The banks that know too much about me

Posted by on September 5th, 2008 at 03:13pm

wrote an interesting post today on
Here’s a quick excerpt
Let’s think in the following scenario: Imagine you are participating in an auction that requires that you post your income before participating. Doesn’t it sound unfair? Well, every bank in the world actually asks to know the income of their clients before they sell any of their banking products to them. All right, i can understand banks need to know if we will be able to pay their products (let’s say a loan) but that’s all they need to know. Why should they know more? They are supposed to know how much risk a certain loan will bear and that’s why banks procedures require all sort of income statements, salary bills, etc. In my opinion it is much riskier that banks require to know the income of their clients. Why? Simple, if banks know our disposable income they automatically know what’s the maximum amount we could pay! This sounds like […]

Read the rest of this great post here

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