Request from Banker about client moving to Florida

[cred65]

Just received an email from my client's banker (Cinti, OH)  wanting me to "Send letter stating that XXXXX's move to Florida will not impact their businesses and he can run/work them from Florida"      

 

I think I would be better served to take my investments, 401K, etc. to LV, NV and throw them on the table.

 

I am not even going to take the time to research the issue with the OH Accountancy Board or OSCPA.

 

Anyone else experience such a ridiculous request?

 

TIA

 

          

[Jack from Ohio]

Just received an email from my client's banker (Cinti, OH)  wanting me to "Send letter stating that XXXXX's move to Florida will not impact their businesses and he can run/work them from Florida"      

 

I think I would be better served to take my investments, 401K, etc. to LV, NV and throw them on the table.

 

I am not even going to take the time to research the issue with the OH Accountancy Board or OSCPA.

 

Anyone else experience such a ridiculous request?

 

TIA

Tell him that your crystal ball is out for repair...

[MsTabbyKats]

I'm not so sure it sounds ridiculous....

 

I've been thinking about running/working from FL (just got back 2 weeks ago....windchill of 5 today).

[Jack from Ohio]

Just received an email from my client's banker (Cinti, OH)  wanting me to "Send letter stating that XXXXX's move to Florida will not impact their businesses and he can run/work them from Florida"      

I think I would be better served to take my investments, 401K, etc. to LV, NV and throw them on the table.

I am not even going to take the time to research the issue with the OH Accountancy Board or OSCPA.

Anyone else experience such a ridiculous request?

TIA

Also, tell your client to find a REAL bank to do business with.

[Lion EA]

Tell them to do their own due diligence!

[Lee B]

Bankers like to feel comfortable.

 

The thicker and heavier the file folder is, the more comfortable bankers are.

[kcjenkins]

Bankers often make unreasonable requests.  Best to either ignore, or politely inform the banker that you are not able to provide as you are not involved in your client's business.  Short and simple.  

[NECPA in NEBRASKA]

I've been having a client beg me to sign a letter for them to re-mortgage again, that his wife owns Schedule C business on their tax return and has been in business for ____ years. I have told him several times that I will sign my insurance company approved letter that I have prepared the return with information provided by the taxpayer and that a Schedule C is included. He has called me three times, asking me to sign whatever the mortgage company wants. The last time, he asked if another CPA would sign it for him. I told him to call around and check, but I didn't know how they could sign for a return that they didn't prepare.

[michaelmars]

ok, since we are hijacking this thread to a thread about banks, here is my personal experience.

 

I did a refi just last Monday.  at that time they did an appraisal.  The bank screwed up since I wanted a Heloc at the same time. so the heloc is now scheduled for next week.  But first, the bank is insisting on a new appraisal.  The bank is eating all the expenses of the Heloc so I don't really care but do they think the property value changed in 2 weeks enough to warrant a new appraisal?

 

I am just annoyed that I will have to stay home for this one morning.

[Lion EA]

They need another piece of paper, one more box checked off, to cover their butt.  Why not make the decision on due diligence/logic instead of checking every box?  Too hard, I guess.

[michaelmars]

wonder what  I do if this appraisal comes in significantly less than the one 3 weeks ago?

[Cathy]

wonder what  I do if this appraisal comes in significantly less than the one 3 weeks ago?

 

Michael,

 

In the fall of 2014, I closed with my bank, Capital One, on a re-fi.  There is NO WAY I would pay for another appraisal.  If you are dealing with a major bank, chances are the left hand doesn't know what the right hand is doing.  I call my experience "the re-fi from hell", and now that my payments have started, nothing is any better.  Hope you aren't dealing with my bank!  You might want to mention to someone at the bank that you are contemplating contacting your state's banking commission (or financial commission) to check on the legality of requiring the second appraisal in 2 to 3 weeks.

[joanmcq]

I just refi'd and got a HELOC and neither lender asked for a CPA letter ;)

[rfassett]

cred65

 

Ask the bank how they expect you to attest to such a thing?  Seriously!  How do YOU know, anymore than the client, what sort of affect such a move would have?

 

On a similar note, a few years back, I had a CALL from one of the local banks that said they were updating their files and needed me to tell them if a particular client was still in business.  I told the caller, "grab your coat and car keys, run out to the parking lot, jump in your car, and drive the ten minutes to the customer's business and see for yourself".  The banker was not impressed.  The fact of the matter, my firm does the monthly write up work for the client and it certainly was and is still in business.  But I did not tell the caller that.  Some of these request no longer border on the ridiculous.  They ARE ridiculous.

[michaelmars]

Michael,

 

In the fall of 2014, I closed with my bank, Capital One, on a re-fi.  There is NO WAY I would pay for another appraisal.  If you are dealing with a major bank, chances are the left hand doesn't know what the right hand is doing.  I call my experience "the re-fi from hell", and now that my payments have started, nothing is any better.  Hope you aren't dealing with my bank!  You might want to mention to someone at the bank that you are contemplating contacting your state's banking commission (or financial commission) to check on the legality of requiring the second appraisal in 2 to 3 weeks.

I said the bank is paying all fees, the issue with me right now was staying home for a few hours to wait for the appraiser.  But I do wonder what happens if his value isn't in the same range of the previous one. 

[rfassett]

ok, since we are hijacking this thread to a thread about banks, here is my personal experience.

 

I did a refi just last Monday.  at that time they did an appraisal.  The bank screwed up since I wanted a Heloc at the same time. so the heloc is now scheduled for next week.  But first, the bank is insisting on a new appraisal.  The bank is eating all the expenses of the Heloc so I don't really care but do they think the property value changed in 2 weeks enough to warrant a new appraisal?

 

I am just annoyed that I will have to stay home for this one morning.

 

Your concern is valid.  Property appraisals are very subjective.  And if the two appraisals are done by different appraisers, the second one could very well be different, and significantly so.  I work closely with an attorney on a lot of different things and this past summer he needed to get an appraisal for an inheritance tax return for a mutual client.  We questioned the value on the appraisal so requested another from a different appraiser.  The second appraisal came in 30% less than the first.  The two were done just four weeks apart by professional appraisers with very good reputations in the area.  So yes, they could be different because appraisals are unlike tax returns are not a finite art.  Wait, that isn't right.  Tax returns are the same way.  Not necessarily as subjective - but professionally subjective none the less.  But I digress.  Yes, they could be different.  Is the second warranted?  Apparently the bank thinks so.