Want to get a Verification of Deposit (VOD) from Bank of America? Whether it's for a mortgage, rental application, or any other financial verification, getting this official document is a common request. Let's walk through the steps to make this process as smooth as possible.
Step 1: Understand What a VOD Is and Why You Need It
First things first, let's make sure we're on the same page.
What is a Verification of Deposit (VOD)? A VOD is an official document issued by your bank, in this case, Bank of America, that confirms the existence of your account(s) and their balances. It provides a snapshot of your financial holdings at a specific point in time, often including average balances over a period (e.g., 60 or 90 days), and the date your account was opened.
Why do you need a VOD? You typically need a VOD for various financial purposes where a third party requires proof of your funds. This can include:
- Mortgage applications: Lenders use VODs to verify you have sufficient funds for a down payment, closing costs, and reserves.
- Rental applications: Landlords or property management companies might request a VOD to ensure you have the financial capacity to pay rent.
- Loan applications (other than mortgages): Some personal loans or business loans may require it.
- Immigration purposes: Certain visa applications or immigration processes may require proof of funds.
- Housing assistance programs: Agencies providing subsidized housing often require a VOD.
Engage with me right now! Have you ever needed a VOD before, and if so, for what purpose? Share your experience in the comments – it helps us all learn!
Step 2: Gather the Necessary Information and Documentation
Before you contact Bank of America, it's crucial to have all your ducks in a row. This will significantly speed up the process.
2.1 Personal Identification
You'll need to prove you are the account holder. Have one or more of the following ready:
- Your full legal name
- Your Social Security Number (SSN) or Tax Identification Number (TIN)
- Date of Birth
- Current residential address
- A government-issued photo ID (Driver's License, Passport, State ID)
2.2 Bank Account Details
Be prepared to provide specifics about the account(s) for which you need the VOD:
- Your Bank of America account number(s) (checking, savings, CDs, IRAs, etc.)
- The type of account(s) (e.g., checking, savings)
- The full name(s) on the account(s)
2.3 Third-Party Request Details (If Applicable)
If a third party (like a lender or landlord) is requesting the VOD, you'll likely need their information and potentially their specific form.
- Name of the requesting institution/individual (e.g., "XYZ Mortgage Company," "Jane Doe - Landlord")
- Their contact information (fax number, email, mailing address)
- Any specific form they require Bank of America may have its own VOD form, but sometimes the requesting party provides one (e.g., Fannie Mae Form 1006 for mortgages). It's wise to have this on hand if they provided one.
- The purpose of the VOD (e.g., "Mortgage Loan Application," "Rental Application")
2.4 Authorization (Crucial!)
Bank of America will not release your financial information without your explicit consent. If a third party is requesting the VOD, you will almost certainly need to provide written authorization for Bank of America to release the information directly to them.
- Signed Authorization Form: The third party often provides a consent form for you to sign, authorizing the bank to release the VOD. Make sure it's properly filled out and signed.
- Bank of America's internal authorization: Even if you have a third-party form, the bank might require its own internal authorization as well.
Step 3: Choose Your Method of Request
Bank of America offers several ways to obtain a VOD. The best method depends on your urgency and preference.
3.1 In-Person at a Financial Center (Branch)
This is often the fastest and most straightforward method.
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Sub-heading: Benefits of Branch Visit
- Immediate Assistance: You can speak directly with a representative who can guide you through the process and answer questions.
- Quick Turnaround: In many cases, a VOD can be printed immediately at the branch.
- Identity Verification: Your identity can be verified on the spot.
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Sub-heading: Steps for Branch Visit
- Locate your nearest Bank of America financial center. You can do this on the Bank of America website or mobile app.
- Gather all documents from Step 2. Don't forget your photo ID and any third-party forms.
- Visit the branch during business hours.
- Speak with a personal banker or customer service representative. Inform them you need a Verification of Deposit (VOD).
- Provide your information and any required authorization. They will likely ask for your account number and verify your identity.
- Review and confirm the VOD. Before you leave, carefully review the generated VOD to ensure all information is accurate and complete, especially the balance and the dates covered.
3.2 Via Phone (Customer Service)
For those who prefer to handle things remotely, calling customer service is an option.
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Sub-heading: Considerations for Phone Request
- Verification Process: Be prepared for a robust identity verification process over the phone.
- Mailing Time: The VOD will typically be mailed to you or directly to the third party, so allow for standard mailing time.
- Direct to Third Party: If you want it sent directly to a third party, ensure you have their complete mailing address or fax number.
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Sub-heading: Steps for Phone Request
- Find the correct Bank of America customer service number. You can usually find this on the back of your debit card, on their website, or through the mobile app. For general inquiries, the number is often 1-800-432-1000.
- Have all your information ready. This includes your account number, SSN, and any details of the requesting third party.
- Call during business hours. Automated support may be available 24/7, but you'll likely need to speak to a live agent for a VOD.
