Yes they are optional. Just show one/don’t show doesn’t matter. Liquid funds matter. Anecdotal evidence suggest loans seem to have no good/bad effect.
Hi Sree,
I am in the same situtation as yours(incl. bofa), please let me know what process you have followed for bank letter and pof? You can contact me at pkasarla1@gmail.com
Thanks
@pkasarla You can call BoFA customer service and ask for a reference letter. They provide 3, 6 or 12 month average balance letters.
A majority of your questions have already been answered in the existing financial / POF thread. Would recommend you guys checking there, and posting there so that you can get your answers sooner and ensure anyone else that might have the same questions can get their answers there as well.
Thanks Anshul.
I wasn’t clear as on the Canadian site following statement is mentioned regarding the Proof of Funds:
For proof, you must get official letters from any banks or financial institutions where you are keeping money.
Letter(s) must:
be printed on the financial institution’s letterhead
include their contact information (address, telephone number and email address)
include your name
list outstanding debts such as credit card debts and loans
include, for each current bank and investment account:
account numbers
the date each account was opened
the current balance of each account
the average balance for the past six months
My understanding from the above statement is that the letter from BOA will not have details about the credit card details with other banks. So to tackle this issue I was thinking of preparing a cover letter mentioning the total Credit Card Debts/Loans and my credit limits only. Therefore, not sending the credit card statements from the bank unless asked.
The credit card statements will not work against you in any way. Send the credit card statement for past 3 months it would be sufficient. You need to prepare a cover letter regardless that would provide an overview to CIC of your funds.
For BOA, the manager literally gave a screenshot of our balance from their screen and attested it.
Try to avoid any back and forth with CIC it’ll delay your case further. Furnish details as requested to your best ability.
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list outstanding debts such as credit card debts and loans
(rewind)…from any banks or financial institutions where you are keeping money.
Maybe I was a bit biased from personal experience because I never had credit cards from the bank where I was keeping my money. Never had a loan. I had multiple credit cards with good credit completely detached from the liquid funds, and they were in no way a liability. If you have a huge loan from a bank where you are keeping your money then yes add that. I don’t think it will work against you though as long as you have sufficient liquid funds.
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HI Anshul,
Question: Do you need to get the statements for all the cards which have balance or any one credit card that we use the most?
Thank you,
Best regards,
Kapil Chandra
The ones you use on a regular basis.
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I only submitted one and that was accepted.
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Is credit card statement really mandatory… i did not submit any card statement… just checking and saving accounts bank letter and corresponding statements of those accounts…
i thought i had sufficient balance in accounts and no loan or balance on my cards so i did not submit card statements…
will that be a issue?
No it shouldn’t be an issue. Just to be on the safe side don’t reflect credit cards when you do your landing. This is to ensure you have consistent data that you are presenting.
Showing credit card statements is up to each individual. I shared credit card statements as I wanted to show my overall financial profile.
Not showing it doesn’t count against you either. I don’t think CIC will come back asking for it. Even if they do, it’s a really quick document to run.
That should be fine.
thanks @vignesh.pr and @avj, looking at the responses, i am leaning towards just providing whats been asked - i.e. a bank statement from my BOA account that has more than minimum required amount as savings. I don’t have a credit card and neither any other loan from BOA so i don’t need to show my 6 credit cards or personal loans.
I have Checking account and a Savings account with BOA, The money i need to show is in savings account and I transfer a specific amount every month from my current to savings as part of monthly savings. should i show both still or just showing my savings accounts will be enough?
Also, I plan to mention in my cover letter a total of 6 credit cards I own and current balance along with total credit limit. should I?
Thanks again
No need to add all credit cards that’s just unnecessary paperwork for them to go through and doesn’t help you in any way.
It doesn’t matter if the money is in checking or savings. If you have more than minimum required in either/both/combined showing anything more than minimum should also suffice. On the cover letter it’s good to summarize total money you’re showing in USD and CAD, average balance etc, so they can quickly go through the supporting documents such as bank statements.
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I’d put both checking and savings. As long as total is more than what is required oh are fine. Key is to have th cover letter explaining the accounts and amount.
@vignesh.pr . Could you please let me know what exactly you asked from BOA for POF. Did you visit the branch? Anything specific I need to mention to follow CIC guidelines?
Do anyone care about credit cards? I have so many ,even I forgot how many I have though I don’t use any of them except 2-3 . I have a BOA credit card attached with my BOA checking account which has huge credit limit and if one subtracts the credit limit from account balance ,then I will not be able to maintain minimum qualified balance. What’s your idea? Any impact?
For my express entry application, I plan to only submit the account summary letter from the banks for a couple of my savings account, which has more than the minimum required amount for PR.
However, most of my other savings is in investment (brokerage) accounts and I don’t plan to include them in my PR application. Based on the instructions for entry into Canada, I will be required to declare all the funds I have access to (including the brokerage funds). Given this, is this a wise decision to not include the brokerage accounts information in the PR application? Has someone faced a similar situation before where they didn’t declare all the funds in PR application but did so when entering Canada and things were fine?
I asked for a summary statement. I visited the branch for this. Unfortunately, the process had changed and for them to provide a VOD you would have to go through a third party site. What the branch manager did for us was different. She took a screenshot of the overview of each account from their internal system, highlighted the key numbers, signed and stamped it.
This was sufficient for us to get our financial documentation approved.
Credit cards are not very important. I would put one of the main ones that you use in the summary. Credit card balances are not to check how much liquid cash you would have left if you paid it off. It is just to see you have good financial background (no late payments etc). They are not going to verify what is your net worth. It is just a means to assess the overall profile of the candidate.
Hope this answered your question.
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Yes . Thanks. by the way what is VOD? In your case there was no letter, only bunch of screenshot ,signed and stamped worked.!!!