Is it normal for a realtor to ask for a bank account number?

JayLove06 wrote: ↑No lol

AuburnMeadows wrote: ↑ Thank you.

Why would she ask for this?

AuburnMeadows wrote: ↑ I created a draft for the first part of my downpayment a few days ago, we're now waiting to satisfy conditions..

(The drafted was made to Century 21 not the seller's lawyers)

She just texted this to me.

"Hey there I am going to need the account number that the draft was drawn against. It’s a government requirement. I hate to ask but I do need it."

Is this really the law?

JayLove06 wrote: ↑ I don’t know. I’ve never had to provide any info after providing a bank draft. I’ve supplied several over the years whether it be new construction or resale.

The only thing I can think of is thry may want to make sure it’s your money and wasn’t just dropped in there through some illegal source but even if that’s the case. I haven’t been asked that question. Not by a bloody agent.

Maybe others can jump in here.

MoNaMi1 wrote: ↑ No lol, definitely not the law. Say you're not comfortable providing that information and if she can forward you the actual law.

AuburnMeadows wrote: ↑ Thank you for your response..

I just sent a message to my lawyer, she said this..

Never heard of it! Mortgage broker maybe! Realtor unusual!

"Your mortgage broker may be looking for something to prove it came from your own funds! Realtors don’t need to know as far as I know. Ask her which government requirement?"

AuburnMeadows wrote: ↑ I created a draft for the first part of my downpayment a few days ago, we're now waiting to satisfy conditions..

(The drafted was made to Century 21 not the seller's lawyers)

She just texted this to me.

"Hey there I am going to need the account number that the draft was drawn against. It’s a government requirement. I hate to ask but I do need it."

Is this really the law?

JayLove06 wrote: ↑ I don’t know. I’ve never had to provide any info after providing a bank draft. I’ve supplied several over the years whether it be new construction or resale.

The only thing I can think of is thry may want to make sure it’s your money and wasn’t just dropped in there through some illegal source but even if that’s the case. I haven’t been asked that question. Not by a bloody agent.

Maybe others can jump in here.

MoNaMi1 wrote: ↑ Yup, that's correct. Mortgage brokers may ask for that to verify your down payment.

CdnRealEstateGuy wrote: ↑ We have to complete a form for FINTRAC (Form 635) which asks for it.

Having said that, I just attach a copy of the draft to the form and is suffices.

The listing brokerage (C21 in your case) will give you (or the person dropping it off) a copy of it with a receipt....just send that to your agent.

CdnRealEstateGuy wrote: ↑ What attachment are you referring to? I said I attach a copy of the draft and send it along with the FINTRAC form when I do my deals.

AML (anti-money laundering) is national, but I don't know the protocols in Alberta to be honest.

AuburnMeadows wrote: ↑ I created a draft for the first part of my downpayment a few days ago, we're now waiting to satisfy conditions..

(The drafted was made to Century 21 not the seller's lawyers)

She just texted this to me.

"Hey there I am going to need the account number that the draft was drawn against. It’s a government requirement. I hate to ask but I do need it."

Is this really the law?

licenced wrote: ↑ Yes, it is a requirement of FINTRAC that the account from which the draft was drawn be requested by Realtrors. That was a change made when FINTRAC introduced the account identification section of the Receipt of Funds.

Every Brokerage has its compliance rules, some aren't as complaint as they should be - seems that this particular brokerage's compliance is one of the better compliance models.

Since the buyer does not have to comply ( at the risk of being reported to FINTRAC as a suspicious activity), they can tell the Realtor to state on the form, that it came directly from their bank account.

Having said that. what's the issue with providing the account number? This is your real estate agent asking and doing so because by law they have to ask. Do you ever issue cheques and worry that your account info is on it? No, probably not.

Besides, the instant you purchased that draft, FINTRAC received an electronic communication of the account activity and the draft, The instant the draft was deposited to C21s account, the same thing hapened, so, just finish it off smoothly and give the account number in case your file is spt checked, during a FINTRAC audit they won't be missing any cross connections.

RealtorInvestor wrote: ↑ For those people who were not asked this information, it's because your Realtor put down that you were not comfortable sharing your account information.