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proof of funds: experts please help

proof of funds: experts please help

Old Apr 20th 2005, 7:28 am
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Default proof of funds: experts please help

I have an account with ETRADE financials(USA).
It is a brockerage account and contains a cash available for
withdrawal any time I want(I have a VISA check card, even a checkbook for that account). Can it be sufficient for the "proof of funds" requirement?
Any comment will be highly appreciated.

Thanks a lot,
Art
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Old Apr 20th 2005, 10:21 am
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Default Re: proof of funds: experts please help

Originally Posted by art_mos
I have an account with ETRADE financials(USA).
It is a brockerage account and contains a cash available for
withdrawal any time I want(I have a VISA check card, even a checkbook for that account). Can it be sufficient for the "proof of funds" requirement?
Any comment will be highly appreciated.

Thanks a lot,
Art
I guess it should be alrite! but make sure u have enough money in ur account! u can be asked to get a slip printed out from an ATM anytime during landing.. :scared:
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Old Apr 20th 2005, 10:30 am
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Default Re: proof of funds: experts please help

Originally Posted by amancharan
I guess it should be alrite! but make sure u have enough money in ur account! u can be asked to get a slip printed out from an ATM anytime during landing.. :scared:

Well, I didn't see any ATM machine in Vancouver Airport (where the immigration officers were checking my documents)! Actually they were too busy to double-check anything!
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Old Apr 20th 2005, 12:32 pm
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Default Re: proof of funds: Mr. Miller please help

Originally Posted by art_mos
I have an account with ETRADE financials(USA).
It is a brockerage account and contains a cash available for
withdrawal any time I want(I have a VISA check card, even a checkbook for that account). Can it be sufficient for the "proof of funds" requirement?
Any comment will be highly appreciated.

Thanks a lot,
Art
Mr. Miller your advice is highly essential. Please help.

Thanks in advance,
Art
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Old Apr 20th 2005, 3:27 pm
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Default Re: proof of funds: Mr. Miller please help

Originally Posted by art_mos
Mr. Miller your advice is highly essential. Please help.

Thanks in advance,
Art
I know I'm not the expert you are looking for here, but I can share our experience. When we applied all of our money was on a 12-month Certificate of Deposit. The account had our names and enough money to satisfy the "minimum funds" criteria. That turned out to be enough, we were never asked about money again.

Good luck. J.
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Old Apr 20th 2005, 3:53 pm
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Default Re: proof of funds: Mr. Miller please help

Get a letter from broker confirming that it is a cash and that it is freely available for withdrawal.

Originally Posted by art_mos
Mr. Miller your advice is highly essential. Please help.

Thanks in advance,
Art
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Old Apr 20th 2005, 8:05 pm
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Default Re: proof of funds: Mr. Miller please help

Originally Posted by Andrew Miller
Get a letter from broker confirming that it is a cash and that it is freely available for withdrawal.
Thanks a lot Mr. Miller,

Basically I get a monthly statement from my broker,
and the following text is the statement:
-------------------------------------------------------------------
CASH & CASH EQUIVALENTS (100.00% of Holdings)

SWEEP DEPOSIT ACCOUNT $ xxxxx.xx

Sweep Deposit account is a bank deposit account with E*TRADE Bank, a Federal savings bank, Member FDIC. Sweep Deposit Accounts are FDIC-insured up to $100,000.

TOTAL CASH & CASH EQUIVALENTS $ xxxxx.xx 100.00%
TOTAL PRICED PORTFOLIO HOLDINGS (ON 03/31/05) $ xxxxx.xx
-------------------------------------------------------------------
Please tell me whether that information is sufficient?

Thanks again,
Best regards,
Art
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Old Apr 20th 2005, 8:25 pm
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Default Re: proof of funds: Mr. Miller please help

No, it is not. Your broker must specify that the amount listed in statement is available to be withdrawn in full at any time in cash. Otherwise is may simply be considered as stock trade investment account which may go down to zero in case of market downfall - thus not acceptable as proof of funds.

Remember that officer will not give you any benefit of the doubt - it is you who must conclusively prove that funds are freely available.

Originally Posted by art_mos
Thanks a lot Mr. Miller,

Basically I get a monthly statement from my broker,
and the following text is the statement:
-------------------------------------------------------------------
CASH & CASH EQUIVALENTS (100.00% of Holdings)

SWEEP DEPOSIT ACCOUNT $ xxxxx.xx

Sweep Deposit account is a bank deposit account with E*TRADE Bank, a Federal savings bank, Member FDIC. Sweep Deposit Accounts are FDIC-insured up to $100,000.

TOTAL CASH & CASH EQUIVALENTS $ xxxxx.xx 100.00%
TOTAL PRICED PORTFOLIO HOLDINGS (ON 03/31/05) $ xxxxx.xx
-------------------------------------------------------------------
Please tell me whether that information is sufficient?

Thanks again,
Best regards,
Art
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Old Apr 21st 2005, 10:29 am
  #9  
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Default Re: proof of funds: Mr. Miller please help

Originally Posted by Andrew Miller
No, it is not. Your broker must specify that the amount listed in statement is available to be withdrawn in full at any time in cash. Otherwise is may simply be considered as stock trade investment account which may go down to zero in case of market downfall - thus not acceptable as proof of funds.

Remember that officer will not give you any benefit of the doubt - it is you who must conclusively prove that funds are freely available.
Thank you very much Mr. Miller.

This forum is really the best. And the only forum I could get answers to my questions.

Best regards,
Art
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