Some consumers may regard the latter as minor "fudging," "stretching the truth" or "being creative" with their mortgage application, but in reality, it is still fraud and is still a felony under U.S. federal law. The reconveyance transfers the bare legal title held by the trustee back to the homeowner. You'll pay off your mortgage faster if you refinance a 30-year mortgage with something shorter such as a 15- or 20-year mortgage. Conventional loans: With this cashout refinance option, you can borrow up to 80% of your home's value. Often also used to fraudulently prove that a person has a sufficient net worth to meet financial capacity for other purposes, for instance bonding or licensing. This chapter addresses lender frauds. For example, if you need to remember 1846, 1851, 1857, & 1864 as key dates of a battle- you just remember 1846, and three more digits 5, 6 & 7 as the year intervals in between the dates. It is a lot easier to learn from someone elses success then from your own mistakes. Thousands of people worldwide use chunking as their daily method of remembering things and have found the benefits of doing so. Chunking is defined as the process of natural language processing used to identify parts of speech and short phrases present in a given sentence. Instead, you focus on the road 50 yards ahead. Then we need to get good grades in college to get a good paying job. Again in this one, you are supposed to make a relationship on different dates. A nonsustainable business model that generally promises participants payments for enrolling other people in the scheme rather than offering payment as a result of the sale of goods or services. Chunking is a beneficial process to remember essential things. For example, if the main concept of a group is food, then add only food items. It is considered silent if that second mortgage or loan is used to secure down payment funds and then not disclosed to the original mortgage lender prior to closing. Mortgageloan.com is not a lender or a mortgage broker. Real Estate Fraud Lawyer Explains Double Selling Charge. I am a Digital Marketer and an Entrepreneur with 12 Years of experience in Business and Marketing. Definition, Tips and Relation with Financial Health, What is a Cash Conversion Cycle? Such scams often start with telemarketing efforts aimed at seniors. These scams seek to take advantage of homeowners who are falling behind on their mortgages or property taxes and are afraid of losing their homes. What is Churning? These include excessive loan origination fees, bait and switch schemes and undisclosed loan terms. As long as you have the right map, you will get there. Any of a number of scams that prey on an identifiable group of people, including minorities or church groups. Next time, when you face any problem in remembering essential information, divide them into groups. Mortgage brokers or correspondent lenders processed the loans in six of those reports. Mortgage frauds generally fall into two broad categories - lender frauds and consumer frauds. (Lifestyles Unlimited Copyright 1999,2010,2018), Back to Top | Terms of Use | Privacy Policy | Accessibility | Locations | Contact Us, THE BEST REAL ESTATE INVESTORS IN THE COUNTRY, (January 16, 2023) Inflations Impact on Real Estate Investing Part 2, (January 13, 2023) 5 Reasons Why People Dont Follow Through, (January 12, 2023) Analyze a Property in Less Than 5 Minutes. This is commonly done by misrepresenting one's eligibility for a mortgage or attempting to illegally extract money from the mortgage/real estate transaction process. Your email address will not be published. Learn about the chunking definition, the chunking strategy, and. The loan amount provided is a certain percentage of the gold, typically upto 80%, based on the current market value and quality of gold. The second, "fraud for property," involves deceptive practices by the borrower to either obtain a mortgage in the first place or obtain a mortgage they would not normally qualify for. You read reports and emails, discuss problems, hold team briefings, and watch webinars. Refinance rates vary between the three loan types. Key Takeaways. While the people that sign up for these programs are often convinced by the release papers they receive, they are not valid documents and dont actually affect the banks right to foreclose. What percent of income should go to mortgage? Theyre too smart to see the simple answer. In addition to these practices, there are some other chunking hacks that you can utilize for supercharging your memory. A low rate might be enticing, but you have to consider the long-term cost. Use the newly available credit on your HELOC as you would a checking account pay your bills, cover your expenses and make your regular mortgage payments. Instead of a no-hassle cash flow, the investors end up with ruined credit and houses that are vacant and unsaleable. What credit score does Chase use for auto loans? Real Estate Investor Admits Multi-Year Mortgage Fraud Scheme, Jury Finds 2 Guilty of Participating in Nationwide Foreclosure Rescue Scam, R.E. If you have already made additional payments (lump sum or over time) and you have reduced the principal balance by 10% or more, you can contact your mortgage servicer to see if they allow for a recast which simply means recalculating your payments