FLR (M) Category D bank statement evidence (Marcus)

Old Sep 10th 2020, 2:55 pm
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Default FLR (M) Category D bank statement evidence (Marcus)

Hello again!

We're hoping to use Category D (cash savings) to meet the maintenance requirement for our FLR (M) application (but could use Category A as a fallback if not).

Unfortunately, the only bank account that's had the required funds needed for over six months is a Marcus (Goldman Sachs) account. Marcus, it turns out, don't issue statements . So that was a bit of an oversight...

We've asked them to post proof of savings and transactions, and have now received a letter and transaction history (redacted versions of both at the end of this post).

I'm a bit concerned that it says 'this is not a bank statement' at the top, but looking at Appendix FM-SE, I think that might not be a blocker.

Appendix FM-SE says:

11. In respect of cash savings the following must be provided:
  1. (a) personal bank statements showing that at least the level of cash savings relied upon in the application has been held in an account(s) in the name of the person or of the person and their partner jointly throughout the period of 6 months prior to the date of application.
  2. (b) A declaration by the account holder(s) of the source(s) of the cash savings.
However, under article 1. of the 'Evidence of Financial Requirements under Appendix FM' section it also says:

(aa) Where a bank statement is specified in this Appendix, a building society statement, a building society pass book, a letter from the applicant’s bank or building society, or a letter from a financial institution regulated by the Financial Conduct Authority and the Prudential Regulation Authority or, for overseas accounts, the appropriate regulatory body for the country in which the institution operates and the funds are located, may be submitted as an alternative to a bank statement(s) provided that:

(1) the requirements in paragraph 1(a)(i)-(iv) are met as if the document were a bank statement; and
It looks like the 1(a)(i)-(iv) requirements are met:
  • Marcus is an FCA and FCSS regulated UK bank
  • and is not in the Appendix P list of excluded financial institutions
  • the account is in the applicable name (the applicant)
  • the details cover the 6 month period specified between 'interest applied' entries in the transaction history up to 23rd August, and the letter dated September 8th stating the current balance
  • the letter is on official stationery, sent by post
It also looks like these criteria are met:

(3) a letter must be on the headed stationery of the bank, building society or other financial institution and must clearly show:
(i) the account number,
(ii) the date of the letter;
(iii) the financial institution’s name and logo; and
(iv) the information required on transactions, funds held and time period(s) or as otherwise specified in this Appendix in relation to bank statements.
So I think this meets the evidence requirements? I'm just a bit nervous about there being a contrary rule elsewhere that would make it risky for us to rely on this to prove adequate funds for Category D.

I've included redacted versions of the letter and transaction history below in case there are any obvious holes to pick in this!

We need to apply after September 24th, so the last interest added entry would fall foul of the 28-day rule. However, the letter itself states the current balance and is dated September 8th, so I think that this should meet that requirement?

Does anyone have any thoughts on whether this would cover the required bank statement part of the evidence? I realise that we'd also need to submit a declaration of source(s) for the funds.

If this seems too scant or risky, I can always fall back to Category A, but would much rather use this approach if possible.



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Old Sep 10th 2020, 3:04 pm
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Default Re: FLR (M) Category D bank statement evidence (Marcus)

From what you have quoted (per "(aa)", second block you have quoted), the letter you have received detailing transactions meets the "... a letter from a financial institution regulated by ..." definition of what is acceptable as an alternative to a traditional bank statement.
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Old Sep 10th 2020, 4:39 pm
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Default Re: FLR (M) Category D bank statement evidence (Marcus)

Thank you, Pulaski! I'm at the second-guess-everything stage and that helps a lot.
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Old Sep 10th 2020, 4:42 pm
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Default Re: FLR (M) Category D bank statement evidence (Marcus)

Originally Posted by smashcut View Post
Thank you, Pulaski! I'm at the second-guess-everything stage and that helps a lot.
You're welcome.

It's easy to stress about the whole thing, but reading about other's problems on-line compounds your concerns when in reality tens of thousands go through this process every year without any problems and the problem cases are only a small minority of the total number of applications.
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Old Sep 11th 2020, 12:52 pm
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Default Re: FLR (M) Category D bank statement evidence (Marcus)

Thank you -- that makes a lot of sense! I appreciate the reality check!
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Old Oct 22nd 2020, 9:33 pm
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Default Re: FLR (M) Category D bank statement evidence (Marcus)

Just a follow up for anyone potentially searching for this in future: our application was successful using the Marcus account mentioned to meet the financial requirement. it turned out that Marcus also have a specific letter for visa applicants that shares the same information, but specifically namechecking the visa application and spelling a few more things out. We sent both because I'm a paranoid buffoon, but I suspect that either would have done the job.
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Old Nov 13th 2020, 11:19 am
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Default Re: FLR (M) Category D bank statement evidence (Marcus)

Hiya Smashcut,

I will also be using a Marcus account with proof of savings for my wife's application next year. Please can you let me know what you requested to get this visa letter from Marcus. And did they charge for this?
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