Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
hi everyone i have a joint account with my moms since college there are various deposits on there that are not my income and would put me over income since this is a joint account with my mom how is this viewed? as my income or would they not count it as my income?
Wow, that is a very good question! I really don't know how they would consider a joint bank account. If your name is on it, it's your money, I guess, or potentially your money. Is it a true joint account?
Joint bank accounts count. Everything with money in it and that has your name on it. This includes pension plans, 401K's, IRA's, CD's, real estate, capital gains, etc etc.
Every deposit in ANY checking or savings account in your name has to be explained. If you just have paychecks going in there, and the deposits match your pay stubs, it's simple. No explanation needed.
But most people will have random deposits. Maybe your granny gave you a check for your birthday, or a graduation gift, or your friends paid you back for lunch.
All of these deposits have to be explained.
So when you go to your appointment, tell the interviewer that these deposits belong to your mom. Your mom will probably have to write a notarized letter saying where the deposits came from and that they belong to her.
Hopefully, that will be accepted, and they won't count these deposits as your income.
You might as well give it a try and see! Best of luck!
Last edited by macnyc2003; 05-01-2019 at 01:04 PM..
Wow, that is a very good question! I really don't know how they would consider a joint bank account. If your name is on it, it's your money, I guess, or potentially your money. Is it a true joint account?
yes true joint checking account its from my college years and it hasnt been separated
Joint bank accounts count. Everything with money in it and that has your name on it. This includes pension plans, 401K's, IRA's, CD's, real estate, capital gains, etc etc.
that wouldnt be fair since the statement says OR... it could be mine OR my moms..
Every deposit in ANY checking or savings account in your name has to be explained. If you just have paychecks going in there, and the deposits match your pay stubs, it's simple. No explanation needed.
But most people will have random deposits. Maybe your granny gave you a check for your birthday, or a graduation gift, or your friends paid you back for lunch.
All of these deposits have to be explained.
So when you go to your appointment, tell the interviewer that these deposits belong to your mom. Your mom will probably have to write a notarized letter saying where the deposits came from and that they belong to her.
Hopefully, that will be accepted, and they won't count these deposits as your income.
You might as well give it a try and see! Best of luck!
i am only paid through this account, all other deposits are my mothers.
that wouldnt be fair since the statement says OR... it could be mine OR my moms..
But they have no way of knowing who is making the deposits or making payments, so trust me when I tell you, they will consider the account entirely yours. You can always try and explain, but it will be difficult if your name is on it. Another alternative would be to quickly go to the bank and ask that your name be removed. But I wouldn't do this unless you have another account where your paychecks are being deposited because they're going to ask for six months worth of bank statements - to look at both income and that your paychecks match the deposits as well.
Is your mom moving into the apartment with you? If so, then scratch what I said, as it wont matter.
I wish nycalexa the best of luck, and I hope she returns after the interview to let us know how it turns out.
But her situation illustrates the need for everyone going through this process to simply your finances beforehand as much as possible.
It's hard to imagine the scrutiny if this is your first time, but you can tell from this board that it's pretty extensive.
So, as soon as you apply, try to:
1. Close any bank accounts you don't need.
2. Keep your checking account and savings accounts as clutter-free as possible. For instance: Stop putting group dinners on your credit card so that you can get points. Avoid situations where friends are paying you back for things. If someone wants to give you money or a gift, take it in cash or gift cards. If you have a yard sale or sell some furniture on Craigslist, accept cash only.
Remember that every deposit going into your accounts will need to be explained.
3. If you are in the process already and your boss wants you to work overtime, decline, unless you really need the money and it won't push you out of a bracket.
If you start doing this as soon as you apply, and you don't get called for six months, your accounts will be "clean" by the time you have your eligibility appointment.
The simpler your financial situation is, the easier you will be to evaluate, and fewer mistakes or thorny situations will pop up. Best of luck!
Last edited by macnyc2003; 05-02-2019 at 12:22 PM..
I remember when they even questioned my PayPal account. They wanted full statements - dating six months back. I was so surprised - but they found out because there had been a transfer from PayPal onto my checkings account. Also, I had bought a jacket and returned it and was credited with the amount. They wanted to see the actual purchase. Another credit that showed on my bank account was a membership fee that my job had reimbursed me for. Oh boy, did the housing company scrutinize me to explain all of these transactions. I had to provide a written explanation.
So I can only imagine what the OP may go through. It's almost impossible for the housing company to see who made the deposit or paid what. Plus, they'll reason - well, if the OP is using that bank account now and has access to his/her mom's account - well that will *always* be the case. They'll see it as a pot of gold for the OP .
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
