Average 6 month balance not possible to mention on the letter.

[The Mancunian]

Hi All,

I went to the bank today to ask for the last 6 months average balance to be mentioned on the
letter. However, they (Standard Chartered) said that it will not be possible to mention it as they
don't do any manual calculations.

Standard Chartered bank statements however do mention the monthly average balance.
So can I just add those 6 monthly averages, divide by 6 and mention that in the LOE ?

Or has anybody done this average 6 months balance thing from Standard Chartered bank ?

Thanks in advance !

 

[Asivad Anac]

Just get the bank to provide monthly average balances and submit the letter as-is, no need to calculate any further/LOE. That information will help IRCC identify what they are really looking out for - evidence to suggest existence of borrowed funds, if any.

 

[svg_dxb]

Just get the bank to provide monthly average balances and submit the letter as-is, no need to calculate any further/LOE. That information will help IRCC identify what they are really looking out for - evidence to suggest existence of borrowed funds, if any.

Is the 6 months avg. balance very important, or can you just give a balance confirmation letter? I know for a reason a friend of mine who is doing his landing next month, (Got immigration under FSWP) submitted a letter with only a total balance confirmation in 2014 Nov. Is the the 6 month avg. balance new rule?

 

[Asivad Anac]

Is the 6 months avg. balance very important, or can you just give a balance confirmation letter? I know for a reason a friend of mine who is doing his landing next month, (Got immigration under FSWP) submitted a letter with only a total balance confirmation in 2014 Nov. Is the the 6 month avg. balance new rule?

Not a new rule - been in place from day 1 of EE.

 

[BCornerstone]

Not a new rule - been in place from day 1 of EE.

I only submitted FD letter of 6 months tenor period... should i be worried?

 

[Dexmoody]

Is the 6 months avg. balance very important, or can you just give a balance confirmation letter? I know for a reason a friend of mine who is doing his landing next month, (Got immigration under FSWP) submitted a letter with only a total balance confirmation in 2014 Nov. Is the the 6 month avg. balance new rule?

Yes, CIC want to see a history of your account.

The best way for privacy reasons is to have the bank include the average balance for the six preceding months in a letter with official letterhead (along with the other information CIC request). This is also what CIC prefer.

However, I have found that many banks are very inflexible when it comes to doing this. I have several accounts with different banks and none of them was able to do this calculation and include it in the letter.

I ended up just sending six months worth of statements, but only the first page that mentions opening and closing balances. Still, there were some transactions listed on the first page, which annoyed me because that's not something I necessarily want to disclose.

Anyways, this approach worked for me and I can recommend it if your bank just won't play ball.

 

[Asivad Anac]

I only submitted FD letter of 6 months tenor period... should i be worried?

Shouldn't be a problem if the FD has been in place for more than 6 months. Else IRCC gets suspicious about source of funds.

 

[BCornerstone]

Shouldn't be a problem if the FD has been in place for more than 6 months. Else IRCC gets suspicious about source of funds.

Thanks for the prompt response Asivad

But FD was done just a couple of days to app submission... what do you suggest i do???
Today makes it my 73rd day from app submission

 

[Asivad Anac]

Thanks for the prompt response Asivad

But FD was done just a couple of days to app submission... what do you suggest i do???
Today makes it my 73rd day from app submission

Send in a CSE explaining the source of those funds.

 

[svg_dxb]

Send in a CSE explaining the source of those funds.

Dear Asivad,

To show CAD 18.5K

For the Proof of funds, I'm withdrawing money from few investments like MF (Mutual Funds) & EPF in the name of Spouse (Provident Fund - Kind of fixed deposit) & Fixed Deposit in the name of my son. I can show the withdrawal letters and transfer to my bank account. What additional proof would be required? Will it be okay to suddenly deposit this amount into my account (Approx, CAD 10,500). EOD these are my funds, just that for this exercise, I'm consolidating the funds.

Will I need a Affidavit from my wife as well?

Please suggest!

 

[Asivad Anac]

Dear Asivad,

To show CAD 18.5K

For the Proof of funds, I'm withdrawing money from few investments like MF (Mutual Funds) & EPF in the name of Spouse (Provident Fund - Kind of fixed deposit) & Fixed Deposit in the name of my son. I can show the withdrawal letters and transfer to my bank account. What additional proof would be required? Will it be okay to suddenly deposit this amount into my account (Approx, CAD 10,500). EOD these are my funds, just that for this exercise, I'm consolidating the funds.

Will I need a Affidavit from my wife as well?

Please suggest!

It will be painfully difficult to conclusively prove that you owned these funds. Recommend that you deposit these funds in your spouse's (or some relative's or friend's) account. Get them to then transfer the funds to your account in a single transaction. Showcase that transaction as a gift from spouse/relative/friend along with a signed self-declaration from them explicitly stating that this transfer is a gift not a loan. Submit this along with bank letter having all details as required by IRCC. This would suffice and also be the least complicated method of showcasing POF which exclusively belongs to you and isn't borrowed. IRCC won't ask for the donor's source of funds.

All the best!

 

[velu05]

Hello Asivad,

Is it OK if I just submit my 6 months bank statement from various banks for POF?

 

[Asivad Anac]

Hello Asivad,

Is it OK if I just submit my 6 months bank statement from various banks for POF?

Yes. You'll also need to provide other information on bank letterhead including account opening date, bank address etc.

 

[velu05]

Thank you for your quick reply Asivad.

The bank statements contain letter head, bank & branch address, telephone number and authorized signatory (ICICI bank, India). Do I need to get a letter only for account opening date?

 

[Dexmoody]

Thank you for your quick reply Asivad.

The bank statements contain letter head, bank & branch address, telephone number and authorized signatory (ICICI bank, India). Do I need to get a letter only for account opening date?

This is what is required:

The letter(s) must be printed on the letterhead of the financial institution and must include the applicant’s name, the contact information of the financial institution (address, telephone number and email address), the account numbers, the date each account was opened and the current balance of each account as well as the average balance for the past six months.

See http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp

You need a letter that confirms you are a customer of the bank and includes the information above.