Questions for Savings/Checking and Mutual Funds for I-864

[rhenzhen 5]

Hello VJs! Maybe someone can answer this. I'm almost ready submitting my I-864. Do I need to ask a letter to my Bank regarding my official balance of my checking/savings? Or just a print out of my bank statement will do? Same question as to my mutual funds. Do I need to ask a letter also or just a print out or statement on my Fidelity Account? Thanks in advance!

[rhenzhen 5]

Okay. I called NVC and talked to 2 different NVC rep. First person I talked to told me that I need a letter from my Bank and Fidelity for my official balance. So, I called back again and talked to a lady NVC rep told me that I only need a bank statement on both Bank and Fidelity... Now, I'm really confused!!! Which one is really the official? My monthly bank statement or letter? I'm thinking of sending both but they might be more confuse because If my statement didn't match on my remaining balance? I pay bill, direct deposit, recurring payments. Any idea which one should i send? Thanks! -

Edited July 11, 2011 by rhenzhen

[Navyk 78]

I am planning on just obtaing a bank statement (bank rep signed) from the branch one day before I plan to send my I-864 (still waiting for NVC case#). I am not using my 401K balance - Are are you referring to Fidelity regarding your 401K or.....

[rhenzhen 5]

I am planning on just obtaing a bank statement (bank rep signed) from the branch one day before I plan to send my I-864 (still waiting for NVC case#). I am not using my 401K balance - Are are you referring to Fidelity regarding your 401K or.....

Yes. I'm refering to my Fidelity 401K. That's part of your assets (under Mutual Funds). I called my bank "Bank of America" and they have 3 different immigration letters... 1 for Standard and 2 for Spouse support, I forgot the number 3. I will order this Friday, same day my June-July statement end. There's a 10 dollars fee to process it. Edited July 11, 2011 by rhenzhen

[Navyk 78]

The relevant portion of I-864 instructions regarding part 7: "Use of Assets to Supplement Income" states as follows:

If your total household income does not meet the requirement, you may submit evidence of the value of your assets, the sponsored immigrant's assets, and/or assets of a household member that can be used, if necessary, for the support of the intending immigrant(s). The value of assets of all of these persons may be combined in order to meet the necessary requirements.

Only assets that can be converted into cash within one year and without considerable hardship or financial loss to the owner may be included. The owner of the asset must include a description of the asset, proof of ownership, and the basis for the owner's claim of its net cash value.

Hence I am thinking the latest online bank and 401k statements should be good enough, as those are difinitely the evidence of the value of my assets.

Anybody, who did the same and had no issues, please share.

[Darnell 8,478]

for many 401K holders, 'cash assessment' is a fun computation.

Check your agreement with that 401K fund, learn what the 'emergency cash conversion' rate is, if you had to 'cash out today' prior to the retirement age - usually there's the funds' fee, plus any IRS tax hit as well, before you have a pool of cash. IME, 20 to 25 percent was 'about right' for most accounts, some hitting as much as 38 percent as well.

It sucks, IMO, but is is what it is.

[Navyk 78]

Then what is the rationale for counting only 20% of the Savings bank balance, which is absolutely liquid cash! I am thinking that they just have a common 20% rule for all assets that can be converted into cash within 1 year.

"Only assets that can be converted into cash within 1 year and without considerable hardship or financial loss to the owner may be included. The owner of the asset must include a description of the asset, proof of ownership, and the basis for the owner's claim of its net cash value. You may include the net value of your home as an asset. The net value of the home is the appraised value of the home, minus the sum of any and all loans secured by a mortgage, trust deed, or other lien on the home."

[Darnell 8,478]

if the sponser is the uscitizen spouse, cash assets are computed at 1/3 of actual value, not 1/5.

The 1/5 rule does apply in other situations, I'm always muddled by it.

A 401K account is not considered at face value, there are computations to be done to convert it to cash.

Edited July 11, 2011 by Darnell

[Navyk 78]

All sponsors have to be either US Citizens or Permnent Residents. Only the US Citizens that are sponsoring their spouses are minor children can compute 1/3 value and all other cases and Permanent Residents can only compute 1/5 value.

Coming to my question, can the Online Savings/ 401K monthly statement be used as evidence or do we need to get a sing copy from bank/ 401K guys.