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  #31  
Old 10-24-2009, 10:06 PM
MSS Mow MSS Mow is offline
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Quote:
Originally Posted by MarkintheGarden View Post
If you wanted a loan from me, I would ask as much and more.
If I wanted a loan, I would be open to full disclosure, provided the info be used solely for the purpose intended.
This is the concern. I have seen first hand banks using the "customer lists" for their own personal benefit, or the benefit of a family member or friend in the same business. On a similar note, also seen business plans turned down by banks only to have the very same business opened by bank bigwigs or family/friends. This, after the person applying for the loan was told the idea wouldn't work in our small community, AND after they had done all the market research, etc for the indepth business plan that the bank required!

If the information was ONLY being used for the purpose intended, I wouldn't mind handing over a customer list. However, in a small town like what I live in, I couldn't afford to lose my customer base.
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  #32  
Old 10-25-2009, 10:46 AM
lawnman_scott lawnman_scott is offline
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Originally Posted by ted putnam View Post

I have been asked for a current list of my accounts receivables a few years back when I first started. My loan officer merely glanced at it, made note of the figure at the bottom and handed it back. They've never asked for one since then and I've had several "ventures" between then and now.
Perhaps this policy has lead many banks to a bailout that we get the pleasure of paying for.
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  #33  
Old 10-25-2009, 12:20 PM
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MarkintheGarden MarkintheGarden is offline
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Location: St. Louis, MO
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Quote:
Originally Posted by MSS Mow View Post
This is the concern. I have seen first hand banks using the "customer lists" for their own personal benefit, or the benefit of a family member or friend in the same business. On a similar note, also seen business plans turned down by banks only to have the very same business opened by bank bigwigs or family/friends. This, after the person applying for the loan was told the idea wouldn't work in our small community, AND after they had done all the market research, etc for the indepth business plan that the bank required!

If the information was ONLY being used for the purpose intended, I wouldn't mind handing over a customer list. However, in a small town like what I live in, I couldn't afford to lose my customer base.
If you have seen this first hand then your next action should be to see the District attorney first hand, and then you should be writing a letter to federal regulators. I am not saying that I do not believe you, but I would hate to think that this could go on. Even if a conviction is not possible, an investigation would send a healthy message to the local banking community.

I do not think that who your customers are is such a big secret, your bank already has that information, who they are and how much they are paying you, and if someone at that bank wanted to steal that info, well it is already there. The good news is that it takes more than this to take someones business.

In any case you can (and maybe should) do your banking and borrowing from out of town service providers, nation wide companies without an affiliate office in your area.
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  #34  
Old 10-25-2009, 12:47 PM
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ted putnam ted putnam is offline
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Originally Posted by lawnman_scott View Post
Perhaps this policy has lead many banks to a bailout that we get the pleasure of paying for.
Not sure about that. My bank is a smaller bank with only 9 branches throughout the state. They received no "bail out". They have become more strict since all of that began though. Copies of tax returns, photocopies of drivers license, etc... each time I ask for money. It's a little irritating because I know they have all this info on file already but I also know they are being required to dot their "i's" and cross their "t's" more carefully these days.
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  #35  
Old 10-25-2009, 04:33 PM
lawnman_scott lawnman_scott is offline
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Originally Posted by ted putnam View Post
Not sure about that. My bank is a smaller bank with only 9 branches throughout the state. They received no "bail out". They have become more strict since all of that began though. Copies of tax returns, photocopies of drivers license, etc... each time I ask for money. It's a little irritating because I know they have all this info on file already but I also know they are being required to dot their "i's" and cross their "t's" more carefully these days.
Thats the point. Not your bank in particular, just banks in general. They are finally doing a better job, but look what it took for them to get it.
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