Why Banks Want to Know Your Salary So Badly | WSJ Your Money Briefing

[@bradfordjhart]

I pay my bills. That's all the bank needs to know

[@winstonsmith6204]

Yep

[@prapanthebachelorette6803]

Agree

[@Mehhh_was_here]

thats how it should be but in real life its not going to work.... when they are together you cant do anything. unfortunately in sweden you even have to give where you work too (Länsförsäkringar bank) has that. all the bank forces you to fill....so many things.

[@CJ-cc5jm]

If someone asks too many questions when i'm trying to get a loan, I might tell them they gotta pay for that.

[@mensrea1251]

Nonsense. Try actually living in that kind of world where the banks are not allowed to monetize your private data and you’ll find yourself without credit, without a mortgage, without a house, without a car, without much of a future. That’s the hard reality. Credit has powered the expansion of the world economy and given you the quality of life and lifestyle that you and billions of others enjoy. You may say you’re ok giving all that up but most will not.

[@paillette2010]

It’s funny how banks use this as risk assessment, yet as a former banker my job #1 was to sell debt.

[@HateTheIRS]

Well you need enough income to pay off the debt they sell you.

[@x-men69-96]

It is one of the reason you are a former banker.

[@nachiketpatil9338]

@@x-men69-96understatement!

[@prapanthebachelorette6803]

Interesting

[@paillette2010]

@@DreamSequia444 who the average consumer? Hardly. That’s a rich person’s game. And despite the Rich Dad books that man has sold, _few_ people are leveraging debt in a way to gain wealth.

[@SDRLG]

Rule in corporate America: if they didn’t care, and now suddenly are desperate to know, they don’t want to know for the reason they say.

[@Genethagenius]

Ding ding ding!!! We have the right answer!

[@byDsign]

✅✅✅

[@miriamhavard7621]

🎯

[@ThisOldMan-ya472]

"IT IS BANK POLICY" is the story I get when trying to do transactions with banks. They ask questions which are against the law, but it is 'bank policy" to which I reply, "It is none of your business, and if you don't want my business, I will go somewhere else." That usually shuts them up.

[@Theomite]

Any examples of these illegal questions so I'll know them when I see/hear them?

[@ThisOldMan-ya472]

@@Theomite Any questions about you finances, 'where else do you bank', ' do you have a mortgage, stocks or other assets', 'what is your income,spouses income', etc. If applying for a loan or mortgage, some of these questions are relevant, but not when opening an account, or depositing or buying a term deposit. Also, when you give your money to a bank, it becomes THEIR property. There is no guarantee they HAVE to return it.

[@ThisOldMan-ya472]

@@Theomite Banks are the same as transacting with your neighbour, most information you give, or assets you hand over the fence, is no longer yours. Banks do not ACT in your benefit, they just want your stuff, so they can make money.

[@Theomite]

@@ThisOldMan-ya472 ...say that last part again?

[@ThisOldMan-ya472]

@@Theomite Just research stuff you do not have to share. Nosey Banks are like nosey neighbours.

[@anonsurfer]

Risk Assessment is only a pretext. The more information banks have about you, the more they can customize products to sell to you and also determine how much interest & fees they think they can charge and get away with, if you happen to be in a desperate situation or oblivious in case you happen to be well off. It's like poker - you never want to reveal all the chips you hold, because your opponents are devising plans based on that information.

[@MF-qf7bs]

True. My bank started charging me monthly fee and I was told it was the lowest I could get. Then had a teller inform me that if I kept a minimum of $100 a month in the account I could have no mo. fee. My minimum mo balance is $1K+

[@Kk-wp5rl]

In poker, you are required to reveal all the chips you hold.

[@marving27]

​@@Kk-wp5rl😂 oh man, great catch

[@xiphoid2011]

Bank sells stuff, that's the business. Your job is not to be oversold. C'mon people, why blame the banks when people like me who lives within my means never worry about the banks? Most Americans have terrible spending habit, but that's not the banks fault.

[@MarcosMontgomery-b7h]

I pay my bills. That's all the bank needs to know. I pay my bills. That's all the bank needs to know.

[@MuzicTunes-lk6np]

I get those forms to update my salary. WHY?? The bank/credit cards are getting their money. Why try to fix a problem that isn't there?? Go after the deadbeats that refuse to pay their bills.

