Seasoning gift fund

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This topic contains 5 replies, has 3 voices, and was last updated by  TTrumble 2 weeks, 3 days ago.

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  • #48328

    frankysmom
    Member

    Will be receiving a gift of $10k from my sister, it is a work bonus check.
    Must it be seasoned in her account first before she can write me a check to that amount or can It just be deposited it in my account ? We’re going to ATD in 8 weeks, must it be seasoned by then for same day qualification?

    #48574

    frankysmom
    Member

    @southflorida @pratik, what were your experience? I go to ATD in 7 weeks and want to be sure gift funds are good and ready, thanks!

    #48580

    southflorida
    Member

    I am not 100% sure but I think it would probably have to get out from her bank account. Why would you want to deposit it directly on your account? How can you deposit a check on your account that is under your sister’s name?

    #48604

    frankysmom
    Member

    That should read, I will deposit the check she writes to me.

    That being said, how long should it sit in her account if it must and how long must it season in mine to be eligible as MRF? Thanks!

    #48606

    southflorida
    Member

    I assume you would have to show your sister’s bank statement showing where the money came from and write a LOE with the details. I think it would be part of your MRF as soon as you have the funds in your bank account

    #48614

    TTrumble
    Member

    Hello frankysmom,

    There’s no “seasoning” required since the source of the funds must be clearly traceable. This makes the amount of time it sits in any one bank account irrelevant. You will need to provide copie sof both her bank statements and yours that shows the money moving fromher account to yours. Until then however, the cancelled check and your teller validated deposit slip will be adequate proof. (In other words, deposit the check in person at a physical bank branch.)

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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