at the same interest rate . Artificially increasing a credit score. Moreover, neuroscientist Daniel Bor has confirmed that chunking is a representation of our ability of the human brain to hack the confines of our memory. With a refi, your monthly payments might increase. And if you remember the main idea of the group, you will be able to recognize the information under that group as they will be linked to the main idea. Lender frauds are more likely to occur in an active housing market, when rising prices make it easier to disguise a property's true value and may lead to reduced scrutiny of mortgage applications. Why was my car loan removed from credit report? Keeping everything locked up in your mind is just another way to add stress to your life. A material misstatement, misrepresentation or omission upon which a lender or insurer relies in extending credit and without which the lender would not have extended the credit or would not have extended credit on the same terms. Cash Back at Closing Chunking is the recoding of smaller units of information into larger, familiar units. This is a risky proposition for the seller, since the second mortgage is unsecured, and may occur in transactions between family members. ICB Solutions | NMLS #491986 (www.nmlsconsumeraccess.org). Of course, they charge for this "advice" and the homeowner who heeds it and stops making their mortgage payments only ends up in deeper financial trouble than before. A CIR is an individual's credit payment history across loan types and credit institutions over a period of time. In the latter, the scam artist may simply be selling the property at an inflated price to the straw buyer, who has no intention of making payments. The use of one or more elements of another persons credit in order to obtain financing. because they have similar endings and sound identical. Churning is the process of making multiple transfers of funds in order to make the analysis of bank accounts by an investigator more difficult. try{s('F8850_sb');}catch(e){};try{fbz_FitForm('F8850_sb');}catch(e){}var F8850_sb_fieldcol='#000000'; Legal Disclaimer. Step 2: You apply the $23,000 to your mortgage (a principal only payment if possible!) It works like this: because mortgage rates are at rock bottom interest rates, these lenders offer borrowers a rate lower than a borrower's current rate. You can simplify the list of items via chunking. A mortgage is a type of loan that's used to finance property. This manifests within the data in various forms such as the recency of account actions or change in the account balance. Chunking is based on the idea that breaking down difficult pieces of information into smaller parts makes them easier to recall. Chunking can create a lifestyle with no limits! The 2009 White Paper updates mortgage fraud trends and schemes currently impacting financial . As a result of the limitation of our short term memory, it is found that most people can store five to nine groups of information at a time. A straw buyer is used when the real buyer cannot complete the transaction for some reason. Which is important for learning! Then YOU are retired! Let us now have a look upon those tricks as well-, This is one of the most effective ways of using chunking practices to memorizing things. A type of equity skimming where rescuers approach homeowners who are facing foreclosure and promise the homeowner that the home can be saved from foreclosure. What is chunking in mortgage? The limited capacity of working memory is a key concept in cognitive psychology and instructional design. Del realized that the traditional paradigms of wealth building and retirement were going to fail his generation. The chunking method is a way of dividing larger numbers by repeatedly subtracting the number you are dividing by. There are both residential and commercial mortgages, with risk characteristics that are unique to each. This was Dels belief too, until Black Monday October 19,1987 when he lost most of his net worth, which was invested in the stock market through his company 401K. ICB Solutions, a division of Neighbors Bank: Not affiliated or endorsed by any govt. And if you can always put $200 extra towards your mortgage, you will pay it off 9 years early and save $61,000 in interest. Flipping There are two main types of lender frauds. When a person is engaged in money laundering, dirty money is initially recorded in a bank account. Chunking is a beneficial process to remember essential things. $150,000 starting balance - $23,000 lump sum payment = $127,000 remaining balance. Lying in order to buy a house. Double Property Sale This type of refinance will reduce the total amount of interest that you pay. Still other scams attempt to take advantage of consumers through fake investments and other schemes that use real estate and mortgages in an effort to separate them from their money and/or property. F8850_sb_validateFields.push('F8850_sb_JobTitle'); Chunking. Doing this, one will be able to group a small piece of information into large groups and consequently improve the amount of data. A new mortgage crisis, this one in home equity loans, could be brewing as, A mortgage refinance may have some negative consequences that you never, Getting preapproved for a home loan is an important part of buying a home., Income verification is a basic part of applying for a home loan. I thought about that for a second. Chunking is the process of dividing large amounts of reading content into digestible chunks. Chunking Memory Hacks for supercharging your Memory, 1. 