Posted: Thu Apr 08, 2004 1:28 am Post subject: Verification of Deposit (VOD)
Verification of Deposit is a legal document issued by the bank. It gives an assurance for the balance of a person's checking and savings accounts.
A mortgage lender can ask for such a document when you apply for a loan. This is required to make sure that you already have the amount of money that is stated on your mortgage application.
Example: Suppose that Jack applies for a mortgage loan. The lender asks him for a legal statement that would reveal his financial status. Jack then requests the bank and the latter then issues a document stating the balance in his accounts. This legal statement is known as the Verification of Deposit.
You may use the form given here in order to request the bank for a Verification of Deposit.
Hip-Hop Guest
Posted: Tue Mar 17, 2009 7:51 pm Post subject: VOD
Will a VOD worsen my lessen my chance for a home loan approval?
If you have saved a sufficient amount of money, then a Verification of Deposit (VOD) will not lessen your chances of getting a home loan. Rather it may increase your chances of getting a loan.
KIMBERLY Guest
Posted: Tue Apr 21, 2009 3:27 pm Post subject: DEPOSIT
IF THE BANK ASK WHERE YOU RECEIVED MONEY FROM IS THIS TO VERIFY THAT YOU DO NOT OWE ANYONE AND THAT THE MONEY WAS A GIFT OR FOR THE SALE OF SOMETHING
Sam
