If I decide to be a guarantor, do I have the right to be informed of the status of the borrower's account?

You have the right to be informed of the account you guaranteed, subject to the borrower's consent.

Guarantors will normally receive a carbon copy of the reminder letter which was sent to the borrower.

However, the financial institution has no obligation to disclose any information on the borrower's other account(s) which is not related to your guarantee.

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Reprinted with permission from BankingInfo (A Consumer Education Programme)

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Knowledge Base ID :   1214
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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