Same for us 2 letters from banks in canada - they accepted faxed copies at first because we were living here and asked us to have the originals mailed.

Does the list of accounts need to include the balances?

No, account balances are not required. Basically the letter of reference will refer to how long you have held the account and that your account has been in good standing (you haven't been in default of paying loans, haven't bounced cheques etc.)

We had to get our bank letters redone. The first set was the standard Bank Letter the States seem to think you need. Date account opened..average balance in the account and if any overdrafts etc were involved...WRONG,,,what the banks want here is as stated above ,a more personal letter. Ours ended up being...Our names, how long we did business with the bank and that we were good upstanding people in our community...the last seeming to be of most importance..............