Cash Deposit Source

One of the things we verify as part of the application is the applicant having the funds to pay the deposit. This requires a full PDF bank statement.

A picture like this from a banking app or website that shows the current amount in the bank is not sufficient.

We compare the beginning balance to the ending balance on the most recent bank statement. We are looking to see at least 1/2 of the required deposit as the ending balance. For example, if the deposit is $1500, we must see $750 as the ending balance for the previous month.

This is an example of a bank statement that shows an ending balance of $5710.87

This is an example of a statement that shows an ending balance of $270.40

If a applicant is using Security Deposit Insurance, this is not necessary as the SDI company will pay the deposit.

There are situations where the bank isn’t where an applicant stores their money. This makes things more difficult, but there is still a way to verify deposit funds. Please contact us for more information.