What the heck is a 'banks reference'? - Cat Forum : Cat Discussion Forums
 
LinkBack Thread Tools
post #1 of 7 (permalink) Old 08-01-2008, 05:23 PM Thread Starter
Premier Cat
 
melysion's Avatar
 
Join Date: Mar 2007
Location: London, England
Posts: 6,078
What the heck is a 'banks reference'?

Apparently our new landlady wants one but I have no idea what it is and what she can find out. I've always been credit checked when moving before so this is a new one on me.

Any ideas? i'm not concerned, just curious

"FIV != PTS"
"SENIOR KITTIZENS ROCK! (between naps)"

Allie and Ridley

Toby - waiting at the rainbow bridge (2002-2011)
melysion is offline  
Sponsored Links
Advertisement
 
post #2 of 7 (permalink) Old 08-01-2008, 05:58 PM
Cool Cat
 
Join Date: Apr 2008
Location: Woburn, MA
Posts: 992
Letter of reference from your bank stating you don't bounce cheques?
Smirkitty is offline  
post #3 of 7 (permalink) Old 08-01-2008, 06:03 PM
Super Moderator
 
marie73's Avatar
 
Join Date: Jul 2006
Posts: 28,727
http://www.insolvencyhelpline.co.uk/cas ... worthy.php

Quote:
3. Bank References
As part of the account opening process, encourage your clients to use a credit application form which highlights that bank references may be requested. Bank references can be a useful credit-vetting tool when starting a new trading relationship with a customer.

A bank reference, known within banks as a ‘status enquiry’, is a bank’s opinion as to the ability of one of its customers to meet a specific financial commitment. A bank will only give a reference if it has the written permission of its customer and normally require a new authority to reply to each and every enquiry. There is a fee for providing references which is typically met by the party making the enquiry.

As a note of caution tell your client that the bank will base its reply on its knowledge of the financial standing of the customer and may also stipulate that they should not rely solely on the bank’s reply when making their decision. Banks use only standard phrases (e.g. 'undoubted for your figures’, ‘respectable and good for your figures’, ‘customer not known to us for long’, 'capital/resources fully employed', 'cannot speak for your figures' etc.). Anything less than 'good for your figures' is a guarded warning.

Bank references should be used only for small value decisions or to support other reports. Remember that a bank's loyalty is to its customer, not the enquirer.

Cali, Cinderella, Cleo and Charlee

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

Always in my heart, my lovely Cinderella, running free at the Bridge.
Always in my heart, my sweet Cali, running free at the Bridge.

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
marie73 is offline  
Sponsored Links
Advertisement
 
post #4 of 7 (permalink) Old 08-01-2008, 06:24 PM Thread Starter
Premier Cat
 
melysion's Avatar
 
Join Date: Mar 2007
Location: London, England
Posts: 6,078
Ok, fair enough. I cant remember the last time I had to dip into my overdraft so should be ok. I guess. The rent is quite a lot more than what I am presently paying but I have a number of unnecessary expenses I can deal with.

"FIV != PTS"
"SENIOR KITTIZENS ROCK! (between naps)"

Allie and Ridley

Toby - waiting at the rainbow bridge (2002-2011)
melysion is offline  
post #5 of 7 (permalink) Old 08-01-2008, 06:41 PM
Super Moderator
 
marie73's Avatar
 
Join Date: Jul 2006
Posts: 28,727
Seems a bit excessive to me. Don't they have credit checks over there? You can just get a list of a person's outstanding - or good - credit.

Cali, Cinderella, Cleo and Charlee

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

Always in my heart, my lovely Cinderella, running free at the Bridge.
Always in my heart, my sweet Cali, running free at the Bridge.

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
marie73 is offline  
post #6 of 7 (permalink) Old 08-01-2008, 07:26 PM Thread Starter
Premier Cat
 
melysion's Avatar
 
Join Date: Mar 2007
Location: London, England
Posts: 6,078
Quote:
Originally Posted by marie73
Seems a bit excessive to me. Don't they have credit checks over there? You can just get a list of a person's outstanding - or good - credit.
We do and i have always had credit checks done before when i have moved.

"FIV != PTS"
"SENIOR KITTIZENS ROCK! (between naps)"

Allie and Ridley

Toby - waiting at the rainbow bridge (2002-2011)
melysion is offline  
post #7 of 7 (permalink) Old 08-01-2008, 07:39 PM
Cat Addict
 
catnip's Avatar
 
Join Date: Aug 2003
Location: Ohio
Posts: 1,497
during my last re-fi I had to get something similar from my bank. They called it a "proof of funds" voucher or something like that. I didn't much understand it at the time but my mortgage dude went to the bank with me and talked to the manager.

-steve


To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
catnip is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Cat Forum : Cat Discussion Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome