Proof of funds - Chase bank statement

[Fernando_TheLegend]

Hi All

I recently received ITA and in the process of collecting the documents. I will be showing chase bank account as proof of funds. But, when I visited their local branch recently, they gave me an account summary letter with the account number, date of opening, current balance, average 12 months balance, etc.

Now, as per the requirements we need the letter to specify the average 6 months balance and not 12 months balance. Also, my 12 months balance is too low compared to the minimum amount for proof of funds on the website but an average 6 months balance would have been above the threshold. I checked with branch manager in two separate branches and both mentioned that they can only print out average 12 months balance since that is there standard template format. Now, I am a bit worried as this low average 12 months balance might concern the officer who will be handling the case.

Can someone guide me on what needs to be done in such a situation?

 

[#EEC]

Just add 6 month account statement along with certificate. . . Which will reflect ur financial status in last 6 months

 

[Fernando_TheLegend]

Just add 6 month account statement along with certificate. . . Which will reflect ur financial status in last 6 months

You mean to add the transaction history of the account for the past 6 months, along with the explanation?

 

[#EEC]

There r two important thing which ur bank letter should cover..
1) should be above minimum required amount on day of getting statement
2) this money should be urs n always available to you.

So if amount u r showing is urs n saved over period of time then certificate bank gave you and 6months transaction history is all u need to provide.. avg balance is not a big deal. .. .But if there is any credit transaction tht can raise a doubt then that should be explained in required method

 

[Casatoor]

I have a Chase account (US) but I am not a US resident or Citizen and I was able to get the 06 months balance online without any problem

 

[Fernando_TheLegend]

I have a Chase account (US) but I am not a US resident or Citizen and I was able to get the 06 months balance online without any problem

does the online statement suffice as proof of funds?

 

[Casatoor]

does the online statement suffice as proof of funds?

I don't know, for sure the best option is to have the proof of funds under the format CIC asked for it.
What I can suggest to you is either go to another branch until one will accept to make you the letter or to send a direct message to Chase online, asking them to make you a letter with the specifications needed and tell them that you can't go yourself to a branch for some reason (what I did) and I was able to get it done.

If you can't one suggestion would be to give them online statement of the last 06 months with a letter of explanation and another letter from Chase saying that they can't provide you with a letter of the last 06 months balance

Hope it helps

 

[dotslash227]

If the bank does not provide you a bank letter (many banks refuse to issue letters), you can explain it in your LOE that your bank does not issue, you can also show a correspondance requesting the same and lieu of the bank letter, you can attach your attested bank statements as POF.

 

[Holyange]

Hi All

I recently received ITA and in the process of collecting the documents. I will be showing chase bank account as proof of funds. But, when I visited their local branch recently, they gave me an account summary letter with the account number, date of opening, current balance, average 12 months balance, etc.

Now, as per the requirements we need the letter to specify the average 6 months balance and not 12 months balance. Also, my 12 months balance is too low compared to the minimum amount for proof of funds on the website but an average 6 months balance would have been above the threshold. I checked with branch manager in two separate branches and both mentioned that they can only print out average 12 months balance since that is there standard template format. Now, I am a bit worried as this low average 12 months balance might concern the officer who will be handling the case.

Can someone guide me on what needs to be done in such a situation?

Hello in my case, the letter provided by my bank did not meet IRCC requirements. I added to my proof of funds my 6month bank statements and I explained in my LOE ( Letter of explanation ) that my bank letter did not meet IRCC requirements and that the bank declared that it was the only letter that they could provide. That is why I added my 6 months bank statements to my proof of funds. I did not face any issues with my application.

 

[lampbreaker]

Only your current balance needs to be above the requirement. The reason they ask for 6 month average is to check whether there was a large deposit in recent times. Attaching 6 (or 12) months of statements along with the letter is a good idea. If there have been any big deposits in the 1 year period, explain it in your letter of explanation. As long as you can prove that you have not borrowed money to meet the funds requirement, you will be fine.

 

[fakenews]

Your letter plus 6 month's statements (online statements should suffice) will be fine. The majority of the US banks won't give out POF letter that meets the specifics of IRCC so most applicants from the US will use the 6 online statements method. You will be fine with what you have.

 

[Fernando_TheLegend]

Thanks guys.

The other point to ask is if I do some transactions in my bank after the bank has furnished the official statement to me, how do I notify CIC of the additional transactions?

 

[dotslash227]

Thanks guys.

The other point to ask is if I do some transactions in my bank after the bank has furnished the official statement to me, how do I notify CIC of the additional transactions?

At any given point of time from your AOR to your landing, you should have funds equal to or more than the funds you require as POF. If you feel you need to update IRCC on your current POF, you can raise a webform and inform them.

 

[Fernando_TheLegend]

At any given point of time from your AOR to your landing, you should have funds equal to or more than the funds you require as POF. If you feel you need to update IRCC on your current POF, you can raise a webform and inform them.

Perfect! Also, before submitting my final application and after I have taken official statement from my bank, if I do some transactions ( contributions or withdrawals from that bank account) so I need to attach the transactions as an online statement along with the official letter. As I imagine you understand, it takes time to collect all the documents including the bank statements and someone can collect them a few weeks before submitting the final application and that same bank account can get used for daily transactions. What's your take on this?

 

[Holyange]

Perfect! Also, before submitting my final application and after I have taken official statement from my bank, if I do some transactions ( contributions or withdrawals from that bank account) so I need to attach the transactions as an online statement along with the official letter. As I imagine you understand, it takes time to collect all the documents including the bank statements and someone can collect them a few weeks before submitting the final application and that same bank account can get used for daily transactions. What's your take on this?

If you plan to use that account for daily transactions, you need to make sure that your balance does not go below IRCC requirements for proof of funds. You need to maintain that balance until you land in Canada.