For I-134/I-864: Banking fiasco / evidence question

[minibadger 1]

Hello,

I thought I'd been doing my best for the past six months or so to be getting evidence in line for my K-1 package and its Affidavit of Support and later I-864 form, but today after glancing at the bank statement, I finally noticed something that may be a problem, and I need to know what the best plan of action would be afterward.

I'm 25 and have had my checking account for a very, very long time. I'd been depositing my checks from work into here and establishing a nice balance for evidence. Unfortunately, it seems that because the account is so old, it's not only in my name, but also my mother's, since I was a minor at the time of opening it. The bank statement looks like this:

JOHN D. MYNAME

MOTHERSNAME D. MYNAME

Does this pretty much now invalidate all my banking information due to it being a joint account? I have no other banking accounts. I tried to have my mother's name removed from the account, but the bank said they can't do that and would need to set up a brand new account or accounts (checking/savings). Obviously that'd suck to have it read that the bank account was opened (as is demanded for the summary page in the I-134) shortly before starting the K-1 process.

What should I do? One possibility would be to open a new checking and savings account, and move all the money over there, but also keep all the old statements (and also a total deposited/date account opened/etc) sheet for the old account, and explain to the consular agent, or whatever.

Or is there not a big deal that it's a joint account, and I should just leave it in there?

What should I do?

[KimandRuss 0]

If you meet the income requirements for the I-134 then you do not need to submit any additional documentation or banking information.

However, if you do need to use the assets such as savings from that account, I believe it would be split in half because your mother's name is on the account. If you need to show assets, perhaps a letter from your mother stating the funds are yours would help. Best to contact the Consulate you're dealing with to find out just what is needed.

good luck.

[Kamz 0]

Hi minibadger,

From a banker's perspective, all joint accounts in the United States have "or" rights. This means that whatever the value of the bank account is both joint account holders have full authority to use it, spend it or close it. It is considered your money, whether you only have full or partial of the whole balance.

Now, a letter from your mother fully stating her disinterest in the account may help if the consul has any questions. And honestly, you do not necessarily have to close out your old account. You may add another account by opening a new one, move some of the money into the new account and keep the records and statements of the old one for reference purposes. This will reflect the details of the deposit and transfers anyway so you should be good to go.

Good luck and God bless!

Kamz

[*JG* 2]

If you are old enough now, can you just go to the bank and have them turn it into an account with just your name on it? If you had just one statement like that and maybe a letter of explanation with it, I think you would be fine.

[Kamz 0]

If you are old enough now, can you just go to the bank and have them turn it into an account with just your name on it? If you had just one statement like that and maybe a letter of explanation with it, I think you would be fine.

I think you'll do fine. But try to cover all odds. Get your mother's affidavit of disinterest ready and open a new account solely under your name to be on the safe side. Good luck!

[*JG* 2]

My bank allowed us to just take one name off, while leaving the same account number and all that. Check with them to see if you even have to open a new account or if they can just fix this one for you.

[psiprez 3]

If your salary alone puts you over 125% of the poverty line, you will not need any bank accounts. If it doesn't, you will have a much easier time of it using a co-sponsor to qualify, rather than relying on assets.

I am also in banking, and will give you the advice I would give any customer coming into my bank.

If your account was opened when you are a minor, it may have been set up as a 'custodial account'. Meaning your mother was the custodian on the account, and you as the minor had no power to make change.

Since you are no longer a minor, you definitely need to make sure that your account is no longer set up as a custodial account. Either way, you and your mom should to go to the bank together to have her removed from the account, and for you to become the sole title. At that point, all assets in the account will become yours in full. Statements after the switch will be proof enough.

If there is a reason you need to have a joint account with your mom, set up a second free checking account to do the job. For example, I have a joint account with my dad so that if one of us has an emergency, funds can be deposited and accessed easily.

After you are married, you can have your spouse added to the account, or keep the old account as your own and open a new joint account. And don't forget to open a savings or money market account... start saving smart now for your future.

Edited July 22, 2008 by psiprez

[Kamz 0]

If your salary alone puts you over 125% of the poverty line, you will not need any bank accounts. If it doesn't, you will have a much easier time of it using a co-sponsor to qualify, rather than relying on assets.

I am also in banking, and will give you the advice I would give any customer coming into my bank.

If your account was opened when you are a minor, it may have been set up as a 'custodial account'. Meaning your mother was the custodian on the account, and you as the minor had no power to make change.

Since you are no longer a minor, you definitely need to make sure that your account is no longer set up as a custodial account. Either way, you and your mom should to go to the bank together to have her removed from the account, and for you to become the sole title. At that point, all assets in the account will become yours in full. Statements after the switch will be proof enough.

If there is a reason you need to have a joint account with your mom, set up a second free checking account to do the job. For example, I have a joint account with my dad so that if one of us has an emergency, funds can be deposited and accessed easily.

After you are married, you can have your spouse added to the account, or keep the old account as your own and open a new joint account. And don't forget to open a savings or money market account... start saving smart now for your future.

That's a good and very detailed advise psiprez. It sure is a good way to bring everything back into the happy path. Good luck to you minibadger!

Kamz

[minibadger 1]

Hello, and thanks for all the advice. Here is what I opted to do.

First of all, they could NOT remove only my mother's name from the joint checking account; apparently this was not an option. I opted to keep that account, and then opened a new one, for which I have all the documentation, as a savings account in only my name. I today transferred $5,000 to the account to start.

I will continue to deposit my paychecks into the joint checking account, to add to the total/average yearly deposited numbers, and getting detailed deposit/withdrawal statements. At the K-1, I will also get the end-of-year totals for that account.

Shortly after each paycheck deposit into the joint account, I, having control of the checking account, will transfer the vast majority of it to my new, personal savings account. I believe this (and a notarized letter from my mom declaring lack of interest) will prove that I solely control the money, and also have multiple accounts.

By the time of the K-1 meeting, I will most likely have about six months of detailed balance sheets for the joint checking account along with the year-end totals, and six months of detailed balance sheets for my new personal savings account, though obviously that'll show it having been opened today, but should have a good deal of money by the time the meeting comes. The two should corroborate themselves, I hope.

I hope this approach is the most advisable. I'm not sure why it wasn't possible to remove my mother's name from the account, but the woman I spoke to said I'd have to open a new account.

Edited July 22, 2008 by minibadger

[minibadger 1]

For some reason, I can't edit to add on to my previous post. Anyway, apparently the reason for not being able to take my mother's name off the account was some sort of "new regulations" and, while it was possible to remove a person from a joint account in the past, they don't now do it because people were having accounts closed without their knowledge. Why this would bar us from BOTH going there and mutally agreeing to have a name removed is beyond me, but that's what was repeatedly said. I was told a new account had to be set up if I wanted one in only my name.

[KimandRuss 0]

If you meet the income requirements for the I-134 then you do not need to submit any additional documentation or banking information.

[minibadger 1]

If you meet the income requirements for the I-134 then you do not need to submit any additional documentation or banking information.

I realize this; but I like to be *extremely* thorough and have mountains of evidence. This is due to experience with my fiancee trying to get a travel visa; it seems one can never have enough, and one should prepare for any and all possible complications.