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
Deal Expert
Feb 29, 2008
16030 posts
12785 upvotes
Tarrana & The Ri…
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
90 posts
76 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
90 posts
76 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
9669 posts
2717 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
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Feb 2, 2014
9669 posts
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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
6407 posts
3586 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
292 posts
281 upvotes
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
3128 posts
2966 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.
Deal Addict
May 23, 2006
1363 posts
394 upvotes
Vancouver
Just went thru this process. it isn't a requirement, and no one asked me. i am in BC.
[OP]
Newbie
Oct 28, 2019
9 posts
5 upvotes
This is what the realtor said.

She claims she will be audited if she doesn't get it.

No problem. I have to submit all of my paperwork to the office before 5pm and I don't have the account info so I am going to submit but I know there will be backlash from my office for non compliance and I will get alot of heat. I would appreciate you coming to see me so I can get that done as we simply cannot not be in compliance. I hope you have talked to *Lawyer* and *Lawyer* and that you understand that this is all of Canada not just our brokerage.
Deal Addict
May 12, 2014
3128 posts
2966 upvotes
Montreal
AuburnMeadows wrote: No problem. I have to submit all of my paperwork to the office before 5pm and I don't have the account info so I am going to submit but I know there will be backlash from my office for non compliance and I will get alot of heat. I would appreciate you coming to see me so I can get that done as we simply cannot not be in compliance. I hope you have talked to *Lawyer* and *Lawyer* and that you understand that this is all of Canada not just our brokerage.
Thank you for submitting the paperwork. As we communicated by email, you have written confirmation that you tried to obtain the information but that the client declined.
Unfortunately I won't be able to come see you since I'm minimizing contacts due to the current pandemic, and anyway it wouldn't change my position.
Have a great long weekend, x.
[OP]
Newbie
Oct 28, 2019
9 posts
5 upvotes
FrancisBacon wrote: Thank you for submitting the paperwork. As we communicated by email, you have written confirmation that you tried to obtain the information but that the client declined.
Unfortunately I won't be able to come see you since I'm minimizing contacts due to the current pandemic, and anyway it wouldn't change my position.
Have a great long weekend, x.
That was perfect. TYSM..
Deal Fanatic
Jul 3, 2011
6407 posts
3586 upvotes
Thornhill
What is so revealing about your account number which if you ever write cheques you ought to know that every detail being asked for is displayed on the cheque that is held and seen and copied by multiple people from the mail room to accounting clerk before it's even deposited. No one fears unvetted mom and pop landlords being able to keep view that information on the copies of their tenants cheques that they carelessly stuff in a drawer or in a shoebox, but they fear persons licensed under provincial authority and under strict storgae guidelienes for those private details will misuse it somehow.

What are you afraid of? Are you hiding something? That Driver's Licence ID you had to part with is far more dangerous than any bank account number.

That Realtor is trying to do as directed by the government of Canada and in complance with her brokerage's policy and while it is not true she will be audited - those are FINTRAC spotchecks - your refusal could cause her brokerage to create a note on your file of a suspicious transaction that you do not want since that will be reported to FINTRAC in whichcase you'll not be audited but you'll surely be investigated and watched.

There's no need to refuse, just give it to her.



AuburnMeadows wrote: This is what the realtor said.

She claims she will be audited if she doesn't get it.

No problem. I have to submit all of my paperwork to the office before 5pm and I don't have the account info so I am going to submit but I know there will be backlash from my office for non compliance and I will get alot of heat. I would appreciate you coming to see me so I can get that done as we simply cannot not be in compliance. I hope you have talked to *Lawyer* and *Lawyer* and that you understand that this is all of Canada not just our brokerage.

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