EasyFinance.com Community

4 Things A Bank Will Check In Your Finance History As A New Employee

Posted February 14, 2013 by Missy to Career 0 0
This post was written by a EasyFinance.com Community member. The views expressed below may not reflect the views of EasyFinance.com.

If you’re planning on working for a bank, credit union or any finance institution, be prepared to reveal quite a bit of yourself as it pertains to your financial history. Not only is this a managerial decision but in certain states it is required by law that new employees be checked.

What do they check and why? This article covers these questions and more. Essentially a bank is engaged in the practice of handling and monitoring large sums of money with employees at the front line of these activities. It is prudent and a precaution to make sure that all new cash handling employees are investigated prior to coming on board. Let’s take a quick look at a few reasons why a bank or other money based institution would check your finance history.

1. Credit History - a bank will look to your overall credit history as a gauge of your personal character. They will look at things like how many credit accounts you have open, how much debt you have outstanding, the balances on each account and so on.

2. Payment History - this is a biggie, they will look at how you pay on your accounts. Do you pay on time every time or do you have a history of paying late. This is probably the most important aspect of your credit history, but it is by no means the end all and be all, other factors play into your overall application. Plus employers are required by law in some states to disclose if they’re not hiring you based on information in your credit record. Ask for a copy and if anything is incorrect, be sure to fix it and also explain accordingly.

3. Bankruptcy - although a bankruptcy is not an immediate disqualification for employment, you might have to explain it to a prospective employee. Be sure to keep good records and have a valid reason for the credit dismissal. If you’re bankruptcy was due to loss of employment because of a sickness or injury, then be sure to mention this to your interviewee. Whatever the reason, an explanation is called for and it’s a good idea to divulge right from the get go. There’s no shame in having a bankruptcy in your credit record, simply state it and move on.

4. Liens/Charge Offs - this is the next point of contention when looking at past credit. How many (if any) you have, the amounts, how recent they are and the reason for them. This may or may not come up in an interview or application hiring process, but again - if it does, best practice is to be as transparent as possible and simply explain what took place. Then gently move on.

These are four of the most vital pieces of information that a bank will check on any new prospective employee, but not the only pieces. The position you’re applying for and your level of responsibility - will dictate what level of information they seek and look at. Just keep in mind, that as a cash handling employee - your credit and finance history will be scrutinized thoroughly.

About Missy: Missy is a web content provider who specializes in the criminal records niche, her expertise in this area is backed by copious amounts of research and investigation.

Leave a Reply:

Only registered users can post comments.

Find More Products & Services