Tagged: payment shock bank statements
August 3, 2020 at 3:24 pm #71044pvrosalesParticipant
I am gathering all my documents for my intake session with an MC. I have been saving consistently every month and I know that I meet my monthly payment shock. Unfortunately, my bank statements make things a bit more complicated because I have multiple savings accounts for different reasons (house savings, vacation savings, car maintenance fund, etc.) I know that I must input every account and statement into the webfile. However, as I was doing that I came across a different problem. All of our savings accounts and my husband’s checking account have statements dates that end at the end of the month. Unfortunately, my checking account has statements that end on the 7th or 8th of each month. This shows an inaccurate picture of my payment shock because between the end of the month and the 8th I receive my monthly paycheck, I pay bills, and I often transfer a large amount of money to my savings accounts. Unfortunately, sometimes I make these transfers before the 8th or after the 8th because I did not foresee this issue. I called Wells Fargo to see if they could change my past statements dates but they said all I could do is view my account activity and manually enter the dates I want to see the activity for. I did this to calculate what would be my month-end “ending balance” and inputted all the numbers on a excel sheet. When I used these month beginning and month ending balances the excel sheet showed that I consistently met my payment shock.
Has anyone else come across this issue of different bank statement dates? If so, what can I do to prove that I do meet the payment shock every month? Would submitting the excel sheet, the manual account activity statements, and LOE suffice? Is that too much information? Any advice or past experience with this would be appreciated. Thanks!August 3, 2020 at 4:08 pm #71045LCVal85Participant
@pvrosales Hello, I do believe that you should be able to run your bank account activity by choosing the dates and provide them with same. My end closing for my statements were later from the time NACA needed my statement uploaded for Credit Access, and my MC told me to go ahead and just upload my bank Activity by selecting the dates they needed to see.
Try doing that! Good Luck!August 3, 2020 at 5:49 pm #71053TTrumbleMember
I’m afraid that you are describing a common problem that doesn’t actually exist. Don’t take this the wrong way, but the real issue here is the inconsistency of when you pay bills and transfer funds.
As you noted yourself, “sometimes I make these transfers before the 8th or after the 8th”. The real solution here is developing the habit of consistently doing this before the 8th or after the 8th each and every month. Then you get consistent results month to month regardless of the closing date on any given account.
Doing so will also demonstrate a higher level of financial discipline, which is a key element in showing that you are ready for the responsibility of homeownership.
The old saying goes, “the simplest solution is the best solution”. So instead of dealing with reworked account statements, spreadsheets and LOE’s, just develop the habit of taking care of the bills and transfers on a consistent date each month.
Online Operations, NACA
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