A bank statement is an official printed summary of the financial record of the balance in a bank account. Usually, a bank statement contains a summary of financial transactions within a given period. From a bank statement, you can find out all of the income and spending activity related to the account. There are many reasons you might need to show/submit your bank statement, for example when you are renting a house. So, is it ok to give a bank statement while renting a house?
It is very common and normal that landlords ask for your bank statement while renting a house. There is no problem with giving your bank statement to the landlords. In fact, while you are trying to rent a house, submitting a bank statement can be very helpful for you. A bank statement allows the landlords to see your full financial condition and whether you are financially capable of renting the house.
Who Needs A Bank Statement For Rental Applications?
There are many reasons landlords might ask you to show or submit your bank statement while you rent a house. If you’re a full-time student, unemployed, or your income source is variable then the landlord might ask you for your 2-3 most recent bank statements. The landlords won’t look for your income source, they only check what your accounts’ bottom-line is. If you are not comfortable with sharing your bank statement with a complete stranger then there is nothing to worry about because landlords can’t do any harm with your bank statement.
Getting A Bank Statement For Rental Application
If you need a bank statement and wondering how to get a bank statement then keep reading the article. Obtaining a bank statement is very easy. You just have to visit your local bank branch and request a bank statement. Below are the detailed processes of getting a bank statement from various popular banks of the USA. Let’s check them out!
1. JP Morgan Chase
If you have a bank account at JP Morgan Chase then you can withdraw 7 years of bank statements at once. The best part is you can download the statement online. Just log in to your JP Morgan Chase online banking account and click the “Get the Statement” button. The statement will automatically download to your computer.
2. Bank of America
If Bank of America is your bank, then you can also download the statement from your online banking account. You need to sign in to your Online Banking account. Then download the bank statement. If you don’t have a Bank of America online banking account then you can easily register an account on the Bank of America online portal.
If you are a Citi bank client then every month you will receive an email with a link to your bank statements. If you don’t receive the email then you can just log into your online account at their website and find your statements.
4. Wells Fargo
If you have a bank account at Wells Fargo then you can also collect your bank statement quite easily. All you need to do is log into your online account and download the right statement. If you are accessing the statement from your computer then you can easily download and print the bank statement.
5. U.S. Bank
If you are a client of a U.S. bank then you can collect the bank statement from their website or the mobile app. If you want to download the statement from the computer then you have to log in to your online banking account from a computer. Then click on the My Accounts and then My Documents. Then finally select Statements. Finally, select the right account and date of the statement and download it on your computer.
If you want to download the statement using your mobile phone then you have to follow a different process. First, you have to download the app on your computer and then log in to your online account. After logging in, you have to tap on to the Account Details page and look for the View e-Statements option. Then click on the e-Statements option to download the statement on your computer.
6. TD Bank
TD Bank also allows its customers to download bank statements online. Follow the below steps to download the statement –
1. the First login to your account using the username and password
2. Select the account you wish to view
3. Click on the Download Statements
4. Select the right date for the statement
5. Finally, click on the View Statement
7. PNC Bank
If you have a bank account at PNC bank then you can easily get your bank statement. You just need to log in, select the account and the right period for the statement. After downloading the statement, you can easily print it from your computer.
8. Capital One
Capital One Bank allows its account holders to download the bank statement online from a computer. You just need to log in to the online banking account and download the bank statement. After downloading the statement, you can easily print the bank statement.
Can Landlords Do Anything Malicious with Your Bank Statement?
It is extremely hard for someone to harm you only with the bank statement. However, these days technology has made everything possible and evil people are usually creative enough to do anything. One common fraudulent activity that fraud can do using the bank statement is fraudulent checks. So, fraud can collect your bank account number to print false checks to take money from your bank account. They can add your name, address, bank account number, etc. to create the false check. Though it is not easy to create a false check and use the check to take the money you never know. So, if you want to remain safe then make sure you hide key information from your bank statement.
Do I Have To Show My Bank Statements To My Landlord?
No, you are not bound to provide your bank statements for apartment applications. However, you should know that landlords reserve the right to rent the apartment to whoever he wants to. So, if you don’t want to submit the statement then the landlord can give the hose to someone else. If you want to rent a house but don’t feel comfortable showing your bank statements then you can provide alternative documents instead of the bank statement. You can provide –
1. W-2 Form Filled By Your Employer: You can provide a W-2 Form because this document states your wage, tips, and other forms of compensation. So, it is a great alternative to the bank statement and a great way to prove your income.
2. 1099-MISC Form: This form reports income payments and royalties and you can also submit it with your rent application.
3. Pay Stubs: If you are an employee then this is the easiest way to prove your income without submitting bank statements for the rent application.
FAQs About Is It Normal To Give Bank Statement While Renting A House?
What Do Landlords Look For In Your Bank Statement?
Usually, landlords ask for bank statements to check a few information like –
1. Monthly Income
2. Your total bank balance
3. Your financial responsibility
4. Unusual financial activity, etc.
Can You Rent An Apartment With No Income?
You can rent a house without a job but you have to pay the rent at the end of the month. So, it is quite impossible to rent an apartment without any income.
Are Bank Statements Proof Of Income?
In most cases, a bank statement is considered a secondary source of proof of income. Usually, a bank statement contains key financial information that includes the amount of money you have, the amount of money you have withdrawn, and the amount of money added to your account. It indicates how strong your financial condition is.
Can Landlords Ask For Bank Statements?
Yes, landlords can ask the applicants to submit their bank statements while renting a house. A bank statement helps the landlords to know about your ability to pay the rent every month. However, you also have the equal right to decline the request.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.