October 2, 2020 at 12:15 pm #72110readytoliveParticipant
Hi, So I’ve already been approved for naca once but that was for me only, I decided not to finish due to life reasons. Fast forward years later… I’m now married and want to go through the process again but with my husband.
I know that this process can be tedious, filled with a lot of back and fourth, so I am trying to be well prepared before our first intake session.
Currently, my husband Zelle transfers me his portion of our rent payment because we split the rent, then I pay online by ACH using my routing number and account number. I know that Zelle is frowned upon, so what would be a good way we can easily track his money coming into my account and then me paying rent online.
1. Both write personal checks coming from our accounts and drop off at rental office?
2. Both get official checks coming from our accounts and drop off at rental office?
3. Keep doing it the same way (him to Zelle me the funds, then I pay online) but be prepared to present a letter of explanation?
4. He write me a personal check from his account, I deposit it into my account, then I pay rent from my account using online ACH?
Rent is the only thing we split. He has his few bills and I have mine. We both have separate bank accounts and love doing it this way, it works for us and always has. I just want to make sure we are doing it right for Naca.
Thanks for any help & assistance.October 2, 2020 at 3:26 pm #72113NelsontMember
I think #4 is your best solution though you can’t avoid a LOE for every month since you have separate accounts.
Interestingly Bank of America lists Zelle as a payment option when you sign into your account and go to pay your mortgage. But, for naca’s sake start using checks.October 3, 2020 at 6:44 am #72118readytoliveParticipant
Thanks for your reply @Nelsont. Since my husband is now out of checks and rent’s due today (of course, lol), I wonder if I can write the check from my account instead, deposit it into his account and he pay? Do you think they care who’s account the rent comes out of, as long as it’s either of ours?October 3, 2020 at 3:24 pm #72125TTrumbleMember
I don’t know where you got the idea that Zelle is frowned upon. Quite the opposite actually. Since Zelle precisely tracks the money, it’s ideal for showing how the rent money is handled on your bank statements. Plus since it is a recurring item each month, one LOE should suffice describing your arrangement.
Now I’m not going to get on my soapbox here, but this whole issue wouldn’t even exist if you had one joint checking account instead of separate ones. One checking and one savings account is all any household needs.
Online Operations, NACAApril 11, 2021 at 7:34 am #74976RBJ619Participant
My husband and I are in similar circumstances in which we share the rent. We have two checking accounts and one savings, with the exception that all three accounts are joint accounts, as in both of our names are on the accounts, but we each use one of the checking accounts and share the savings.
For example the only bills we split are for rent and car insurance. Lets say the account I use ends in 3456 and the one he uses ends in 6543. I transfer half the rent to him and he transfers half the car insurance to me. This is the exact wording on our statements:
eTransfer Debit, online Xfer
Transfer to CK xxxxxx6543, where the x’s are the rest of the account number.
It shows the same for the account receiving the transfer. Will we have to write LOE’s for every transfer like this? can I write one LOE and state that it happens every month or is ongoing? We also both have scheduled automatic transfers every pay day (bi-weekly) from both checking accounts to the savings account. The wording for those are a little different, it says:
Debit Transfer, DDA Trnsfr
Transfer to Savings Account xxxxxx1234, where the x’s are the rest of the account number.
Is this enough explanation and clear enough for the bank or will LOE’s need to be written for these as well. What is the amount threshold that requires an LOE in terms of transfers between accounts.
Thanks so much!April 11, 2021 at 10:38 am #74977NelsontMember
I always say the underwriters never connect dots. Unless the text is written out on a complete sentence exactly what you wrote above the default is a condition to explain the transaction. I had something going on. I kept a minimum in my checking and my savings grew by more than double my payment shock every month. Even though my checking and savings accounts are linked with the same bank and appear together on the same statement I still had to write LOEs. This is not something you should worry about. Doing so will get you a house.
The threshold for any transaction is approximately $100. That includes transfers deposits and withdrawals of any kind from any non-payroll source. Of course large payroll bonuses might have to be explained and trying to circumvent the system by doing daily $20 transfers will also raise questions. Purchases don’t count because the store data is posted but spending thousands at best buy will raise an alarm.
- This reply was modified 6 months, 2 weeks ago by Nelsont.
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