being in the countryside, has LPG gas heating which may cost considerably more than mains gas. We know that we can afford the rent as it is, plus the cost of the gas, but we are thinking of making an offer on the rental price. We could chose another property that does have mains gas for the same or similar price and we are also saving for a house deposit. OH and I run our accounts well and I wouldn't want them to refuse our offer just because they judge from our statements that we can afford it.

gordonstights

rlm wrote: »

this may be why you LA wanted to see your bank statement but they also say that a utility bill will do the job.

Both our bank statements hadn't got our address on because we don't have paper statements sent out (do all our banking online). They know this but still took the photocopies, so it couldn't be proof of address.

gordonstights

Notlob wrote: »

They will probably keep them as evidence in support of their due diligence procedures. If you default, they will want to show they looked at your finances.

Notlob

I think you are right. It probably is to cover themselves in case of non payment. Still I don't like them having the copies. Oh well, guess I can either ask for them back or lump it now. Will see tomorrow.