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Normal or not?
My business partner and I have been talking to a leasing department of a bank that we have an account with for about a week now. We're trying to approve a $12000 loan for equipment. They had messaged my partner this morning asking us for the login information…
My business partner and I have been talking to a leasing department of a bank that we have an account with for about a week now. We're trying to approve a $12000 loan for equipment. They had messaged my partner this morning asking us for the login information for the websites we were using for the equipment (websturant, Square, etc.) so they could login as us and purchase the cart with their credit card. This seems extremely shady to me and I'm curious if this is common.
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Brick and mortar.
All the searches come back fine, they have a strong majority of the population around us using them as a bank but I don't know, this seems extremely scammy.
Weird. I HAVE given people like that access to the site to set things up, but certainly with their own login and they aren't going to have access to anything that would show them customer information or any sort of private data like that. I assume you must have something that limits your options - like selling internationally or regulated commodities? But still, I agree - sounds fishy. If that's your only option, though... I dunno. Do you know of anyone around you who uses them? Just walk in their front door and ask about it, maybe? G.
An ACTUAL bank or an online bank (fintech)? This absolutely sounds shady
I'd first confirm with the bank that it's a legitimate request. Like, call them up or stop in. Then, if they want to do it that way, offer to go in and log in for them to make the purchase, then make sure you log out on their device. It's certainly a bizarre way to do it. If that is legit and how they want to process it... it sounds like some kind of way for them to ensure the money goes toward the equipment and they verify the exact dollar amount.
Sounds shady to me. I've heard of it happening if you buy an installation and setup service - but that comes after the transaction. Have you done a "Is <bank name> Legit?" type query on Google? That's by no means definitive toward the positive side of things, but almost always reveals the scams (or at least reveals the people asking about it like you but exactly zero responses saying that it is legit). G.
if it's a brick and mortar, offer to go there and login/pay for whatever. This is a complete breach of protocol even if done naively
Not at all common, don’t do that
Strange. Very strange.
Stop right there
Trust your instinct. Don't give out any personal/financial information like that. Call the bank at the number on their website or your statement and ask them to confirm it directly. You can also ask if there is a way to make the payment via an invoice, purchase order, or guest checkout. I wouldn't share passwords or verification codes with anyone.
Weirdly as this sounds to many of you, this actually happens. I’ve never heard of a sequence where the bank logs in to the lessee’s account as the lessor and performs the transaction there. It’s usually involves the bank sending a check to the vendor, buys the equipment, then turns around and leases it to the lessee (OP). A safe way to do it is to come to the bank with a laptop and perform the purchase there. That way you’re not providing the bank with login information.
Sounds weird. Most equipment companies have existing relationships with leasing companies/banks to refer you to when a business is ready to acquire any sort of capital asset if your local bank can't do it. Also, most banks have dedicated equipment lease financing departments that do this sort of thing all day long. I'm surprised your bank doesn't have someone who can do this for you without making you jump through goofy hoops. If I were you, I'd check around in your local area and find the banks that can do this for you. A quick Gemini/Grok search could be your friend here. Good luck.
Not Normal! It has to be a scam. Stay clear!