Will my bank give me a reference?

Answered by Tom Adger

I can understand why you might be curious about whether your bank will provide a reference for you. In my personal experience, banks typically require written permission from their customers before providing any references. This is done to ensure confidentiality and to protect the customer’s privacy.

It’s worth noting that banks usually require a new authorization for each individual inquiry they receive. This means that if you want your bank to give a reference to someone, you will need to provide them with written permission specifically for that request.

In terms of the process, banks often charge a fee for providing references. This fee is typically paid by the business or individual making the inquiry. The exact amount may vary depending on the bank and the specific circumstances of the request.

I remember a situation where a friend of mine wanted to apply for a loan from a different bank. They needed a reference from their current bank to support their application. In order to obtain the reference, my friend had to visit their bank and fill out a form authorizing the release of their financial information. The bank then processed the request and provided the reference directly to the new bank.

To summarize, while it is possible for banks to provide references, they typically require written permission from their customers for each inquiry. There is usually a fee involved, which is generally covered by the entity making the request. Based on my personal experiences, banks tend to be cautious about sharing customer information and take steps to ensure the privacy and confidentiality of their customers.