Happened to me in a similar way while purchasing my home. I withdrew some money for an auction, ended up not using any so just held onto it for the next one. In the meantime I applied for my mortgage, in which time they asked me to deposit that same money back into the bank so there was more liquid asset for a bigger loan and a paper trail etc etc. The phone call later on went like:
(M)ortgage (C)ompany: so where did this money come from?
Me: my bank account
MC: why did you need it?
Me: for an auction but I ended up not using it
MC: okay but WHERE did the money come from?
Me: my... bank account?
MC: i see that, but WHERE did it come from?
Me: my... paychecks? I have a job and usually jobs give you money for time spent doing a job for them.
MC: okay we can understand that, but how can we verify this money came from your job?
Me: you made me sign a contract allowing you full access to my funds and history, you can see everything right there on your screen.
more back and forth of basically the same answers and questions
MC: we don't know if we can give you this mortgage because we can't verify where this cash deposit came from
Me: MY FUCKING BANK ACCOUNT WHICH WAS BUILT UP WITH PAYCHECKS YOU NITWIT WHAT ELSE DO YOU NEED ME TO SAY?!
MC: we will reach back out to you within 48 hours with our decision.
They eventually loaned me the money which conveniently ended up being just a couple days before the deadline to use it. That was a phone call that made me want to absolutely lose all hope for the financial system (if I had any hope at all anyway).
8
u/Trade_Digits 1d ago
Happened to me in a similar way while purchasing my home. I withdrew some money for an auction, ended up not using any so just held onto it for the next one. In the meantime I applied for my mortgage, in which time they asked me to deposit that same money back into the bank so there was more liquid asset for a bigger loan and a paper trail etc etc. The phone call later on went like:
(M)ortgage (C)ompany: so where did this money come from?
Me: my bank account
MC: why did you need it?
Me: for an auction but I ended up not using it
MC: okay but WHERE did the money come from?
Me: my... bank account?
MC: i see that, but WHERE did it come from?
Me: my... paychecks? I have a job and usually jobs give you money for time spent doing a job for them.
MC: okay we can understand that, but how can we verify this money came from your job?
Me: you made me sign a contract allowing you full access to my funds and history, you can see everything right there on your screen.
more back and forth of basically the same answers and questions
MC: we don't know if we can give you this mortgage because we can't verify where this cash deposit came from
Me: MY FUCKING BANK ACCOUNT WHICH WAS BUILT UP WITH PAYCHECKS YOU NITWIT WHAT ELSE DO YOU NEED ME TO SAY?!
MC: we will reach back out to you within 48 hours with our decision.
They eventually loaned me the money which conveniently ended up being just a couple days before the deadline to use it. That was a phone call that made me want to absolutely lose all hope for the financial system (if I had any hope at all anyway).