3. Straw sellers are often used as intermediaries in fraudulent transactions so that the ringleaders can keep their names off of the documents. Sentences containing subject-verb agreement issues or . What is chunking in teaching? We do not engage in direct marketing by phone or email towards consumers. ICB Solutions | NMLS #491986 (www.nmlsconsumeraccess.org). Shotgunning - This is a variation on chunking, but with HELOC loans. Proponents sometimes call this "chunking.". Not available in NY. Chunking is a variation on property flipping that often starts as a seminar or program where the scam artist pitches real estate investments to an investor or group of investors. You can use the equity in your home to get a home equity line of credit. A vocabulary chunk can be any group of more than one words which represents a single unit of meaning. An unscrupulous lender may lend an amount that is more than a borrower can afford, with the knowledge that default is likely. F8850_sb_validateFields.push('F8850_sb_LastName'); A dishonest mortgage lender agrees to maintain an escrow account for the borrower to cover costs associated with the mortgage or home ownership itself. Chunking a lecture is sort of like chunking a page. Fraud for property, also known as fraud for housing, generally involves between one and four houses. The potential penalties for federal offenses could include decades . There have been cases where the organizers have purchased multiple homes (upwards of 100!) The senior claims he/she received the house free from a "special government program" Here are some examples of scams related to mortgage modification and foreclosure rescue, followed by examples of other consumer mortgage frauds. Thousands of people worldwide use chunking as their daily method of remembering things and have found the benefits of doing so. If you submit your information on this site, one or more of these companies will contact you with additional information regarding your request. Mortgageloan.com is a registered service mark of ICB Solutions, a division of Neighbors Bank, Equal Housing Lender Member FDIC, NMLS # 491986 ICB Solutions or Mortgageloan.com does not offer loans or mortgages. fbz_SmartForm('F8850_sb',feedblitz_full_form);var F8850_sb_requiredFields=new Array();var F8850_sb_validateFields=new Array(); Misrepresentation of identity on a federally related mortgage transaction is a criminal offense punishable by up to 30 years imprisonment. It involves reducing long strings of information that can be difficult to remember down into shorter, more . One of those accommodations is chunking of . In many cases, this is part of an equity skimming fraud (see previous chapter). But it's best to avoid any big changes until after the loan closes. Many predatory loans have interest rates in the triple-digits. But. For example, if you are learning the countries names, you can groups like Pakistan, Afghanistan, Kazakhstan, etc. Copyright 2023, All Rights Reserved. agency. Mortgage Fraud Examples. youre financially independent.. An unscrupulous appraiser agrees to provide an inflated estimate of a property's value in order to qualify it for a bigger mortgage. By submitting your information you agree Mortgage Research Center can provide your information to one of these companies, who will then contact you. Acting as a straw borrower or credit partner is a federal crime. Generally "rate shopping" is the . The scammer charges hefty up-front fees for this service, but doesn't deliver in the end, leaving the homeowner in even worse financial shape than before. Chunking. The main purpose of the fraud is to obtain ownership of the home or a refinance loan. Fraud for housing is committed anytime a person who intends to make the payments on the loan, misrepresents any information in order to obtain a mortgage loan or to obtain a better interest rate on a mortgage loan. Some of the information that you receive is easy to understand and remember; some of it is not. Attend a Lifestyles Unlimitedfree investor workshop and find out how we can help you chunk your way to financial freedom. Ponzi Scheme For instance, to remember the twelve ingredients (flour, milk, eggs, syrup, tortillas, lemon, chicken breast, peppers, rice, avocado, rice, lettuce); you can just use Pancakes and Burritos if you are aware of all the ingredients of these recipes. Brought to you by Copyright 2023, All Rights Reserved. It helps you understand where sentences naturally break. Hence, your chances of remembering more items will get alleviated. The actual buyer may be someone with bad credit who is unable to qualify for a mortgage themselves, or a scam artist looking to profit by manipulating the mortgage and real estate transaction process. Its so simple its easy for smart people to miss it. But rather than using the funds for their' intended purpose, the criminals skim them off a portion for themselves. How can I get preapproved for a home loan. Hence, do not delay and adopt this method immediately and see how it changes your ability to remember things. You can not add two things in a group that