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  • #62303
    Rin1010
    Member

    I’ve read on the forum that bank statements must be stamped by a teller. Is that true?

    I bank with an online bank and there are no local branches. So, I can’t get statements stamped. Has anyone had experience working with a MC and banking with a high-yield interest-paying online bank (Capital One 360, Ally, etc.)?

    I receive 1099-INT statements each year showing the interest the bank pays me.

    My intake appointment is next month. Any advice?

    #62304
    Nelsont
    Member

    No. Transaction history yes.

    You will be asked throughout the process to provide your statements quite often. Sometimes you will be asked around say the 20th of the month to provide a statement and your condition will come back to provide an updated statement for the entire month which of course you won’t get for about 2 weeks. In these cases you may be requested to show a transaction history which is a printout of your online transactions directly from the website. In some cases the printout does not have sufficient information on it and that’s when you would need to get each page stamped by the bank. Unfortunately only your MC/underwriters can determine after the fact if what you can provide (if an actual statement is not enough) is insufficient. The reason is because they need to look at your bank account transactions. I don’t think you want us doing that on here LOL. Remember this is only if the underwriters want up to the day transactions – you would need to have it stamped showing your last transaction being the day you submit to underwriting.

    #62306
    Liubov1989
    Member

    Hello Rin1010. I am at the end of the process and my bank is Wells Fargo. But I’ve never heard that I need to have stamped bank statements. I have them online every month and able to download. This is what I was actually doing all the time. Just login in and download the statement. It worked, had NO problems. My MC was satisfied with it.

    #62307
    Nelsont
    Member

    You don’t NEED them. It just depends on what your bank shows when you print out the transaction history. I had to get my history stamped 3 times, once as a condition for qualification, once as a condition for credit access and once again as a condition for bank app review.

    The issue stemmed from the fact that my bank combines my checking and savings accounts into 1 statement and does not have clear indicators that money was transferred directly from checking to savings or vice versa. It just appears to the underwriters as large deposits and withdrawals. This is apparently unusual but not unheard of.

    #62309
    Rin1010
    Member

    Thank you for your responses. I hope the monthly statement is sufficient. My checking and savings accounts are also combined into 1 statement, but it does appear to indicate that money was transferred between them.

    #62310
    Peapod0609
    Member

    I have an online high yield savings account and I just closed and it was never an issue. The statements were fine.

    When submitting for credit access since it had been a few weeks since the last round of bank statements we had to take screenshots of our bank accounts showing daily account activity but that was about it. We didn’t need them stamped.

    Worst case scenario, it may be possible that you can call customer service and they can stamp some statements and email/fax them over or something, but this is not always needed.

    #62316
    caycolon
    Member

    Hi everyone,
    My question is not directly related to the initial question posed however it is about bank accounts. I have been saving money for several months and I want to move it to a higher interest yielding bank. Will moving this large sum of money create an issue my future with MC or underwriters (I have my intake coming up). I can’t bare to see this money sit in an account any longer that gets less than .5% when I know banks that offer 2%. However if it’s going to create an issue I would rather avoid the headache and leave my money where it is.
    Thanks in advance.

    #62318
    Nelsont
    Member

    It potentially will. Before you make any moves run it by your MC. I think in the long run you’d be fine.

    #62341
    Peapod0609
    Member

    @caycolon you should always ask your MC for advice before doing this but I did the exact same thing as you did and I was fine. In my case all they needed was a letter of explanation for the new account.

    Keep in mind that they will look at your primary checking account when it comes to payment shock. In the LOE I not only mentioned that I opened a new account, and why money was transferred to it, but I also made an Excel Spreadsheet proving that our total bank balance went up each month by the amount of payment shock that we needed.

    Keep all of that in mind if they try to tell you that you don’t have enough payment shock because they don’t see it all in your checking account.

    #62348
    southflorida
    Member

    If they ask for recent bank transactions not included in your most recent bank statement, you can send them a PDF document that shows the URL of the Bank website, instructions below:

    If you click “print” and then select “Print to PDF” it will save it as a PDF with the URL.

    Make sure in the “header / footer” section, URL option is turned on.

    To turn on the URL:

    Right Click, Select “Print Preview”

    Click on “Page Setup (gear symbol)

    Header / Footer: URL

    Click “OK”

    If you just click the printer symbol after, it will take you to the print dialogue box.

    To Save as PDF See below.

    Right Click, select “Print”

    Dialogue box opens. You select “Microsoft Print to PDF” and click print again.

    Once you click print the second time, it will let you save it to your computer.

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