Do banks have access to whether or not I have accounts with other banks when I open a new account? They always ask if I have accounts at other banks.
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The purpose of the question is to get a sense of what other banking relationships you have. Banks compete for your business and want to know when you do business with the competition. They may also contact the other banks to inquire about how you handle the other accounts, just as they would call to find out about your record of handling credit, but do they have the ability to get detailed information about what you have in those other accounts? No. If you don't share information about your accounts at other banks, your new bank won't know about them.
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The purpose of the question is to get a sense of what other banking relationships you have. Banks compete for your business and want to know when you do business with the competition. They may also contact the other banks to inquire about how you handle the other accounts, just as they would call to find out about your record of handling credit, but do they have the ability to get detailed information about what you have in those other accounts? No. If you don't share information about your accounts at other banks, your new bank won't know about them.