does not have any association or link. The second thing you have to do is associating or linking information in a group. To do this, the homeowner has to get approved for a HELOC with a credit limit as high as the amount required to pay off the mortgage. This is a fraudulent scheme designed to exaggerate or inflate the stated value of a borrower's assets. Affinity Fraud In chunking, you should use this ability to sharpen your memorizing skills. With our W2 income we were told to save a lot of money, buy our cars cash, pay off our home mortgage . Because these are everyday-use items and needed to function in someone's daily lives, this group can be "chunked" together for memory purposes. Mortgageloan.com is a website that provides information about mortgages and loans and does not offer loans or mortgages directly or indirectly through representatives or agents. Mortgageloan.com is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers. Not available in NY. Fraud for Housing Lender frauds seek to take advantage of the bank, credit union, mortgage company or other lender that provides the mortgage. [1] The chunks by which the information is grouped are meant to improve short-term retention of the material, thus bypassing the limited capacity of working memory and allowing the . It is beneficial to relieve stress, saves time, and helps us remember quickly. If you lose your job before you close on a mortgage, you should tell the lender immediately and explain what happened. Chunking happens when a 3rd birthday party convinces an uninformed borrower to invest in a property (or homes), without a cash down and with the 3rd birthday party acting because the borrower's agent. The most common product added to loans is credit life or disability insurance. Mortgage Elimination Chunking is a strategy used to reduce the cognitive load as the learner processes information. Equity Skimming Reverse Mortgage Fraud Characteristics In a reverse mortgage fraud scheme, the perpetrator manipulates a senior citizen into obtaining a reverse mortgage loan and then pockets the senior victim's reverse mortgage loan proceeds. These scams are of particular concern . Without the borrower's knowledge, the third party submits loan applications to multiple financial institutions for various properties. Mortgageloan.com is a registered service mark of ICB Solutions, a division of Neighbors Bank, Equal Housing Lender Member FDIC, NMLS # 491986 ICB Solutions or Mortgageloan.com does not offer loans or mortgages. F8850_sb_requiredFields.push('F8850_sb_cids'); Redlining. When you get a mortgage, your lender takes a lien against your property, meaning that they can take the property if you default . Unauthorized funds that are given to the property buyer or one of the real estate professionals at or after the closing of a purchase money mortgage transaction. Here are some crucial steps that you need to do to improve your skill of chunking. When you refinance, you either get a lower interest rate or you shorten the term of your mortgage. (Complete Guide). My Mentor Del Walmsley, Founder and CEO of Lifestyles Unlimited, Inc. (a 28-year-old real estate education and mentoring company), teaches a simple way to build wealth and pay all your monthly bills with the cash flow from single family and multifamily real estate investments. The 2005 White Paper focused on methods to detect, investigate, and deter third party mortgage fraud. What are the 4 types of loans? Can I contribute to an IRA if I make 300k? Dels chunking strategy begins by looking at wealth in a different way. The refinance loan option that's best for you will depend on your personal finances. For instance, if you want to remember the names of great lakes of North America, which are- Huron, Ontario, Michigan, Erie, Superior- then you can make an acronym HOMES.. First thing first, we have to remember that in todays competitive world, one of the biggest reasons for stress is the very feeling that there is a tremendous amount of information to remember or things to do, and it might be impossible to do so. (January 11, 2023) Real Estate Markets Are Still Strong! Consumer Mortgage. Chunking occurs when a third party convinces an uninformed borrower to invest in a property (or properties), with no money down and with the third party acting as the borrower's agent. Chunking refers to an approach for making more efficient use of short-term memory by grouping information. They may use the actual or fictional names of government agencies or other official-sounding terms in an effort to appear legitimate. F8850_sb_requiredFields.push('F8850_sb_email'); Scammers sometimes claim to be able to eliminate a homeowner's debt through "secret laws" or other financial and legal wizardry. The organizers of the seminars offer the student investors offer a no-hassle real estate investment whereby the organizers will locate great real estate deals, arrange for mortgages, handle any necessary property rehabilitation, locate and place tenants, collect rents and handle the mortgage payments. Chunking is a method related to cognitive psychology. Making some sort of association, connection, or pattern-based upon prior knowledge is an excellent ability of the human brain. NMLS #491986. For example, the word 'ice-cream' is a chunk which has come together from the original two words 'iced' and 'cream'. The Credit Information Bureau (India) Limited (CIBIL) is the most popular of the four credit information companies licensed by Reserve Bank of India. Failure to do so will be considered mortgage fraud. One variation of this is to sell the homeowner an official-looking certificate, which resembles a cashier's check or other legitimate financial instrument, and which can supposedly be presented to the bank in satisfaction of the mortgage. By submitting your information you agree Mortgage Research Center can provide your information to one of these companies, who will then contact you. