This morning when I tried to access my accounts on line with my local bank, there was a message on the page requesting our personal income data "so they could help us better". We have not asked for any help from them that would require our sharing this information with them, in my opinion. I was able to get into our account by clicking "Ask me later". Does anyone know if we are required to share income data unless we are trying to get a loan or other such help from a bank? Thanks for any info you can provide.
Answers
1. Q1: Yes. They have the right to ask; but No, they do not have a right to know.
2. Q2: No. You are not required to answer.
Imagine the following phone call: "Hello, I'm Joe. I'd like to buy one of your CDs, essentially loaning money to you". Financial Institution (FI): "Well, hello, Joe, whatcha know. First we need to find out if you're credit-worthy enough to let us borrow your money. Second, we'll need to do a "hard-pull" on your credit reports, which might impact your FICO score. When all that's done, assuming we can confirm your identity through idiotic questions based on a decade-old credit report, we might be able to accept your money. Then again, perhaps not. Have a nice day."
Joe: "Hello FI, I think you're getting it backwards. I'm thinking of loaning you money. Why would I need to have a high FICO score to loan money?"
FI: "Hello, Joe. Your query has been forwarded to our help desk. Expect a reply in 3 - 5 working days..