Proof of funds question

[iron9er]

Hi there! Thanks for any help in advance.

I'm in the US with US bank accounts. I have received ITA and am working toward completing all the documentation.

My question is - I can get a letter from my main bank with my main accounts, etc (I work at the bank as well). However, I don't really keep much liquidity there, and keep all my savings at an online bank which doesn't seem to interested in supplying a letter.

Do you think I should just move over all my savings (which is way more than enough) into my main bank account and then have main bank verify liquidity - only problem with this is my 6 month average will be very low compared to my current balance. Of course, I could explain that and show old online savings statements.

Or just keep the money in the online savings account and provide statements along with my bank letter (which will be short of the liquidity need).

I feel like i'm overthinking this, but don't want them to reject the app for no reason. Thanks so much!

 

[cansha]

Hi there! Thanks for any help in advance.

I'm in the US with US bank accounts. I have received ITA and am working toward completing all the documentation.

My question is - I can get a letter from my main bank with my main accounts, etc (I work at the bank as well). However, I don't really keep much liquidity there, and keep all my savings at an online bank which doesn't seem to interested in supplying a letter.

Do you think I should just move over all my savings (which is way more than enough) into my main bank account and then have main bank verify liquidity - only problem with this is my 6 month average will be very low compared to my current balance. Of course, I could explain that and show old online savings statements.

Or just keep the money in the online savings account and provide statements along with my bank letter (which will be short of the liquidity need).

I feel like i'm overthinking this, but don't want them to reject the app for no reason. Thanks so much!

Which online bank do you use? I also had money in online bank account and they were happy to provide a letter.

 

[iron9er]

Which online bank do you use? I also had money in online bank account and they were happy to provide a letter.

Marcus - Goldman Sachs.

 

[cansha]

Marcus - Goldman Sachs.

Ok I haven't used that one. But here is a tip. Such a report may be already available online for your bank. In the US it is called "verification of deposit". For capital one online account it was a standard report and it was already available online on my account page. It has all the details mentioned by IRCC. Only thing is the standard report has 3 month average balance and not 6 month. But, they were happy to modify the report when I contacted their customer help. It does take some time.

So, when you ask the bank don't give too many details. Just ask if they will provide "Verification of Deposit". I used this term with three different banks and all knew what I was asking for. The next question was Do you need it for Home Mortgage or Immigration?

Try with that and see if it helps!

 

[kunal312]

Marcus - Goldman Sachs.

Hey, Did it work? I called Marcus and they refer to it as a Confirmation letter but which will include all the details including a year's deposit history. However, it will not mention equivalent Canadian Dollars. Is it mandatory? Could you please share your experience if you provided a letter from Marcus?

 

[iron9er]

I actually got a confirmation letter. Then transferred the money to my main bank account. Provided 6 months of GS statements for history and my main bank statement along with the confirmation letter. And explained all of the above. They had no questions on it though i felt i probably did too much.

 

[kunal312]

I actually got a confirmation letter. Then transferred the money to my main bank account. Provided 6 months of GS statements for history and my main bank statement along with the confirmation letter. And explained all of the above. They had no questions on it though i felt i probably did too much.

And there was no equivalent CAD mentioned, right? Wouldn't just this confirmation letter from Marcus suffice? Is there any need to show another main account?

 

[iron9er]

I think it would be fine i was just making sure. I didn't mention cad. Us is more than cad and they know that.