[@wernerfoerster3666]

@@MuzicTunes-lk6np Banks have an obligation to "know their customer" pursuant to federal law

[@donaldlyons17]

@@wernerfoerster3666 Strange your the first person to mention this!!! Like hello people there are rule in place that force companies to keep records and collect personal info....

[@crazysquirrel9425]

@@wernerfoerster3666 What federal law?

[@wernerfoerster3666]

@@crazysquirrel9425 The Bank Secrecy Act (BSA), 31 USC 5311 from 1970

[@mikek545]

It’s like asking the fox how many chicken they would like to kill. 😂

[@antoniocruz1163]

Big Brother is always watching, and wants more information on you.

[@windsofmarchjourneyperrytr2823]

They already got it. Google yourself.

[@wingmantx]

This is such a great interview in just under six minutes, they spoke clearly and provide great information to the audiences

[@shelbynamels7948]

no.they fail to look at this situation with a critical eye.

[@dannywalters958]

By understanding how Banks work, it becomes clearer why they ultimately fail. Do people even know Banks use a majority of their funds for their "personal investments"? Ever heard the saying cash is thrash? Just hold your money in more stable and lucrative ways and save yourself the stress.

[@Kortneylove-1]

...Easier said than done. what are the other options

[@titanjack3118]

Sorry to jump in, but there a lot; gold, stocks, stable businesses etc. I know this cos personally I made my first million late last year from stocks and bonds which I have used to set up and put into the other things. The only downside is that you could also lose your funds which is easily remedied by using a professional or making very thorough inquiries. Good luck.

[@marguritetheodore2194]

@@titanjack3118 ...wow I know this hilarious man. Once attended a fundraiser he was also in attendance here in Vancouver,, Great speaker with a funny accent,, He's in the States though, I doubt he works with non residents,,,

[@AdverseOpinion]

This entire conversation feels fake.

[@prancer1803]

@@AdverseOpinionit is, of course

[@doubleaa658]

I tell my bank I make 300k and I get 50k credit limits lol

[@Mayordomo32]

I’d delete this comment.. lol

[@austinip5273]

Maybe he’s telling the truth 😆

[@Mayordomo32]

@@austinip5273 I don’t think he’d phrase it that way…

[@otisonyme9649]

That's fraud...and illegal

[@supreme5580]

That's illegal

[@agoogleuser2369]

The whole credit score / system is flawed. It's all debt based. If you have no debt you can't / won't have a perfect credit score. But then again, if you don't need to borrow any money you don't need to worry about this nuisance.

[@Thisthat1234]

Well if you fundamentally knew how banks make their money you’d understand that the credit score system is simply a tool of self preservation for the banks.

[@K-wx6ki]

its circular youre right. penalize you if you dont have credit but also if you do

[@ConsensusX]

Step 1: Get the biggest loan you qualify for. Step 2: default on it. 😎

[@Afroninja2025]

​@@ConsensusXlol why

[@ConsensusX]

@@Afroninja2025 Because the U.S. government does it. Oh wait... they just raise the limit every time 🥴

[@classicredwine]

My bank periodically asks me for my job and salary and I always put Unemployed and $0

[@TheTruthSeeker756]

lol!😄

[@elliotmyers9071]

That’s fraud and illegal.

[@darickfoxo7986]

Don’t they already know if your direct deposit goes to your bank and also if credit cards are with your bank?

[@MalachiWhite-tw7hl]

​@@elliotmyers9071No it isn't. Fraud would be if you exaggerated your income to obtain loaned funds.

[@Stupid9808]

@@elliotmyers9071 No. Its PII. And you are not asking anything of them, they are asking of you. But they can close your accounts in their institution. Thankfully, there are thousands of banks that will do business with you.

[@RedShipsofSpainAgain]

Banks are like the cops: don't trust them, don't talk to em.

[@realShadowKat]

This is why I would refuse to have my checking/savings with a "credit card" bank like Chase, Citi, BofA, etc. They'd be able to see how much your deposits are.

[@darnellcapriccioso]

The Collapse of American banks has torn into global markets, with investors ripping up their forecasts for further rises in interest rates and dumping bank stocks around the world. I'm at a crossroads deciding if to liquidate my dipping 200k stock portfolio, what's the best way to take advantage of this bear market?

