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Amex asking for access to your bank accounts?

Contributor

Re: Amex asking for access to your bank accounts?

I just went through this last week. It’s not what you think. They call your bank with you on the phone and only ask 3 questions. If I have the account for at least 30 days. If the account is in good standing and if I have a valid checking account. Nothing more. No access to look at my account was given nor was asked. No account numbers nothing. Just those 3 questions. I don’t find that too intrusive
Message 11 of 28
Contributor

Re: Amex asking for access to your bank accounts?

Why does it say ongoing access in the screenshot if they are just calling your bank once?


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Message 12 of 28
Contributor

Re: Amex asking for access to your bank accounts?

They only call once. I did not give them any account numbers or anything. They did not ask anyways. They did not ask how much money is in there either just those 3 questions and it was done.
Message 13 of 28
Moderator

Re: Amex asking for access to your bank accounts?


@hawkins wrote:
They only call once. I did not give them any account numbers or anything. They did not ask anyways. They did not ask how much money is in there either just those 3 questions and it was done.

What you're talking about and what the DoC article describes sounds like two different things.

Message 14 of 28
Valued Contributor

Re: Amex asking for access to your bank accounts?


@UncleB wrote:

@hawkins wrote:
They only call once. I did not give them any account numbers or anything. They did not ask anyways. They did not ask how much money is in there either just those 3 questions and it was done.

What you're talking about and what the DoC article describes sounds like two different things.


Exactly.  The DoC article is short on details, but the implication is that Amex wants your banking password so they can have access similar to a financial service like Mint.

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Message 15 of 28
Community Leader
Super Contributor

Re: Amex asking for access to your bank accounts?

Being money challenged, they wouldnt see much but im of mind , no. Continual access for credit. Nope,
Message 16 of 28
Super Contributor

Re: Amex asking for access to your bank accounts?

It's probably more for data selling purposes than anything. Just like all of the card link apps that are popping up now (i.e. Drop, Dosh, etc). Sure we'll give you points/rewards for shopping at certain retailers, but in exchange for selling your data and spending habits (at least IMO). Nothing is really free.

 

In this case, I wouldn't do it. Just another thing linked that can be compromised if Amex's system is hacked.

Message 17 of 28
Valued Contributor

Re: Amex asking for access to your bank accounts?

The vast majority of applicants will not have to worry about this.  If you are an existing cardholder w/ a long history, have great credit scores and have a long credit history this pop-up won't happen. 

 

This would be too abrasive for most applicants, including myself with the above data points and Amex wouldn't want to lose that customer base.

 

I think it may have more with lower scoring, thin and coming out of BK files that would give them this information to get a credit card and to begin the rebuilding process.

 

We will perhaps see soon in the application forums data points.

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Message 18 of 28
Moderator

Re: Amex asking for access to your bank accounts?

This is not new.  As has been updated in the DOC notes to the article, other readers have commented that this has been going on for at least 6 months.  I highly doubt that this is widespread as Amex isn’t so stupid to think most applicants are going to give them permission to continually look at their bank accounts.  My guess is that this only occurs when they have questions about the applicants income level or some other aspect of their credit file that makes them question the application.  Let’s not all get in an uproar over this.  If it were happening on a regular basis we would have had one of the many Amex new card holders on this forum state that this request appeared on their application.  Another reason not to jump on every bit of info that DoC or any other blogger puts on their website.  Sometimes in their zeal to be first, they jump the gun and before you can go ‘poof’, half the internet is convinced the credit world is coming to an end.  I very much like the work that DoC does but that doesn’t mean that everything he prints is 100% correct.

Message 19 of 28
Moderator

Re: Amex asking for access to your bank accounts?


@kdm31091 wrote:

It's probably more for data selling purposes than anything. Just like all of the card link apps that are popping up now (i.e. Drop, Dosh, etc). Sure we'll give you points/rewards for shopping at certain retailers, but in exchange for selling your data and spending habits (at least IMO). Nothing is really free.

 

In this case, I wouldn't do it. Just another thing linked that can be compromised if Amex's system is hacked.


Yep, I agree.

 

This is one of those things that people will debate about if they should or shouldn't (similar to the infamous 4506-T discussions that we see ad nauseam) and like all of those conversations the right answer is what each of us are comfortable with and/or willing to tolerate.

 

For me, providing ongoing access to my deposit accounts would be a non-starter; there's simply no credit card that means enough to me that would justify accepting that level of intrusion.  If my circumstances were different (i.e. if I was just starting out, was a new rebuilder, etc.) then I might feel differently, but that's not where I am now.

Message 20 of 28