Answer:
Answer by Dan Persfull: Yes. Although they need not rely on any source to refuse to verify funds. Banks are under no legal or regulatory obligation to verify funds to a third party.
Answer:
Answer by Andy Zavoina: The privacy rules do not prohibit this process. GLB Privacy does make it more cumbersome and the bank has to believe that the requester has a legitimate reason for the inquiry. The bank may need to track or verify inquiries as a result of this. For this reason many banks opted to stop the courtesy of verifying funds and cited this as a reason.
First published on BankersOnline.com 10/17/05
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