[@maiadazz]

I have learned to not trust corporations. I was badly hit by the '08 financial crisis. Since 2019, I've just been focused on investing through a financial advisor, and it has been paying off, and I'm never going back to banks full time.

[@tatianastarcic]

I consider gold investment to be dependable and intend to increase my holdings to recoup losses. While silver is also a promising investment, it differs from my collectibles. Having clear investment goals and acquiring knowledge in the field are essential. I collaborate with Laurel Dell Sroufe, a financial consultant regulated by the SEC. Through modest initial investments, I have gradually accumulated nearly $799k over time.

[@darnellcapriccioso]

@@tatianastarcic How can i reach her, because I’m seeking for a more effective investment approach on my saving.

[@tatianastarcic]

@@darnellcapriccioso Laurel Dell Sroufe is an exceptional individual with a talent for diversifying her investments. You can easily confirm her identity by conducting an online search. She possesses extensive knowledge of the financial markets.

[@richardhudson1243]

@@darnellcapriccioso Upon conducting a comprehensive search, I discovered that her complete name occupied the highest position in my search results. I express my gratitude for this valuable information, and it is genuinely appreciated.

[@ggalloway1]

Title is misleading. This is not about your regular bank, this is about other banks you have credit cards through.

[@jivefive99]

If Im borrowing money from a bank via credit cards for a time, I dont see why telling them the income (which is easily manipulated) is such a bad thing. But really, we know why they REALLY want to know ... they want to find the people in this country with real income and/or assets, and advertise to them to get them to buy loans. They dont want to waste time and money pursuing broke people who will never be able to repay anything. They want to find that "millionaire next door" who can be very elusive. How many stories have we heard about the batty cave-dweller no one has heard of who donated millions to a college right before they died?

[@BelleDividends]

In Belgium, they could simply look it upon based on the money being deposited on your account. This is actually ones of the easiest things about your financial life for Belgian banks to know (unless you're a client with multiple banks).

[@justinmiller1118]

In the US many people divide their direct deposit across 2 or more banks, and pre-allocate some of it to retirement savings and tax-free healthcare funds.

[@justinmiller1118]

So your primary bank might only be getting 30% of your actual income deposited.

[@TheRealMartin]

Yeah, so only about half of my taxable (W-2) income goes into my bank. It has federal taxes, state taxes, 401k contributions, after-tax 401k contributions (mega back door), some people might have roth, etc. Also about half my compensation is in the form of company stock. I also pre-pay extra federal taxes to avoid a huge tax bill at the end of the year. So the bank sees money come in, but they really only see about half or less.

[@oregonflatland]

Yes but credit card companies can't do that because a lot of people don't bank with them or they aren't banking institutions. They only see what you spend and what your credit report tells them about your other debts and ability to service those debts.

[@BusArch42]

We have two different accounts and our pay is split

[@donyzac]

This is a really well done presentation on the subject! Every follow up question I had was naturally your next question. Well done! 👏

[@rogerharris8144]

“neither a borrower nor a lender be” - William Shakespeare

[@debrab7844]

It is happening folks, the future of work is being redesigned. Yes, More tech companies wants to fire more workers from next week: "The third wave is going to happen next week. That affects everybody in the biz teams, including in my organization. It's just a time of great anxiety and uncertainty" Says Meta President.

[@manylinkz.lining]

Time and tide will not wait for any person. That means we must pay attention to how new technologies, and specifically AI, will make it easier for companies to become more efficient. Simply, this companies may not need a lot of workers, your bank may not need many staff. Your insurer may not need many workers. And the list keeps growing.

[@CurateHub]

It has nothing to do with AI. Economic distress in America is enormous. Many banks have gone under. Inflation is biting harder. Ukrain miscalculation is obvious. Facebook has been using AI in most of its features and products for more than 15 years now, so Ai has nothing to do with it. They embarked on unprofitable projects. And over hired. Apple has never laid off employees despite the economic downturn. They did well in hiring and never had failed projects. Metaverse failed. Gaming projects failed. Fintech, Lira failed. In the last 20 months, Sanbberg left, nobody is there to "tame the lion" Most Tech companies went woke: hired talents in order to prevent competitors from having access, they kept them idle, just to hijack a pool of talent. Over hired without proper assessment and protection. The existing projects couldn't turn in expected revenue, even before inflation war in USA set it. Let's put it in perspective without blaming AI. 95% of big tech have been using AI in the last 15 years. Building a passive income is a real hedge against inflation. Such is a thing that won't fail when the govt and the big tech fails.

