Access to shelter is not only a want but a need that must be met. Everyone regardless of social standing and other classifications needs somewhere to lay their head. However, the process of doing this is not a stroll in the park for some. This is because they are at the mercy of rental agencies or applications that ask for things they consider unwarranted. Here, we will discuss the rental applications may ask you for your bank account number and what your stance should be.
To Ascertain You Have Good Financial Standing
Except they have something else that brings in money, landlords make ends meet by getting their monthly rents. So, there is a problem if the tenant is unable to fulfill this obligation. Many of these landlords have had to deal with such tenants in the past.
In a bid to avoid a recurrence, some of these landlords demand the bank account number of the prospective client. The essence is so that they can examine the prospective tenant’s ability to pay right on time.
They calculate this by comparing the client’s earnings and expenditure. By doing so, they can figure out if the client can pay up when expected.
To Confirm the Legitimacy of the Tenant
It is not just about earnings for some landlords. They also need assurances that the prospective tenant is into legitimate dealings. One of the ways to make sure of this is by demanding the bank account number of the tenant and running certain checks.
For instance, they check out the consistency in earnings, the rare and recurrent expenses, and a few other things. By adding the pieces together, they can figure out if the prospective tenant can be ascertained as legitimate.
This is a tactic that is becoming increasingly employed by landlords that have properties in crime-infested areas. Many of them do not want their properties to be flooded with law enforcement agents at any point and do this to protect theirs.
Furthermore, some landlords have noticed that many tenants into illegitimate operations like to pay in cash. As a result, some refuse in adherence with some state codes and insist that the bank account number be submitted.
To Have Leverage over Defaulters
Some tenants are simply in the habit of owing. This is not about the lack of finances but the idea that there are better things to attend to. Some of these tenants take undue advantage of the fact that evicting tenants can be quite complicated.
So, some of these landlords take this step to have leverage. By having details of their bank account number, they can take steps to freeze the account of the tenant until the right measures are taken.
Note of Caution
For those asking if it is fine to give out your bank account number during the rental application process, the answer isn’t so simple. The truth is that you may not be able to get the property except you do this. However, you should avoid doing this if it is an option.
But if you must give out this sensitive information, you have to be certain the rental application agency or landlord is integrity-driven. This is considering the several things that people who have access to this information can do to you.