Real Estate

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

  • Last Updated:
  • May 19th, 2020 9:32 pm
[OP]
Newbie
Oct 28, 2019
9 posts
5 upvotes

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

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?
40 replies
Penalty Box
Feb 29, 2008
12004 posts
7124 upvotes
AuburnMeadows wrote: Thank you.

Why would she ask for this?
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.
Newbie
Sep 6, 2019
61 posts
32 upvotes
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?
No lol, definitely not the law. Say you're not comfortable providing that information and if she can forward you the actual law.
[OP]
Newbie
Oct 28, 2019
9 posts
5 upvotes
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.
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?"
[OP]
Newbie
Oct 28, 2019
9 posts
5 upvotes
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.
Thank you, I'll ask her now.
Newbie
Sep 6, 2019
61 posts
32 upvotes
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?"
Yup, that's correct. Mortgage brokers may ask for that to verify your down payment.
Deal Fanatic
User avatar
Feb 2, 2014
8127 posts
2281 upvotes
Toronto
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?
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.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
[OP]
Newbie
Oct 28, 2019
9 posts
5 upvotes
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.
Is this true for Calgary Alberta?

At what stage of the buying process is this supposedly required?

Why are so many ppl saying at this is not required?

Your attachment hasn't come through
Deal Fanatic
User avatar
Feb 2, 2014
8127 posts
2281 upvotes
Toronto
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.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
[OP]
Newbie
Oct 28, 2019
9 posts
5 upvotes
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.
Okay, TY
Deal Fanatic
Jul 3, 2011
5754 posts
2919 upvotes
Thornhill
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?
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.
Member
Jul 2, 2018
245 posts
231 upvotes
GTA
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.
This is all you need to read to get the facts.

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.
Realtor + Investor
Deal Addict
May 12, 2014
2441 posts
2029 upvotes
Montreal
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.
If this is allowed, then it seems that providing the information is not a requirement.

Personally, if it's not a requirement, I wouldn't provide it.

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