settlement funds question

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Subject: settlement funds question
would monies in a joint bank account qualify as ´unencumbered´ for settlement funds?
[23-09-2005,19:24]
[***.181.198.246]
sharon
(in reply to: settlement funds question)
i´m confused lol.. "unencumbered?"
[23-09-2005,21:34]
[**.26.89.84]
ejspet
(in reply to: settlement funds question)
I can´t see why there would be a problem with a joint account.
[23-09-2005,22:01]
[***.109.34.92]
GQ
(in reply to: settlement funds question)
Sharon, I´m not sure about the terminology in regards to immigration, but as an accountant, from a purely financial aspect I would interpret that as the funds need to be freely available, with no liens, legal claim or ´tied up´ in any way. For example, monies from an estate being held in escrow would be considered ´encumbered.´

I would think if it´s positive cashflow sitting in a normal chequing or savings account, it would be considered unencumbered. JMO....

[23-09-2005,23:02]
[**.193.72.81]
FWChelle
(in reply to: settlement funds question)
FW... I am thinking the same but the idea of legal claim... when it is joint - that seems to be the sticky wicket.

trying to get my darlin´s settlement money on the right side of the pond. (away from corrupt governments and fluctuating exchange rates) without PR documents the bank will only allow him to open a joint account!

[23-09-2005,23:39]
[***.20.170.23]
sharon
(in reply to: settlement funds question)
Yeah, I see your point. As far as they´re concerned, there´s nothing stopping you from clearing it out at any time. Is that just your bank´s policy, having to be joint, or have you checked around with other institutions? I´m not sure why PR is an issue for them, it´s not like he´s taking a loan or LOC, there´s no liability there. Banks are weird...

Someone posted some info the other day about how to open a Cdn bank account from abroad, would that be an option?

[24-09-2005,00:13]
[**.193.72.81]
FWChelle
(in reply to: settlement funds question)
we did the joint account in case we want to go the sponsorship route. Banker´s suggestion.

wonder where I might find a difinitive answer on this one. If need be we will continue holding the funds overseas but we have lost almost $1,500 in exchange. Now they have increased the settlement requirement and we are forced to top up the account. ugggh.

[24-09-2005,02:45]
[***.20.170.23]
sharon
(in reply to: settlement funds question)
Sharon, can you use credit card instead of just exchange
[24-09-2005,05:24]
[**.66.36.59]
departure bay
(in reply to: settlement funds question)
sorry DB - you don´t understand. there is money sitting in a foreign bank account for settlement money. in the last 18 months the $9000+ required for immigration was held in the country´s currency. that currency is pegged to the US dollar and you know what has happened to the US dollar vs. the Canadian dollar. we are now faced with topping up the account just to get our Canadian settlement funds back about the requirement.

If I could get the money into a Canadian funds account, we would not be throwing this exchance fluctuation out the window.

[24-09-2005,15:56]
[***.20.170.23]
sharon
(in reply to: settlement funds question)
Sharon, have you considered just changing the funds into canadian travelers checks, and presenting them as proof of unencumbered funds.


[25-09-2005,00:17]
[**.10.171.105]
Shawn

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