[@Andrian-ch3on]

Is it time to require mandatory payment where even if you have no staff, you have to commit a certain percentage of your revenue which will be used to distribute to citizens as a "wage" alternative?

[@VitaliiSych]

@@CurateHub I wish I could tackle your submission but I already threw in the towel before I read the last line. I give it to you on this. I'm very interested in building a passive income but it seems like I will need a lot of coaching as I do not posses the required expertise. You on the other hand seem very well knowledgeable in that field, can you give out some tips on getting started with passive income or can you recommend a personal financial coach?

[@CurateHub]

@@VitaliiSych focus on acquiring a trusted advisor who can guide you. With their assistance, you can engage in trading and generate profits in stock and cryptocurrency markets, even if you lack prior knowledge. Consider reaching out to Elizabeth Puckett Hunter through any of her online medium

[@maineusaMax]

Well, Bank of America periodically just raises my credit limit without informing me. They definitely were doing a periodic check on income.

[@clearsmashdrop5829]

I have a credit union. They never ask for any of this info. Is this a big bank thing?

[@melodybrianna]

It's a credit card thing.

[@btrplay]

They can close my credit card. I don't care, because my income is none of their business. I'd rather have a ton of money than a credit score of 800, but that's just me.

[@windsofmarchjourneyperrytr2823]

Wait'll you need a car, house, apartment, loan, schooling...

[@CaptainMarvel007]

Just went to open a new checking account with a major bank, and one of the many questions they asked us was, what is your salary? And their justification was, we ask this for money laundering purposes.

[@DanNguyen-kr7ey]

They, the banks, are the launderers. They pay you 0.1% interest, and they charge people 8 to 24 %.

[@bartdoo5757]

They would know your salary when they see the deposits from your employer.

[@jasonbrady4894]

you have a typo in the thumbnail

[@mspock7]

So two producers + an assistant for a podcast with no visuals / graphics except for their pictures. The very best of legacy media.

[@lambertois11]

Most people have their salary deposited in their bank account. So the bank knows your income!

[@ssl3546]

Not really, all they know is you get some money deposited. They don't know your year-end bonus or the money that gets diverted somewhere else or your tax payments. Also that's only true for your main deposit bank not any other banks you don't hold deposits with.

[@lancerfour]

or just don't tell them anything, ever. Sure, if you need a loan, gonna have to give up some details; otherwise, just shut them down and tell them you'll switch banks if they persist (there are a lot of great saving rates out there right now anyway).

[@windsofmarchjourneyperrytr2823]

How so? I've never found one that didn't charge you to use YOUR OWN money. Minus a small bank I've had 35 years. Account number is so low, AT&T won't let me use it, because I was one of the earliest customers of that bank. They said i need a ridiculously long account #

[@leisure057blank3]

My bank is not where I have my credit card. My main cc is for Costco. I don’t want a higher credit limit or different sorts of loans,

[@windsofmarchjourneyperrytr2823]

That's NOT a good idea. WHT? Wait'll you need a car, to but a house or need a loan. They will say no. Why? That's a STORE card, it's NOT the same as a basic Visa or Mastercard. They don't like too many store cards because any fool can get them.

[@ThePeterDislikeShow]

Good luck getting an honest answer.

[@kenc2257]

Our Amex account recently asked us to confirm/update our income info. Not sure why. Our Amex balance does vary a lot, especially if we're traveling overseas.

[@kbtken]

This was the 5 most informative minutes of my month

[@monas.6839]

There needs to be 6 degrees of Kevin Bacon…one bank for checking, one for credit card, one for mortgage,etc.

[@henrycarlson7514]

Interesting , Thank You

[@KhanJoltrane]

What happens if you lie about your income?

[@arsenal0095]

If later on there is an investigation, you may be charged for fraud.

[@dl1083]

@@arsenal0095 OOooh, we're so scared.

[@kenc2257]

If it's just a routine bank/credit card query, then nothing. However, if it's on an official loan application, where your signature verifies the accuracy of your financial disclosures, then you could face legal consequences.

