Proof of Funds (Express Entry)

[powermike999]

Hi seniors,

Everything is done on my application but I have 2 questions i need an answer before clicking the submit button;

1-I have my POF in an account in a bank different from where my salary is paid and i have gotten a reference letter from the bank stating how much i have. i have been trying to get a reference letter also from the bank where my salary is paid just to be safe but they have delayed me for the past 2 weeks on this.I have included my salary slips showing monthly payment of my salary. I am thinking of submitting my application today as i have wasted too much time. Should I go ahead and submit since i have the necessary documents for the account where my POF is domicilled? or should i wait until i also get a reference letter from the bank where my salary is domicilled?

2- What date should i use for converting the POF to Canadian Dollars(CAD) should i use the date on the bank reference letter or should i use friday(yesterday) since that is the last trading day for the week to make the conversion?

Thanks in advance.

 

[+Hummingbird+]

Hello.

Does it matter if you forget to provide a banker's reference for an account you haven't used for years, and which has a very small amount of savings in it? We're talking less then $50.

 

[vishalg]

Hi seniors,

Everything is done on my application but I have 2 questions i need an answer before clicking the submit button;

1-I have my POF in an account in a bank different from where my salary is paid and i have gotten a reference letter from the bank stating how much i have. i have been trying to get a reference letter also from the bank where my salary is paid just to be safe but they have delayed me for the past 2 weeks on this.I have included my salary slips showing monthly payment of my salary. I am thinking of submitting my application today as i have wasted too much time. Should I go ahead and submit since i have the necessary documents for the account where my POF is domicilled? or should i wait until i also get a reference letter from the bank where my salary is domicilled?
If your POF isn't impacted by salary account then go ahead.
2- What date should i use for converting the POF to Canadian Dollars(CAD) should i use the date on the bank reference letter or should i use friday(yesterday) since that is the last trading day for the week to make the conversion
If conversion rates are not given on the letter then use the latest conversion rates i.e. Friday?

Thanks in advance.

 

[vishalg]

Hello.

Does it matter if you forget to provide a banker's reference for an account you haven't used for years, and which has a very small amount of savings in it? We're talking less then $50.

Doesn't matter

 

[+Hummingbird+]

Doesn't matter

Thank you!

 

[powermike999]

Merci beaucoup

 

[Minx]

Guys,
Just a quick question.

I've got 3 letters from the bank.

All required info:
- Name
- Date account open
- Account No
- National ID
- Passport No
- Investment Amount
- Immediate Refund Amount

2 letters verify my investment accounts and the amount in home currency and Canadian dollar which is above the amount required for PoF

The 3rd letter confirms my savings account and the average monthly balance savings I have plus a line that I don't have any loans w bank.
I also got the bank to verify due to policy they won't provide a letter for my credit card.

I then have also attached 2 months credit card statements - April and May 2017.
25k credit limit.
Owing for May: 453.89 which I paid but only reflected in June statement.

Am I still required to show 6 months bank statements? Some say yes, others say no?

Thanks all!

 

[Advisor_PK]

Well I think it depends on what you mean when you mention "average balance" was this average calculated for the last month (usually the case) or over the last 6 months. CIC asks for the 6 month average balance and since very few banks provide that statistic, we usually give them the 6 months statements so they can calculate it themselves.

You have clearly put in a lot of effort. If you can provide a 6 month statement easily (must be signed by a bank employee), you should add that in

Guys,
Just a quick question.

I've got 3 letters from the bank.

All required info:
- Name
- Date account open
- Account No
- National ID
- Passport No
- Investment Amount
- Immediate Refund Amount

2 letters verify my investment accounts and the amount in home currency and Canadian dollar which is above the amount required for PoF

The 3rd letter confirms my savings account and the average monthly balance savings I have plus a line that I don't have any loans w bank.
I also got the bank to verify due to policy they won't provide a letter for my credit card.

I then have also attached 2 months credit card statements - April and May 2017.
25k credit limit.
Owing for May: 453.89 which I paid but only reflected in June statement.

Am I still required to show 6 months bank statements? Some say yes, others say no?

Thanks all!

 

[vishalg]

Guys,
Just a quick question.

I've got 3 letters from the bank.

All required info:
- Name
- Date account open
- Account No
- National ID
- Passport No
- Investment Amount
- Immediate Refund Amount

2 letters verify my investment accounts and the amount in home currency and Canadian dollar which is above the amount required for PoF

The 3rd letter confirms my savings account and the average monthly balance savings I have plus a line that I don't have any loans w bank.
I also got the bank to verify due to policy they won't provide a letter for my credit card.

I then have also attached 2 months credit card statements - April and May 2017.
25k credit limit.
Owing for May: 453.89 which I paid but only reflected in June statement.

Am I still required to show 6 months bank statements? Some say yes, others say no?
If it mentions 6 months averages then you're good.
Thanks all!

 

[Minx]

Well I think it depends on what you mean when you mention "average balance" was this average calculated for the last month (usually the case) or over the last 6 months. CIC asks for the 6 month average balance and since very few banks provide that statistic, we usually give them the 6 months statements so they can calculate it themselves.

You have clearly put in a lot of effort. If you can provide a 6 month statement easily (must be signed by a bank employee), you should add that in

Thanks you so much for replying so quickly Advisor_PK. I've got everything uploaded BUT my PoF as I called the bank to double check based on your
(usual case comment) and true enough they took the average balance from the last closing balance of the month given its a savings and NOT a current account. ARGH. This is so infuriating.

That being the case my 3rd letter needs to remove the average line and I've asked the bank to stamp and sign my 6 months statements. Which are tragic looking since Ive just gone back to work this month after being unemployed looking for a senior role these last 9 months.

Thanks tho!

 

[Minx]

Well I think it depends on what you mean when you mention "average balance" was this average calculated for the last month (usually the case) or over the last 6 months. CIC asks for the 6 month average balance and since very few banks provide that statistic, we usually give them the 6 months statements so they can calculate it themselves.

You have clearly put in a lot of effort. If you can provide a 6 month statement easily (must be signed by a bank employee), you should add that in

Yeah no its the average closing monthly balance when I specifically told the bank I needed the average 6 month balance.
So Im printing my bank statements and the officer is sending it to me.

Thanks tho!

 

[honeybee08]

The letter that my bank gave me only indicated the total amount that I currently have and did not indicate my account number. Is it really required to have the 6months bank statement stamped?

 

[Minx]

Yes as it makes it official especially as you dont have the account number listed. Why isn't it listed?
If you have time then get the bank officer to redraft the document.

Don't give CIC any reason to suspect yr documents arent genuine.

 

[systix]

Some have mentioned that they have gotten the bank to specify their passport number, however, is that necessary. I am in the US and my Bank gives a standard letter with closing balance, 12 month avg. balance, account number, my name and address signed and stamped. They can also sign/stamp (bank notary) the statements from last 6 months.

Should the above be sufficient?

 

[21Goose]

The standard letter from your bank is all you need. Just make sure you meet all the requirements (bank letterhead with address, has the name & signature of the bank official, your name, address, account number, and average daily balance for six months).

You don't need to provide the notarized statements if your letter shows a six-month daily average balance that's above the minimum. You can attach statements if you feel like it, but you don't really need to.