bank asking for personal financial statement

9 Replies

A bank that I have 2 mortgages with from 17’ and 18’ has sent me an email requesting an updated personal financial statement and tax returns. I was a little surprised being unaware of my responsibilities to maintain that information with them. Is this the norm?

I send mine annually out of habit. I generally have at least a renewal or new project every year. It may build some good banking relationship.

My first reaction would be that you're getting phished.  I'd call the bank directly (through a number you find on google, not written on the request for information) and get confirmation before sending your sensitive information.

@Blake Garcia I can see why they would want it being that I’m still borrowing their money. But I have found another bank that is giving me much better deals so I don’t intend to use them in the future. But no sense in burning bridges because i never know when I might need them.

@Chad C. Yes this is normal. Banks have to monitor their loan portfolios to insure they are and will continue to perform as expected. There is a lot of regulatory oversight by the Feds related to this. Knowing the financial status of their commercial customers is part of that.