Bank and Government Benefits.?

Why does a bank want to know about any government benefits that an individual has?

Update:

If that person has a bank account why does that bank want to know if he or she has government benefits? I am just curious to know.

4 Answers

Relevance
  • Foofa
    Lv 7
    4 weeks ago

    If you're applying for credit the bank needs to know your entire income. If you do get benefits this makes you a better credit risk so it's to your advantage to report as much income as you can from whatever sources it comes.

  • 4 weeks ago

    They need to know that in order to know if you will be able to repay them for money they loan you. Loss of government benefits could make it harder for you to do that.

  • 4 weeks ago

    You mean like they want to know your total income before they sell you any of their money? Like that, you mean?

    Please share!

  • Greg
    Lv 7
    4 weeks ago

    In what context? That might matter.

    • Chris4 weeks agoReport

      If that person has a bank account why does that bank want to know if he or she has government benefits? I am just curious to know.

Still have questions? Get your answers by asking now.