J.R. Whelan

speaker

21,375 appearances 574 recordings 1 series first heard Oct 2017 last heard Aug 2024

J.R. Whelan’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Your Bank Wants to Know How Much You Make · 30 Jun 2023 podcast

Banks and credit card lenders can see how much you spend, but they don't know for sure how much you make. voice-verified

We'll talk to WSJ personal finance reporter Amani Moiz about why banks want that information. voice-verified

That's after the break. voice-verified

Banks are sending out more requests for annual salary information from their customers. voice-verified

Wall Street Journal personal finance reporter Amani Moise joins us to explain why and whether customers are obligated to respond. voice-verified

So, Amani, wouldn't the bank already know your annual income? voice-verified

They could get that from the credit reporting agencies or figure it out based on your credit card spending or your direct deposits, right? voice-verified

So do they want to know just your salary or all of your assets like your investments? voice-verified

Is that the primary reason they want to know all this? voice-verified

So in some cases, banks are making repeated requests for salary information, as opposed to maybe once a year. voice-verified

Why the urgency? voice-verified

All right. voice-verified

So raising credit limits is one thing. voice-verified

Engaging someone's ability to pay their bills is one thing. voice-verified

But how badly do the banks want to know this information? voice-verified

Is there any incentive in this for the bank customer? voice-verified

So does a bank customer have to divulge their salary when asked? voice-verified

What if they don't? voice-verified

So it's better to give the bank a clearer picture of your financial situation. voice-verified

So is there a risk here for the bank customer if they don't supply the information? voice-verified

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