What does bank reference mean?

bank reference meaning in Law Dictionary

the details a bank can release about its clients. The reality shared will be the years using the bank, wide range of financial loans, number of loans, collateral type, collateral high quality, while the newest declaration. The necessity no endorsement to achieve this.

bank reference meaning in Business Dictionary

Information introduced by a bank about an individual, to another bank or lending institution. Bank references generally speaking consist of (1) period of time of a client's relationship with the bank, (2) few loans together with amounts of their balances, (3) kind and quality of collateral(s) offered, and (4) a copy of consumer's most recent declaration of financial matters on file with the bank. Banks are under no obligation to look for the client's approval (or even expose the identity for the recipient) for releasing such information.