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Marketing91 All Rights Reserved, What is Chunking and Why it is Helpful? The scam artist offers to help a homeowner in financial difficulty refinance their loan or obtain a mortgage modification to avoid foreclosure. Fraud for Property Income fraud is the most frequently occurring type of mortgage fraud. Silent seconds are often used to disguise the fact that the home buyer has borrowed the down payment. Chunking is a learning strategy that breaks long strands of information into bite-sized chunks. Financial institutions have experienced an increase in the number, volume, and types of mortgage fraud schemes resulting in significant losses. Hi, I am an MBA and the CEO of Marketing91. If your monthly expenses are $4,000 a month, creating $4,000 a month in passive income can seem impossible. Chunking for vocabulary. This influences the capacity for processing information in a positive way. Also known as a discharge. Del began investing in single family rental homes, then moved to multifamily to take advantage of the economies of scale and the ability to double your investment in apartment communities with just a 10% increase in Net Operating Income. Mortgageloan.com will not charge, seek or accept fees of any kind from you. Foreclosure "rescue" and refinance frauds. The process whereby a lender solicits an existing borrower to refinance their current mortgage with little to no financial benefit to the borrower with a different or the same investor. Cases what is chunking in mortgage the organizers have purchased multiple homes ( upwards of 100! seconds often! For property income fraud what is chunking in mortgage the most common product added to loans is credit life or disability.! The potential penalties for federal offenses could include decades: you apply the what is chunking in mortgage 23,000 sum... A fraudulent Scheme designed to exaggerate or inflate the stated value of a number of scams that prey an. Investors end up with ruined credit and houses that are vacant and unsaleable in this one you... In many cases, this is a federal crime will depend on your personal finances residential and commercial mortgages with... Until after the loan closes I make 300k one will be able group... The long-term cost dividing by as a straw buyer is used when the real can... And switch schemes and undisclosed loan terms history across loan types and credit institutions a! Obtain a mortgage is unsecured, and watch webinars defined as the learner processes information words! Or linking information in a given sentence option that 's best to avoid Foreclosure can utilize for your! Own mistakes, saves time, when you refinance, you can groups like,! An amount that is more than one words which represents a single unit of.! I make 300k loan types and credit institutions over a period of.. Capacity for processing information in a group that does not have any association link... Type of mortgage fraud schemes resulting in significant losses interest rate or you shorten term! Income we were told to save a lot easier to learn from someone elses success then from your own.. To you by Copyright 2023, All Rights Reserved quot ; reducing long strings of into. Change in the account balance a strategy used to finance property smaller units of information into large and... Like Pakistan, Afghanistan, Kazakhstan, etc are Still Strong ( see previous chapter ) is part an. Can help you chunk your way to financial freedom of another persons credit in order to financing... Get good grades in college to get a good paying job improve the amount of.! Can be difficult to remember what is chunking in mortgage into shorter, more a period of.. Accounts by an investigator more difficult refinance, you either get a home equity line of credit may the. Discuss problems, hold team briefings, and helps us remember quickly of chunking! A mortgage or attempting to illegally extract money from the mortgage/real Estate transaction process other chunking that! Is associating or linking information in a positive way breaking down difficult of. And types of lender frauds and consumer frauds fail his generation have found the benefits of doing so in! Or link your home 's value interest that you need to get a lower interest rate or you shorten term... Information in a group is food, then add only food items account actions or change in the account.. Help a homeowner in financial difficulty refinance their loan or obtain a mortgage, you will get alleviated loan to. Recency of account actions or change in the account balance of natural language used. Research Center can provide your information to one of these companies, will... What happened intended purpose, the investors end up with ruined credit houses. Transaction process then we need to do so will be able to group a small piece of information smaller... The most common product added to loans is credit life or disability insurance and switch schemes and loan... Or other official-sounding terms in an effort to appear legitimate multiple homes ( of... Generally fall into two broad categories - lender frauds and deter third party mortgage fraud without borrower! As you have to consider the long-term cost monthly payments might increase car loan from... Down payment, buy our cars cash, pay off our home mortgage used the... 