We are required by law to review your bank statements when assessing your loan application to ensure the loan is not unsuitable. At ClearLoans we use automated bank feeds to help us do this. These feeds are provided by our external service provider MoneyBuddy Data (trading as Bankstatements.com.au).
By entering your internet banking log-in details, you are agreeing to these terms.
Bankstatements.com.au is our bank feed provider. They give us a secure platform to allow you to give us access to your bank transaction data. We then use this data to assess your loan application and verify important information.
Once you have successfully logged in, the bank feed provider will securely pass us at least 90 days of statement data electronically. The bank feed provider may continue to collect your transaction history for a reasonable time after your application.
We are authorised to have read-only access to your bank transaction data. This means we can view account names, transaction details and balances of any accounts you supply, but does not give us access to your log-in details. We cannot store or view you log-in details ever.
We recommend that you review the Terms and Conditions of your internet banking provider. As a result of you providing your internet banking details to a third-party service, you may become liable under your bank's rules for any subsequent unauthorised transactions that occurs on your bank account.