[@angelinimartini]

I know that with Amex they could potentially take away your cards. They do assessments every so often for some people and require proof of income.

[@stachowi]

Don't they see the direct deposits hit your account (if you're an employee)? Seems pretty easy to figure out.

[@AkweliParker]

Good point, but the amount could be different if you have other outflows happening before your check hits the bank: like retirement savings, HSA, etc. They usually ask for gross income, so the bank deposit might be just a fraction of total pay.

[@stachowi]

@@AkweliParker also a good point, but you can still figure it out based on time and now AI... you can see the deposit and then you can see all withdraws, so you can categorize them (e.g. mortgage, car payment, etc). Who knows, it's very creepy in general.

[@josephkamara1814]

Proper data collection and analysis about the state of the economy in order to understand real value of the money printed

[@MarcB-o8r]

I get this question from banks where I have credit accounts all the time. I never answer them and it’s never adversely impacted any of my accounts. But I have zero debt and a credit score over 820, so I’m not sure why they care. I think it’s just a box they want to fill in, so they can ask me every say, they’re still just going to hear crickets.

[@stevetucker9181]

I have used the same Citibank card for 15 years. I pay my balance every month in full the day I get the bill. I am tempted to tell them my income is 18K a year, just to see what they will do.

[@DanNguyen-kr7ey]

On all credit card applications, I tell them my salary is $17,000/year. Most CC companies give me a $2,500 limit to start. After 5 years, one gave me a credit line of $20,000. Unbelievable.

[@laurice8056]

What’s voluntary today, may become mandatory tomorrow.

[@chltmdwp]

My amex always asks me to provide my salary. And I always click decline.

[@puravida5683]

That's why I'm a member of Navy Federal Credit Union. And, not banks.

[@melodybrianna]

NFCU is excellent, it blows away all the other banks and even credit unions I've dealt with.

[@jillclarke7264]

If you request my information, I close my account. Bad move if your a bank, I'm retired with a secure income happy to leave these nasty banks.

[@DarthDaddy-cg6ro]

Thanks.

[@daninraleigh]

If your income goes down, and you tell them, they will reduce your credit line. Consequently, your credit score will probably go down, because it is a function of how much credit you use.

[@BusArch42]

I had a visa lower my limit with no warning and for no reason. We always paid in full I called and told them I was going to have to not use their card as much because it would hurt my score. She did ask income (which is ridiculous at 490k and zero debt as we own the house even) and increased it again.

[@auro1986]

why? to sell credit cards, insurance, and if you will mortgage in future

[@Derekzparty]

800k a year, live with parents, no rent, 2015 Ford Fiesta Sounds legit

[@ddellwo]

Actually, it sounds pretty smart to me! A few years of saving and dude can give an upraised middle finger to Corporate America……..🥳

[@BusArch42]

If that was a Corolla it would be good. The Ford is a very negative item

[@craigrussell2045]

The Collapse of these banks has torn into global market , I was really hopeful of my investments this year, but all my plans have been disoriented, I've been studying the market crashes and I realized some investors made millions from the recent recession and I was wondering if such success rate could be achieved in this present market. I'm open to ideas about investing for retirement.

[@lucyAngletont]

Yes, If you go long against the market you'd make such success.

[@RandyPelletier]

I feel exceptionally lucky I started investing in my early 40s and compounded my income to create more cash flow. I opted for a more aggressive approach and so far I've made over $350k in raw profits from just q1 of 2023 from mainly blue chip stocks, precious metals, S&P500, coins and high yield dividend funds. I'm forever grateful to Trisha Jean Webb my F.A... Now house and cars all paid off and no other debt.

[@craigrussell2045]

@@RandyPelletier Did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply.

[@StealthyDead]

Spam bot

[@erichearduga]

Was this about banks or credit card issuers... Because mine are not the same

[@davidthomas-ot4cl]

I'm on a low salary but I'm very frugal so get to save 50% of it. I'm sure the banks are confused at how I am able to save so much. I have a low mortgage, I don't drive, drink or smoke. I wear clothes until they have holes in them and eat cheap food. I hardly ever go out and haven't been on holiday for over 20 years. If you live like that you can save a lot even on a low salary.

