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Hello all. Does anyone know how far back Cash App statements have to be if you’re requested to send them in? I’ve handed in statements before, but don’t recall how far back they went. Someone I know said that they were recently asked for statements from the present and previous year - is this correct?? I guess it kinda makes sense since our taxes will always be based on the previous year, but gifts thru Cash App seem like a different standard to me.
Why would a management want to see the previous year’s statements? Would make sense if the request was at the very beginning of the year, right? I see nothing in the marketing handbook addressing this directly.
When I submitted my documents I had to send 6 month worth of statements for my checking and current statement and current balance for everything else including Cashapp/Venmo/etc
When I submitted my documents I had to send 6 month worth of statements for my checking and current statement and current balance for everything else including Cashapp/Venmo/etc
Right. A current statement, not every statement for the present and previous year. This seems excessive.
Location: Read the Marketing Handbook, and Income a Guide.
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Send them what they ask for. If there is no specific ask, send YTD and all of 2022. Our opinions about what might be excessive, or invasive does not matter much. Do not start arguments particularly if you are unlikely to win them. It’s their gym and their referee.
You might start your report ‘In 2022 my digital app deposits totaled $1273, YTD they are $375. There were 7 deposits in 2022 and 5 in 2023 YTD.
They are only interested in deposits. The reason is to check your Income that it’s enough but not too much to fit an income bracket. If you fit nicely into the middle of an income bracket and your dollar total of deposits is small that suggests you have little to worry about. Don’t make lengthy explanations and justifications about the deposits. models: ‘$50 per month is from my daughter for her share of auto insurance policy’, ‘$1000 onetime in May ‘23 was repayment of a loan’, ‘$250 in Dec. ‘22 reimbursement for share of Xmas gift given jointly but paid entirely by me.’
If a deposit was income, say it. ‘Payment for singing at a wedding reception, $200.’
If a deposit is small and onetime only it is likely okay to risk saying you can’t recall the purpose, particularly if your total does not put you near over the income limit.
From page 53 of the Marketing Handbook
“I. CLARIFYING BANK DEPOSITS
1. The Marketing Agent must review bank statements to determine if there are unreported sources of income reflected in the applicant’s bank statements. For applicants who use payment apps to receive and hold income separate from a traditional bank account, “bank statements” may include records of transactions in a banking app (e.g., Venmo, Cash app).
2. Consistent, recurring, determinable, and/or regular deposits in an applicant’s bank account must be questioned by the Marketing Agent and clarified by the applicant.
3. As per HUD, temporary, nonrecurring, and/or sporadic deposits are excluded from income calculations. (See HUD Occupancy Handbook 4350.3, Exhibit 5-1, Income Inclusions and Exclusions).
Example 8: When to Clarify Bank Deposits
Tony Pell submitted his 6 checking statements to the Marketing Agent along with the rest of his documentation. The Agent notices Mr. Pell receives a $200 Venmo deposit one or two times per month over the course of the 6 bank statements. Likewise, in his May bank statement, he had a $50 cash deposit from an ATM and a $85 deposit from Paypal.
The Agent must contact Mr. Pell and ask him to clarify, in writing, the source of the Venmo deposits in his checking account because this consistent, recurring deposit may be an unreported income source.
The Agent does not need to clarify the cash deposit nor the PayPal deposit because they are sporadic and do not impact eligibility.“”
Send them what they ask for. If there is no specific ask, send YTD and all of 2022. Our opinions about what might be excessive, or invasive does not matter much. Do not start arguments particularly if you are unlikely to win them. It’s their gym and their referee.
You might start your report ‘In 2022 my digital app deposits totaled $1273, YTD they are $375. There were 7 deposits in 2022 and 5 in 2023 YTD.
They are only interested in deposits. The reason is to check your Income that it’s enough but not too much to fit an income bracket. If you fit nicely into the middle of an income bracket and your dollar total of deposits is small that suggests you have little to worry about. Don’t make lengthy explanations and justifications about the deposits. models: ‘$50 per month is from my daughter for her share of auto insurance policy’, ‘$1000 onetime in May ‘23 was repayment of a loan’, ‘$250 in Dec. ‘22 reimbursement for share of Xmas gift given jointly but paid entirely by me.’
If a deposit was income, say it. ‘Payment for singing at a wedding reception, $200.’
If a deposit is small and onetime only it is likely okay to risk saying you can’t recall the purpose, particularly if your total does not put you near over the income limit.
From page 53 of the Marketing Handbook
“I. CLARIFYING BANK DEPOSITS
1. The Marketing Agent must review bank statements to determine if there are unreported sources of income reflected in the applicant’s bank statements. For applicants who use payment apps to receive and hold income separate from a traditional bank account, “bank statements” may include records of transactions in a banking app (e.g., Venmo, Cash app).
2. Consistent, recurring, determinable, and/or regular deposits in an applicant’s bank account must be questioned by the Marketing Agent and clarified by the applicant.
3. As per HUD, temporary, nonrecurring, and/or sporadic deposits are excluded from income calculations. (See HUD Occupancy Handbook 4350.3, Exhibit 5-1, Income Inclusions and Exclusions).
Example 8: When to Clarify Bank Deposits
Tony Pell submitted his 6 checking statements to the Marketing Agent along with the rest of his documentation. The Agent notices Mr. Pell receives a $200 Venmo deposit one or two times per month over the course of the 6 bank statements. Likewise, in his May bank statement, he had a $50 cash deposit from an ATM and a $85 deposit from Paypal.
The Agent must contact Mr. Pell and ask him to clarify, in writing, the source of the Venmo deposits in his checking account because this consistent, recurring deposit may be an unreported income source.
The Agent does not need to clarify the cash deposit nor the PayPal deposit because they are sporadic and do not impact eligibility.“”
Thank you and will do. I have no intention of arguing, lol. Was curious based on what I thought I understood to be true.
Are there any folks who preemptively calculate Cash App, Venmo, Zelle recurring deposits into their income on their application?
I did not. I do have several for July, but I indicated they were birthday gifts. Hopeful, the marketing agency will reach out with any questions they may have.
Thank you for bringing this up and for sharing the examples!
I did not. I do have several for July, but I indicated they were birthday gifts. Hopeful, the marketing agency will reach out with any questions they may have.
Thank you for bringing this up and for sharing the examples!
Does HPD review statements after/as well as the marketing agent?
Yes. Anything submitted to the marketing agent during processing will be sent to the city for review/approval.
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