Can I prove having savings without giving out the account number?

I will be looking to rent with no income, but significant savings. For that, I'll probably need to give the prospective landlord my name, DoB, SSN (for credit check) and the savings account number. I wonder if it's safe, and if it can be avoided: perhaps banks can verify the size of my savings account to the landlord without giving out the account number? Perhaps there is something like a letter of credit, but for savings.

asked Sep 25, 2015 at 1:42 541 1 1 gold badge 7 7 silver badges 19 19 bronze badges Why not just give them a copy of your bank statement with the account number blacked out? Commented Sep 25, 2015 at 2:33

@JohnFx I assumed that landlords could somehow call the bank and verify some info, which without the account number would be hard, but perhaps possible. That's really my question.

Commented Sep 25, 2015 at 2:50

Is that even legal? I've never had to provide any proof of income or balance before renting. Perhaps that's assumed with deposits/first month paid etc.

Commented Sep 25, 2015 at 17:22

@Dave Legal and almost universal where I live or lived. Credit check and possibly references too. There are exceptions like when your school or employer is also your landlord.

Commented Oct 11, 2015 at 0:09

4 Answers 4

Giving out your bank account number is not generally a security problem. The first time you write your landlord a security deposit or rent check, he'll have your account number. (It's printed on the check.)

That having been said, in my experience, banks do not generally give out balance information to just anyone who calls them up and gives them an account number. Have you asked the landlord what he needs? Perhaps showing him a printout of a recent bank statement is enough.

answered Sep 25, 2015 at 2:07 Ben Miller Ben Miller 116k 30 30 gold badges 330 330 silver badges 424 424 bronze badges But that's usually a relatively low-balance checking account. Commented Sep 25, 2015 at 2:24

The bigger security problem is that he will know your name, address and social security number so could apply for debt in your name. Knowing your account number in addition is a small difference. If I didn't trust anyone enough to give them my account number I wouldn't rent a house off them where they could walk right in and take my mail, passport etc.

Commented Sep 25, 2015 at 11:47

@MD-Tech Good point, but tenants don't run credit or background checks on their landlords -- there is no real reason to trust or mistrust your landlord in this situation.

Commented Oct 11, 2015 at 0:20

@MaxB my real point was that worrying about giving out your bank account number to someone who has keys to your house is a little shortsighted. If you don't feel that you can trust a potential landlord with your account number then you shouldn't trust them with your belongings in their house either so you shouldn't be considering renting from them in the first place!

Commented Oct 14, 2015 at 14:47

Have you been rejected from a rental for a specific reason (leading to this question)? Landlords are in the business of exchanging space for regular payments with no drama. Anything they ask in an application should be something to minimize the risk of drama.

The "happy path" optimistic goal is that you pay your rent by the due date every month. If your income is not sufficient for this, demonstrating you have assets and would be able to pay for the full term of the lease is part of the decision to enter into the lease with you.
In the non-happy-path, say you fall off the face of the earth before ending the lease. The landlord could be owed several months of rent, and could pursue a legal judgment on your assets. With a court order, they can make the bank pay out what is owed; having bank information reduces the landlord's cost and research efforts in the event the story has degenerated to this point (in the jargon of landlording, this means the tenant is "collectable"). While of course you could have zeroed out your accounts or moved money to a bank you didn't tell the landlord in the meantime, if you are not the bad actor in this story, you probably wouldn't have.
If you get any kind of "spidey-sense" about a landlord or property at all there is probably a better rental situation in your city. You also want to minimize drama. If the landlord is operating like a business, they're not in this to perform identity theft. If the landlord is sloppy, or has sloppy office workers, that would be different.

In the event sharing your asset information truly bothers you, and the money is for rental expense anyway, you could offer to negotiate a 1 year prepaid rental (of course knock another 5%-10% off for time value of money and lower risk to landlord) if you're sure you wouldn't want to leave early.