Who Should Be Able To View Your Bank Account?
Should anyone, aside from you, the primary account holder, receive authorization to view your bank account? The answer to this question may vary depending on your preferences and the account type.
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Your bank account is among your most private information. As such, it should be shared only with the people with whom you would share other equally private information. Here are the individuals to consider allowing access to your account.
You may share your account information with a trusted partner, such as a spouse, child or power of attorney, said Gabe Krajicek, CEO of Kasasa.
Making this decision usually depends on your personal situation and the reason a trusted partner is receiving access to your bank account. Sometimes a trusted partner is allowed access to your bank account for a specific purpose, such as helping balance your checkbook. In a scenario like this, the trusted partner would be able to access only a specific account, like your checking account, to fulfill that purpose.
Another scenario is health-related. If you are unable to fulfill personal banking obligations due to failing health, a trusted partner, such as a spouse or financial advisor, may step in to offer assistance.
You would need to work with the bank to authorize this individual on the account. This would allow the bank to verify the person’s identity so the person could be allowed to view your account and/or make any transactions on your behalf. More permanent health issues may require the aid of a lawyer or recommended powers of attorney to ensure your financial affairs are in order.
The importance of trust between both partners, regardless of personal situation, cannot be emphasized enough.
“I would only share this information with someone you trust with equally private information,” Krajicek said. “Make sure you fully trust the person you are allowing to view your bank account.”
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Trusted Partner in View-Only Access
Those uncomfortable with the idea of providing even a trusted partner with full access to their account may decide to grant view-only access. View-only access means a trusted partner may view this information but will not have authority to make changes or adjustments to your account. This provides account holders with better peace of mind due to the additional layer of protection.
Most financial institutions offer a view-only option, but each has different policies and procedures, so Krajicek recommends checking which options are available to you.
Consult With a Bank Representative
If you are not sure about giving a trusted individual full access or view-only access to your bank account, it may be beneficial to speak directly with the bank or financial institution for guidance.
A representative may be able to address any concerns you have about providing someone else with access to your account and offer advice on how to keep your account protected from any unauthorized access.
There is good news if you are genuinely unsure whether you want to give a trusted partner full or view-only access to your account. You don’t have to grant anyone else access. It is perfectly fine for you to be the only person with access to your account.
As the sole account holder, only you will be able to access, view and manage your funds. Giving access to another person, however trustworthy, may still be a risky proposition. In the worst-case scenario, you may consider revoking authorization if the trusted partner misuses account funds or betrays any of the access privileges.
Ultimately, the decision of whether to grant anyone access to your bank account and the level of access they are allowed to have is solely up to you.
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This article originally appeared on GOBankingRates.com: Who Should Be Able To View Your Bank Account?