Do you share a borrowing account, such as a credit card, mortgage or other loan with another person? If so, you should know that banks are committed to keeping both borrowers fully informed about their account and want to ensure that all borrowers are able to receive the information they want and need.
Why do I see other borrowers’ names on my statement?
Banks want to ensure that all borrowers who are co-borrowers on a credit agreement are able to receive all required cost of borrowing disclosures, so that all borrowers are fully informed about important information and activities related to their account. Cost of borrowing disclosures might, for example, tell you about interest and other costs when you take out a loan, or be a monthly statement for your credit card or line of credit.
Can we choose not to receive duplicate information?
Many co-borrowers may be spouses or other family members living at the same address who do not want to receive duplicate information, such as credit card or line of credit statements. The requirements allow some flexibility in how customers receive disclosures, as long as the information is provided to all borrowers.
Your bank can provide you with the statement or other cost of borrowing disclosure either individually or via one borrower’s address, depending on each bank’s available options. You may be able to choose or change which way you receive your disclosure statements. Talk to your bank to find out what your options are.
If some borrowers on your account are deceased or if their addresses have changed, you may need to contact your bank to let the bank know that. You should always ensure that your bank has current information about you and other borrowers on your account to enable it to contact you when necessary about your account. If your address or other information changes, you should update your information.