funds held in trust?? Group Five Sponsorship

[cgxo]

Hello everyone,

I am in great need. I am working on a group five sponsorship with my family and we have had some difficulties understanding exactly what is required. Our bank has to write a letter indicating all of the things listed below, however my bank would not confirm in a letter how the funds were gathered. The letter they gave me was quite vague, and I dont know if this is sufficient. Can anyone please help, any examples of letters you can share. So I can ask my bank to rewrite it with correct details. Also does the letter have to specify each refugee and their new account number??

Details listed below for more context.

If your group decides to submit funds in trust, you must:

• provide an originalletter from a financial institution attesting to the bank account details;
  • the letter must be issued no more than six monthsbefore the date you submit your application and must indicate the:
    • name of the Canadian financial institution;
    • names of the account holders (minimum of two);
    • account number;
    • current account balance; and
    • must be signed and stamped by an employee of the institution.
• Provide the most recent account statements signed and stamped by an employee of the financial institution. The statement must indicate the account number, account holders’ names and branch information.
• explain how you gathered the funds (for example, fund raising activities, if funds were provided by the sponsors, PA’s family members, etc.);
• provide proof of how the funds were obtained(details of deposits, bank statements, statements from fund raising activities, etc.)
  • if the funds come from a group member, you must provide proof of income – see group members contributing personal income below.

 

[scylla]

Hello everyone,

I am in great need. I am working on a group five sponsorship with my family and we have had some difficulties understanding exactly what is required. Our bank has to write a letter indicating all of the things listed below, however my bank would not confirm in a letter how the funds were gathered. The letter they gave me was quite vague, and I dont know if this is sufficient. Can anyone please help, any examples of letters you can share. So I can ask my bank to rewrite it with correct details. Also does the letter have to specify each refugee and their new account number??

Details listed below for more context.

If your group decides to submit funds in trust, you must:

• provide an originalletter from a financial institution attesting to the bank account details;
  • the letter must be issued no more than six monthsbefore the date you submit your application and must indicate the:
    • name of the Canadian financial institution;
    • names of the account holders (minimum of two);
    • account number;
    • current account balance; and
    • must be signed and stamped by an employee of the institution.
• Provide the most recent account statements signed and stamped by an employee of the financial institution. The statement must indicate the account number, account holders’ names and branch information.
• explain how you gathered the funds (for example, fund raising activities, if funds were provided by the sponsors, PA’s family members, etc.);
• provide proof of how the funds were obtained(details of deposits, bank statements, statements from fund raising activities, etc.)
  • if the funds come from a group member, you must provide proof of income – see group members contributing personal income below.

You (the sponsors) are the ones who need to explain how the funds were obtained (not the bank). You need to provide a letter of explanation and the supporting evidence to prove this.

 

[cgxo]

Thank you so much for your response. So therefore two separate letters are needed. One from the bank indicating transactions and confirmation of accounts, and another where the sponsors indicate where the money came from??

 

[scylla]

Thank you so much for your response. So therefore two separate letters are needed. One from the bank indicating transactions and confirmation of accounts, and another where the sponsors indicate where the money came from??

Yes.

 

[canuck78]

You also should be including proof of where the transfers are coming from with bank statements.

 

[Xabi10]

What happens if one by MISTAKE does a transaction, and the balance drops below the minimum requirements? It happened to my application before I got my G-number and UCI numbers.