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Money as Gift Issues?!

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Anonymous
Not applicable

Money as Gift Issues?!

So here's the deal....

 

We are about to close on the house and are at the point where we need the money for our gift payment....

 

 

Problem is, the LO has asked for a copy of the check (fine) and a copy of my deposit entering into my account (fine)....where we run into an issue is that they also want a bank statement from the relative we are getting the gift from....

 

My relative absolutely does not want them knowing their account information....

 

 

 

What are our options now?

Message 1 of 4
3 REPLIES 3
203bravo
Established Contributor

Re: Money as Gift Issues?!

you may want to ask the LO about getting a letter from the giftor that it is an acutal gift and does not need to be repaid.  This is the norm.

 

I'm guessing that you have not told the giftor that you are giving them a copy of the check -- that has all their account information.

Message 2 of 4
Anonymous
Not applicable

Re: Money as Gift Issues?!


@203bravo wrote:

you may want to ask the LO about getting a letter from the giftor that it is an acutal gift and does not need to be repaid.  This is the norm.

 

I'm guessing that you have not told the giftor that you are giving them a copy of the check -- that has all their account information.


The giftor has no intention of being repayed....

 

 

They just don't want their account information and bank transactions in a statement being thrown around wherever by the LO....as they're trying to protect their privacy and are very vigilant w/ this and adamant about not giving out their information outside of their own personal bank.

 

 

He said he feels like if he's giving me a certified cashiers check that theres no reason they should need anything more....

 

 

 

UPDATE:

 

Just heard back from the LO and she said that he could write me a personal check and that would work IF once it clears, he gets me a copy of the front and back to give to her.....

 

 

I'm hoping he'll be ok with that as it sounds like our best option.

Message 3 of 4
Booner72
Senior Contributor

Re: Money as Gift Issues?!

Your thread is freaking me out.  My dad would be furious and extremely hesitant to have his bank account information given to ANYONE.  If this happens for us, he will just have to talk to the lender himself and give the info directly, because he won't be happy.  He gave us 2100 and loaned us 1000.  He's paid back.  The 2100 is listed in my checking account as a "transfer from Booer's Dad" as we have the same credit union.  Since I'm only having to do a VOD then it shouldn't matter.  We'll see.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 4 of 4
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