PoF - no 6 month avg balance - only 12 months but low

[chauhanbikramjeet]

My account is in Chase Bank and Chase bank only provides 12 month average balance summary. My issue is that my 12 month average balance is too low around USD 3000 but my current balance is USD 11000 (which is around CAD 13000). Had my bank given me 6 month average balance, I would still have been on the safer zone around USD 6000 but I dont have any option now. I only have current balance USD 11000 (which is around CAD 13000) and 12 month average balance as USD 3000 (which is low).

Will it become a problem ? Chase Bank is not willing to give me 6 month average balance. Will CIC ask for all my bank statements ? Also, what if I provide them just the proof of all my recent pay stubs / salary ? Will it suffice the discrepancy ? Any thoughts ?

 

[DelPiero07]

Is there a particular reason as to why you do not want to show your bank statements? That is, to show the gradual increase if you managed to meet the required funds with your salary.

 

[chauhanbikramjeet]

I mean I can show my pay stubs every lonth for he past 6 months that I used to save the money if needed. Bank statements are hundreds and hundreds of pages for the past 6 months.

What my bank can provide is a bank certificate with the following details:

1. Current balance
2. Date account opened
3. 12 month average balance
4. Other details such as bank letterhead, signature and stamp would be there.

Is providing bank statements mandatory? It will be hundreds of pages in my case for 6 month bank statement. Alternatively, I can provide my pay stubs. What do you think ?

 

[DelPiero07]

I think you are free to provide whatever you think it's best, bank statements are not mandatory, they are simply recommended especially when the bank refuses to provide a letter which follows IRCC's requirements.

 

[chauhanbikramjeet]

@DelPiero07 Is showing Credit card debt and Student loan mandatory? I mean if you have $12,500 in your checkings account but your credit card debt is $40,000, then whats the point of showing everything because your net is negative i.e. $12,500 - $40,000= -$27,500. Any advice?

 

[zagcollins]

@DelPiero07 Is showing Credit card debt and Student loan mandatory? I mean if you have $12,500 in your checkings account but your credit card debt is $40,000, then whats the point of showing everything because your net is negative i.e. $12,500 - $40,000= -$27,500. Any advice?

it's essentially to give the authorities an idea of your financial position. They'll make their decision keeping multiple factors in mind.
If you choose not to reveal information which they find out on their own, it just makes your position weaker and makes them question your capability and intention.

 

[clguy]

@DelPiero07 Is showing Credit card debt and Student loan mandatory? I mean if you have $12,500 in your checkings account but your credit card debt is $40,000, then whats the point of showing everything because your net is negative i.e. $12,500 - $40,000= -$27,500. Any advice?

No need to show loans or credit card debt. Just show your six months most previous bank statements. They require that you have a certain amount of money to settle. Providing you didn't get a loan for proof of funds you will be fine.

 

[clguy]

it's essentially to give the authorities an idea of your financial position. They'll make their decision keeping multiple factors in mind.
If you choose not to reveal information which they find out on their own, it just makes your position weaker and makes them question your capability and intention.

Why would you give wrong information. If you don't know, you can simply remain silent and move on to the next thread.

 

[zagcollins]

it's essentially to give the authorities an idea of your financial position. They'll make their decision keeping multiple factors in mind.

Why would you give wrong information. If you don't know, you can simply remain silent and move on to the next thread.

From the Canada CA website:

Letter(s) must:

• be printed on the financial institution’s letterhead
• include their contact information (address, telephone number and email address)
• include your name
• list outstanding debts such as credit card debts and loans
• include, for each current bank and investment account:
  • account numbers
  • the date each account was opened
  • the current balance of each account
  • the average balance for the past six months

 

[mhentry]

My account is in Chase Bank and Chase bank only provides 12 month average balance summary. My issue is that my 12 month average balance is too low around USD 3000 but my current balance is USD 11000 (which is around CAD 13000). Had my bank given me 6 month average balance, I would still have been on the safer zone around USD 6000 but I dont have any option now. I only have current balance USD 11000 (which is around CAD 13000) and 12 month average balance as USD 3000 (which is low).

Will it become a problem ? Chase Bank is not willing to give me 6 month average balance. Will CIC ask for all my bank statements ? Also, what if I provide them just the proof of all my recent pay stubs / salary ? Will it suffice the discrepancy ? Any thoughts ?

Hi I am in the same situation like you. Got the Chase statement which shows 12 month avg is around 3000 USD. What did you do ? please share your experience. It will be really helpful whether to submit my PR application or not.

Thanks in advance.

 

[canadaliving]

bumping this up. My 6 month average is good but 12 month is short of 1000USD. The bank doesn't show 6 month average. Statements is the way to go?

 

[MARYKE4NNY]

Im

Same, same...

Sent in the same situation. I'll attach my stamped six monthes bank statements.

 

[MARYKE4NNY]

Hi

I mean I can show my pay stubs every lonth for he past 6 months that I used to save the money if needed. Bank statements are hundreds and hundreds of pages for the past 6 months.

What my bank can provide is a bank certificate with the following details:

1. Current balance
2. Date account opened
3. 12 month average balance
4. Other details such as bank letterhead, signature and stamp would be there.

Is providing bank statements mandatory? It will be hundreds of pages in my case for 6 month bank statement. Alternatively, I can provide my pay stubs. What do you think ?

Hi, please whats the update of your application. I'm in the same situation. Thanks.

 

[mhentry]

Same boat here. And it's all on me because I had the funds by last year but decided to invest

What did you eventually do?

I sent it like that and added the supporting document and LOE about the fund. My application got approved,

 

[SriniChaith]

I sent it like that and added the supporting document and LOE about the fund. My application got approved,

Thank you for sharing your experience and congratulations on getting approved. I’m in the same situation, Can you please share more details on what did write on LOE and format that you sent your proof of funds. Appreciate your time in advance.