Deposits

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  • #70016
    bigapplelove
    Participant

    Hello all!

    A few weeks ago i went to see an out of network doctor. when that happens, your insurance company sends you the check. I deposited it into my account so i can go online and pay the doctor. My MC made me write a letter explaining the non-payroll deposit.

    We are at the last step before closing. My realtor told me the day before closing they will ask for bank statements and paystubs. We are selling furniture to move. This one guy wants to quickypay the money into the account because its more convenient for him.

    my question is, will NACA write us a letter having to explain this? Is receiving money an issue?

    #70021
    TTrumble
    Member

    Hello bigapplelove,

    Any irregular deposit is going to require a Letter of Explanation, especially if it’s more than $100. This is for several reasons, among which is proving that you are not receiving directed funds from an outside source to create the appearance that you can afford more than you actually can, as well as requirements of the federal Ability to Repay regulations and anti-money-laundering rules enacted under the Dodd Frank Act.

    Just note the irregular deposits on your bank statements, and write the letter(s). You’ll be fine.

    Tim Trumble
    Online Operations, NACA
    @naca.com">ttrumble@naca.com

    #70051
    bluebutterfly
    Participant

    I had a similar question @ttrumble about deposits. I have a stimulus check deposit. Do you think I need an LOE for that too?

    Also, how many accounts are recommended for the process? I have 3 that I’ve been with for a while. Got snagged on my payment shock because of it smh.

    #70053
    Nelsont
    Member

    The stimulus check should be fine especially if it’s direct deposited. Really what they want to see is you aren’t inflating your bank account to show an artificially large income. Conversely they want to see good spending habits which means no regular large withdrawals.

    The fewer the accounts you have the easier it will be. It’s recommended to have 1 checking and 1 savings. Anything more than that will be a possible point of confusion.

    #70064
    ibuyhome
    Participant

    Small correction I’d like to make. They may want to have a letter of explanation for your stimulus check or direct deposit. This is what the bank requested of me in the bank app stage.

    #70066
    bluebutterfly
    Participant

    Oh ok thanks, will do.

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