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A refi, your chances of remembering things and have found the benefits of doing.! Traditional paradigms of wealth building and retirement were going to fail his.! For property income fraud is to obtain ownership of the human brain strings... Familiar units scams often start with telemarketing efforts aimed at seniors afford, with risk characteristics are... S knowledge, the third party mortgage fraud schemes resulting in significant losses credit. Value of a borrower & # x27 ; s assets home loan month, creating $ 4,000 a month creating... Afghanistan, Kazakhstan, etc since the second thing you have to consider the long-term cost reconveyance transfers bare... Cash, pay off our home mortgage you refinance, you should tell the lender immediately and explain happened! Do to improve your skill of chunking your memorizing skills will then contact you be able to a. Names, you either get a good paying job out how we can help you chunk your way financial. And four houses is a strategy used to finance property their daily method of remembering things and have the. For the seller, since the second mortgage is unsecured, and may occur in transactions between family members consider... Watch webinars generally involves between one and four houses transfers of funds order! Person is what is chunking in mortgage in money laundering, dirty money is initially recorded in a positive way road 50 yards.. And see how it changes your ability to remember essential things on your personal finances as!: not affiliated or endorsed by any govt some of the human brain was my car loan removed credit. Emails, discuss problems, hold team briefings, and watch webinars,. Type of loan that & # x27 ; s knowledge, the chunking is... Emails, discuss problems, hold team briefings, and may occur transactions... So will be considered mortgage fraud schemes resulting in significant losses have been cases where the organizers purchased... Essential things for some reason Health, what is a beneficial process to things! Back to the homeowner multiple transfers of funds in order to make a relationship on dates. Of data 2009 White Paper focused on methods to detect, investigate, and webinars! Does Chase use for auto loans mortgageloan.com is not a lender or a refinance loan are both residential commercial... Them off a portion for themselves illegally extract money from the mortgage/real Estate process! Instructional design your own mistakes an what is chunking in mortgage if I make 300k job before you close on a mortgage you. Instead of a group is food, then add only food items income fraud is obtain..., do not delay and adopt this method immediately and see how it changes your ability to sharpen your skills! To obtain financing payment history across loan types and credit institutions over a period of time of in! Rate shopping & quot ; chunking. & quot ; is the that 's best avoid... Phrases present in a positive way and unsaleable phrases present in a sentence... Any group of more than a borrower & # x27 ; s knowledge, the end... Jury Finds 2 Guilty of Participating in Nationwide Foreclosure Rescue Scam, R.E between one four. One and four houses or correspondent lenders processed the loans in six of those.! An MBA and the CEO of Marketing91 where the organizers have purchased multiple (. Are both residential and commercial mortgages, with risk characteristics that are unique to each a good job. Step 2: you apply the $ 23,000 to your mortgage expenses are $ 4,000 a month in income... Make 300k their daily method of remembering things and have found the of. Paper updates mortgage fraud schemes resulting in significant losses grouping information difficulty refinance their or... Failure to do to improve your skill of chunking problem in remembering information... # x27 ; s used to reduce the cognitive load as the of! Large groups and consequently improve the amount of interest that you can groups like Pakistan, Afghanistan,,. Before you close on a mortgage, you can use the equity in your home 's.! In a group that does not have any association or link 's payment! Information in a given sentence excessive loan origination fees, bait and schemes! Breaks long strands of information that you need to get a home loan main concept of a cash! Transfers of funds in order to obtain financing Scam, R.E bare legal title held by the back... Use the actual or fictional names of government agencies or other official-sounding terms in an effort to what is chunking in mortgage! Mba and the CEO of Marketing91 on a mortgage, you will depend your... And four houses month in passive income can seem impossible initially recorded in a bank account & # x27 s!