Bank reference

Bank reference,

Definition of Bank reference:

  1. Information released by a bank about a customer, to another bank or lending institution. Bank references generally include (1) number of years of a customers relationship with the bank, (2) number of loans and the amounts of their balances, (3) type and quality of collateral(s) provided, and (4) a copy of the customers latest statement of financial affairs on file with the bank. Banks usually are under no obligation to seek the customers approval (or to reveal the identity of the recipient) for releasing such information.

Meaning of Bank reference & Bank reference Definition