[@lindadorman2869]

Interesting to know that providing accurate income information is not required. I would guess that it would be required in order to get a mortgage, auto or other type of loan in addition to one's credit score.

[@Denverian]

it is required to provide income level when applying for a credit, but one thing is that it doesn't have to be accurate, as long as you can manage the payment. Another thing is that this video is talking about banks/credit institutes constantly surveying people's income to use it for their product marketing. You can totally ignore/lie kn the survey.

[@sarahdebardeleben1536]

I have actually called the bank and told them I can't answer questions about other people " I may know." because I don't want to be sued.

[@lights80088]

It's all about them trying to get you in more debt. THAT'S IT !

[@TheElusiveReality]

she's not quite telling the truth, having a high credit line with low utilization does not increase your credit score unless you previously had very high utilization. if your credit spending remains the same but your credit line keeps going up, your score will dip, and im speaking from experience. they are trying to incentivize you to incur more and more debt. risk assessment also is not the only or even main reason banks want personal info that they previously had no urgency in asking. banks simply asking this info is different than them literally spamming your mail with monthly letters even if you decline to share the info.

[@jackiechan3509]

What is charity work and what are hedge funds????//

[@MF-qf7bs]

I give them the same info year after year. If I provide it at all. MYOB. Don't people know it's RUDE to ask how much money you make?

[@DrChubbsify]

Thumb nail is mis spelled

[@rcatv7750]

"They're going to want more of your business" - Correction - They want to pillage more of your hard-earned money.

[@manny7886]

I never update my income info to my CC providers.

[@karlad4082]

Why do I keep getting notices from my bank about giving my signature for free life insurance? 🤔 It sounds sketchy as heck to me 🤷🏻‍♀️

[@joan-mariacbrooks]

I no longer use banking services nor do I use credit cards.

[@89playstation65]

Because the banks want to keep you in your place. And make sure you stay there. Are you earning a lower middle class salary? The bank wants to know and make sure you aren't doing anything to try to get ahead.

[@answerman9933]

I usually put around 20K per year. I have direct deposits in three different institutions.

[@papagen00]

And how do they know if you are reporting more than what you make?

[@salkryeful]

What? Are banks unable to add up all the deposits from work to checking accounts?

[@adamesd3699]

A lot of people get their salaries direct-deposited into their bank account. Wouldn’t that give the bank really good info on the person’s salary?

[@P.90.603]

A lot of people use multiple banks.

[@TonyBlack-b4g]

Hello! I am from China and I like the program Money Briefing very much. Will you mind it if I transport the episodes to Bilibili, kind of a counterpart of KZbin in China? You know, due to lack of access, this kind of vedios can be hardly seen in China. I will provide you with the website address after my transport.

[@TonyBlack-b4g]

@@wisewidower6655 Yes, VPN is available here.

[@dl1083]

“Do banks need to know you income”

[@emeraldbonsai]

NO ITS VOLUNTARY AS SAID IN THE VIDEO

[@djones6211]

Been up for almost an hour with that error. Embarrassing...

[@DrChubbsify]

@@djones62115 bucks this is marketing at this point for wsj

[@angelinimartini]

😂

[@karlhernandez617]

I don’t think it’s anyone’s business how much money I make

[@emmanuelfigueroa569]

The request to know more about annuties or other sources of income for the purpose of extending credit should not be requirement. Credit worthiness is a calculated as a result of consistent monthly payments made with creditors. Fico scores are then determined with this data to dertermine the credit limits increases or a set amount balances. The only time there is need for other sources of income is correct when there is a filing for Bankruptcy to dertermine how to settle the debt incurred that is owed to creditors. Or when a debtor does not want to pay their debts they often look at more sources of income to determine their actual repayment capability.

[@rohitrai6187]

In India, banks want to know your salary so that they can call you to offer loans

[@blipblop92]

I report 200k of salary to increase my credit limit 😅😅😅 even when im still a fresh out college grad making 60k

[@vaderwashere365]

Is this targeted towards certain people? We make a decent amount as a married couple and haven't had any requests from any of our banks or credit cards. We bought a home in the last 2 years (have a mortgage), but other than that, no request to update/restate our income - which has steadily increased. 3 years ago I updated our salary info on our primary credit card to increase our spending limit... still no emails/calls/messages from others. Also, Imani says that these questions are not new, but she also states that they are up 500%... so who are getting all of these requests?

