Is it necessary to have applicants bank acct info? With the risk of identity theft it seems another unnecessary risky info to keep on file.
Nothing your really going to do with it anyways. Just ask them for proof. Work info and SS is most inportant if you need to chase them down and collect.
No, it is not necessary. It comes in handy when you have a judgement.
Its not something I would ask for on the application but I would get it after they were approved and before they sign the lease. I personally would never give my bank information to anyone just to apply for something so I wouldn't expect them to either.
I agree with @Chris K. that only after they've passed first round of application process/screening would this seem necessary. But not necessary to have for every applicant right off the bat.
Knowing the curent balance in the bank account is important. I like to see some type of emergency fund. I don't necessarily need the account number. Many people have little or no money in savings. This scares me as a landlord.
we ask for 2 months bank statements. we have no issues if they black out the acount # and SSN (if there).
you have no idea how many times people that apply and clearly can't afford the rent buy stuff with their ATM at the corner store. and late fees. and negative balance!
Join the Largest Real Estate Investing Community
Basic membership is free, forever.