- Explain your request. Clearly state that you need a Verification of Deposit.
- Follow identity verification prompts.
- Provide details for sending the VOD. Specify if it should be mailed to you or directly to the third party, and confirm the address.
3.3 Via Fax (for Third Parties - Less Common for Individuals)
While individuals can't directly fax a request to receive a VOD, third parties like mortgage lenders or housing agencies often fax their VOD requests to Bank of America. If you're a third party, you would typically use a specific form (like the Fannie Mae Form 1006) and fax it to the appropriate department.
- Sub-heading: Important Note for Individuals
- Do not attempt to fax a request yourself unless specifically instructed by Bank of America after speaking with a representative. Your request may not be processed.
Step 4: Understand the Turnaround Time and Fees
Knowing what to expect regarding processing time and any potential costs is important.
4.1 Turnaround Time
- In-Branch: As mentioned, often immediate. This is the fastest way.
- Phone/Mail: If mailed, expect a few business days for processing plus mailing time. This could be anywhere from 5-10 business days or more depending on postal service. Some sources suggest a general processing time of 2-5 business days for VODs requested remotely, but this can vary based on volume.
- Third-Party Services (e.g., BankVOD.com): Some third-party verification services (which lenders or landlords might use) claim to provide real-time or 2-business day responses for asset verifications from various banks, including Bank of America. You, as the account holder, would not typically initiate this yourself, but your requesting party might.
4.2 Fees
- Generally, Bank of America does not charge a fee for a standard Verification of Deposit for their account holders.
- However, if you're working with a third-party service that facilitates VODs, they may charge a fee. For example, BankVOD.com lists fees for their asset reports. Always clarify any potential costs upfront.
Step 5: Follow Up (If Necessary)
If you've requested the VOD remotely and haven't received it or if the requesting party hasn't received it within the expected timeframe, don't hesitate to follow up.
- Sub-heading: How to Follow Up
- Check your tracking (if available). If the VOD was mailed and you were given a tracking number, use it.
- Contact Bank of America customer service again. Provide them with the date of your initial request and any reference numbers you received.
- Inform the requesting party. Let your lender, landlord, or agency know that you are following up on the VOD request.
Step 6: Review the Received VOD
Once you or the requesting party receives the VOD, it's critical to review it thoroughly.
- Sub-heading: What to Check
- Your Name and Account Number: Ensure these are correct.
- Account Type: Is it listed as checking, savings, etc.?
- Account Status: Is it correctly marked as "Open"?
- Current Balance: Does it reflect your balance accurately as of the verification date?
- Average Balances: If included, are the average balances correct for the specified period?
- Date Opened: Is the account opening date accurate?
- Verification Date: This is the date the VOD was generated.
- Recipient Information: If sent to a third party, confirm their name and address are correct on the VOD.
If there are any discrepancies or missing information, immediately contact Bank of America to get it corrected. An inaccurate VOD can delay your application process.
Frequently Asked Questions (FAQs)
Here are 10 related FAQ questions, all starting with "How to," along with their quick answers:
How to verify my identity when requesting a VOD from Bank of America? You'll typically need to provide your account number, Social Security Number, and often a government-issued photo ID (in-branch) or answer security questions (over the phone).
How to get a VOD quickly from Bank of America? The fastest way is usually to visit a Bank of America financial center in person, where they can often print it for you immediately.
How to know if I need a VOD or just a bank statement? A VOD is an official letter from the bank specifically verifying funds, often with average balances over a period. A bank statement is a detailed record of transactions for a specific month. The requesting party will usually specify which document they require.
How to get a VOD if I don't have a Bank of America branch near me? You can request it by calling Bank of America customer service. The VOD will then be mailed to you or directly to the requesting party.
How to ensure my VOD is sent directly to my mortgage lender? When making the request (in-person or by phone), provide the exact mailing address or fax number of your mortgage lender and explicitly state that you want the VOD sent directly to them. You'll likely need to sign an authorization form.
How to find Bank of America's customer service number for VOD requests? You can find it on the back of your Bank of America debit card, on their official website under "Contact Us," or through their mobile banking app. A general customer service number is often 1-800-432-1000.
How to check the status of my VOD request with Bank of America? Contact Bank of America customer service and provide them with the date of your request and any reference numbers you might have received.
How to get a VOD for a closed Bank of America account? You might still be able to obtain a VOD for a recently closed account by contacting customer service. They can typically provide information for a certain period even after an account is closed.
How to avoid delays when requesting a VOD from Bank of America? Ensure you have all required information and authorization forms complete and ready before making your request. In-person requests are generally faster.
How to ensure the VOD includes average balance information? Standard VODs typically include the current balance and average balances over specific periods (e.g., 60 or 90 days). If the requesting party has a specific requirement for average balances over a different period, make sure to communicate that clearly when you make your VOD request.