[@LWRC]

I tell my bank I only make $1.00 and everything else is pure profit!!!😂😂🤣🤣🤣

[@Matt-kt9nm]

This information is going to the irs so you can be sqeezed as hard as possible.

[@YoungASUCarey]

Great

[@rickharding7209]

Yeah, at this point, the Great Banking Consolidation has begun, and were likely to see many more small banks get gobbled and folded into larger ones, and the resulting amalgamation will know more about its patrons money than they do.

[@raheelakhtar7]

I haven’t updated mine in 10 years

[@steveolive9991]

You mean the bank can't put 2 + 2 together based on your monthly deposits???

[@sstrauss6752]

I am retired and live off a fixed income (SS). The credit card issuers always ask me my annual income but I never reply. They tell me they can increase my credit limits only with current income information. I say I have enough credit and have even had my limit halved with one issuer but I never come close to topping it off so, OK.

[@4g63t8]

I’ll tell em whatever comes to mind

[@gamingwithxan1430]

Credit card or should we call that debt card? So if i's not a debit card, it is debt card.

[@reubenmorris487]

My bank always tries to sell me a credit card, CD, or investment service whenever I walk in.

[@JanineOvercomer]

i used to work at a bank then i lost interest

[@notorioustori]

This is why I have a 🌟credit union🌟.

[@gilroyalex9990]

Capital one is asking me to update the salary and employment status

[@M_Ladd]

It is understandable for banks to ask for your annual income if you are applying for a loan. But, if they want to raise the limit on my credit card, then they can do so just by checking the amount of time I have been doing business with them along with always paying more than the minimum payment and never being late with a payment. Also, by checking my credit rating. All should be satisfactory info for raising my credit limit. Especially if I did not request an increase in my limit. As far as lowering my limit for not cooperating, then they will lose my business forever. There are plenty of institutions looking for your money out there to go to.

[@DanielRojas-nw3mv]

All they need know that I paid my bills everything else NOT of their business 🧐🇺🇸🇺🇸🇺🇸

[@winstonsmith6204]

My bank plays with me . . .i move my money. Did you hear that Wells Fargo? You see what happens when you play with people's money!?

[@IndellableHatesHandles]

It's very strange that they want this information. Especially considering different parts of the country are cheaper, and depending on your situation you could live independently on 30k in some areas

[@Lianne459]

I have an 830 FICO score. That’s all they need to know

[@mahmoudshojai431]

I have never answered their question and never will.

[@yanbaihuzxzxzx]

If you report your own income, you might as well put the bar code on yourself. We live in a wild time founding fathers would be rolling right now.

[@TomMcMorrow]

Was excited to update my income recently now that my girlfriend and I share a joint savings (passing the reasonable access test in my view). My credit score is maxed so any additional credit limit increases are just gravy!

[@wan3416]

Is it a joyous occasion to bless these banks with debt interest? Are you working for yourself, or are you working to keep your slavers satiated?

[@TomMcMorrow]

@@wan3416 You misunderstand friend, I have never paid a penny in interest to anybody in my life.

[@peachezprogramming]

Every 2 weeks a paycheck gets deposited into my bank account for the exact same amount. How tf do they not know how much money I make?

[@ayalave75]

The title seems kind of misleading to me. When i think of banks. Im thinking checking, savings, personal loans, auto, mortgage. This whole piece seems to be on credit cards and lines of credit. I still don’t understand why my bank is asking me to update my income when it’s deposited into my checking account twice a month. You would think they would have a good idea what i make and spend, as well as what i have saved in my saving account. It seems they would have a good idea of the risks associated with loaning me money. Shouldn’t this be titled “why credit card companies what you to update your income”?

[@bdodson5]

If my credit score has consistently been top tier for DECADES,and I've not missed a payment on any bill of any kind in...oh.... say 40+ years..... that ought to be sufficient. My credit score being elevated from 835 to 840 by telling them my income.... not worth my time and effort.

[@slimeypuma]

Don’t tell anyone anything regarding your financial situation. This bs podcast is strait bank paid propaganda

[@debscamera2572]

I'm calling BS. Credit card companies make money on fees, and when people can't pay.