Explaining deposits on bank statements (credit card, loans, home)
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Hey , so I have been asked to provide information on every deposit that has been made into my account for the last 6months but I been submitting documents to this development the last 6 months . I was wondering did anyone else have to go through this same exact thing ? And if so how did you explain every deposit that was made into your account , they want me to explain Every single transaction down to the small ones for like 11$.... someone please help
Hey , so I have been asked to provide information on every deposit that has been made into my account for the last 6months but I been submitting documents to this development the last 6 months . I was wondering did anyone else have to go through this same exact thing ? And if so how did you explain every deposit that was made into your account , they want me to explain Every single transaction down to the small ones for like 11$.... someone please help
Yes, I've had to do this for the last few developments that have contacted me (different management agencies might I add). They want you to clarify any deposits to your account that are in addition to your payroll (so you don't have to explain your payroll direct deposit). I guess they want to see if you're hiding money/income from say a side job that pays you cash and/or is off the books.
I just plainly listed the date, amount of the deposit and gave an explanation for any deposit in excess of my payroll direct deposit in a word document. I had to do this for deposits listed on all 6 bank statements that I provided to them. Most of the deposits were Zelle quickpays from friends/family if I paid for lunch/dinner and they paid me their share if I used my card to cover the bill. Sometimes I've also made cash deposits to my account to cover a purchase when my balance wasn't sufficient. Lastly I had a few settlement checks, you know the ones where you get $12 back from a lawsuit against a vitamin maker whose products you've purchased in the past, and rebate checks from Rakuten. I listed them as the explanation for their respective amounts. So this is a tedious, but necessary, task. You can create a word document, make a heading for each bank statement and bullet the transactions and explanations below. Pre-pandemic, I had to get this document notarized but since we've been home the last agency made an exception since a lot of bank branches were closed at the time. Be sure to ask if they want you to notarize this document. Good Luck!
Be as truthful as you can. It looks daunting but it’s literally just simple explanations. “Reimbursement for Dinner at Craft”. Sadly informal loans between friends without a previously dated and notarized loan agreement will count as income. So the Venmo’s for Uber’s, the zelles, the cashapps. I zelled a friend $100 one time for an emergency and he sent it back to me after he got paid and he ultimately had to sign a gift contributor affidavit that accounted for the “one time gift” and stated that he would no longer be sending any more money to me.
If you got a refund from a merchant that creates an entirely different transaction in order to not have it count as income you may need to provide your receipt and refund request. (PayPal did this to me)
“One-time, non-recurring, or sporadic (subjective) income (including one-time gifts)” is a valid excuse for something not to be counted as income. I would state in the explanation what the money was for and then add one time gift to it unless their name pops up multiple times in your bank records.
I got mine notarized each time and then submitted it.
Quote:
Originally Posted by jess718
Hey , so I have been asked to provide information on every deposit that has been made into my account for the last 6months but I been submitting documents to this development the last 6 months . I was wondering did anyone else have to go through this same exact thing ? And if so how did you explain every deposit that was made into your account , they want me to explain Every single transaction down to the small ones for like 11$.... someone please help
Thank you so much , I’m almost ready to give up .. but during these crazy tuff times I really want this unit , but once they asked me to explain each deposit that was made into my bank account via cash app . I’m like this is a bit much you know .?? . like even for little deposits of 12$ .. but I don’t know how to really explain it , it really is like times me and my friends split bills and things like that .: they sent me some chart and told me explain with the chart that they sent me .
Thank you so much , I’m almost ready to give up .. but during these crazy tuff times I really want this unit , but once they asked me to explain each deposit that was made into my bank account via cash app . I’m like this is a bit much you know .?? . like even for little deposits of 12$ .. but I don’t know how to really explain it , it really is like times me and my friends split bills and things like that .: they sent me some chart and told me explain with the chart that they sent me .
Hi - may I ask which agency or development this is?
Thank you so much , I’m almost ready to give up .. but during these crazy tuff times I really want this unit , but once they asked me to explain each deposit that was made into my bank account via cash app . I’m like this is a bit much you know .?? . like even for little deposits of 12$ .. but I don’t know how to really explain it , it really is like times me and my friends split bills and things like that .: they sent me some chart and told me explain with the chart that they sent me .
There's really only one way to explain it and that's to tell it like it is! If there's a $12 cash app from your friend because you guys went to dinner and split a bill for $24, write that down just like that. You mentioned they sent you a chart to fill in or use an example, so use the chart and just explain the transactions as they are. Be brief! You'll probably have a lot of transactions to clarify so try to be succinct whenever possible (ie. $20 cash app from my brother paying me back for gas money)
There's really only one way to explain it and that's to tell it like it is! If there's a $12 cash app from your friend because you guys went to dinner and split a bill for $24, write that down just like that. You mentioned they sent you a chart to fill in or use an example, so use the chart and just explain the transactions as they are. Be brief! You'll probably have a lot of transactions to clarify so try to be succinct whenever possible (ie. $20 cash app from my brother paying me back for gas money)
Thank you soooo much , that’s very helpful I wasn’t sure how to really explain it
yea this part of the process is probably the most intrusive. But they need the transparency to know your not hiding any additional income. not sure if all banks offer this. but with my chase account i downloaded spread sheets of my statements. it was convenient enough to filter it down to deposit transaction in the last 6 months. i added a column to the spread sheet and wrote the descriptions. majority of my descriptions were either uber/ brunch iou. had a few refunds and credit card cashbacks.
When they ask for an explanation of deposits is that a good sign?
It's only a good sign if you have reasonable and provable explanations for your incoming cashflow.
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