Posted on: 09th Sep, 2011 01:16 am
I opened a new bank account but never closed the old checking account. I have verified that my old checking account is still open. Now I'm planning to buy a house and want to use the old checking account to set aside a certain amount of money from my paycheck into the old account to use for earnest money, inspections and moving expenses. Will it look bad to my LO that I'm using this dormant account for savings?
Hi Maine!
Welcome to forums!
Using a dormant account for savings won't look bad to the loan officer if you can show two months worth of statements when you are ready. As long as it is legitimate, the loan officer shouldn't have any issues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Using a dormant account for savings won't look bad to the loan officer if you can show two months worth of statements when you are ready. As long as it is legitimate, the loan officer shouldn't have any issues.
Feel free to ask if you've further queries.
Sussane
It does not matter if an account has had no activity for a long time. It is your account and your money.
If an account is really dormant, the money is escheated to the state and you do not have the money anymore.
If you are going to put money into the account from your income it will no longer be dormant.
No, the LO does not care at all whne the account was last active. The LO cares that the account is yours and the LO cares what the balance is.
If an account is really dormant, the money is escheated to the state and you do not have the money anymore.
If you are going to put money into the account from your income it will no longer be dormant.
No, the LO does not care at all whne the account was last active. The LO cares that the account is yours and the LO cares what the balance is.
Just off topic, most importantly you want to not make any cash deposits, move large amounts of money around etc. All deposits will be required to show a paper trail, and source the deposits.
