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It is one of the required information which you have to fill in because you are going to be in the long-term financial commitment with the owner during the time of your rent. The bank reference includes a report from your bank about your ability or disability to pay the rent. So, it is just a means of verification.
A bank reference is a letter from your bank that shows you have an account and that you've had it for a while.
This is typically used as proof that you can pay rent on time.
The person who writes the letter should be familiar with your account and be able to vouch for the fact that you have been a good customer in the past. A typical bank reference will include information about how long you've been banking with the institution, how much money is in your account, and any other pertinent details like this.
The most common way to obtain a bank reference is by having a friend or family member write one for you.
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However, some landlords may require that you provide the name of an actual person at your bank. If so, simply call them up and ask politely if they'll write a reference for you.
If you don't have any active bank accounts, it's fine to write down that you don't have any bank references. Your landlord will understand, but they will also want to know why. If you're an adult with no children living at home, you might want to mention that fact—and explain why it makes sense for you not to have any active accounts.
You should also make sure that the names of any banks on your list match up with the names on your driver's license or passport—this helps make sure that your landlord knows which account is yours!
What is "bank reference" on a rental application?. (2020, Jun 02). Retrieved from https://studymoose.com/what-is-bank-reference-on-a-rental-application-new-essay
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