Verification of Deposit: VOD

Verification of Deposit, VOD, & Escrow Deposit Services

Highlights:
  • $1 million to $2 billion (larger accounts syndicated)
  • Verification of Deposit and Bank Statements
  • SWIFT MT 760 / 799 / 542
  • Funds in an account under your name and signature
  • No Credit Check, Financials or Credit Score Required
  • Rates lower than 2% per month determined by account size and product service
Uses:
  • Liquidity Requirements
  • Show of Down payment
  • Bond Requirements
  • Net Worth Requirements
  • Blocked Funds for Investments
  • Cash Collateral
  • Escrow Deposit



Tier 1

Domestic Bank Account Service:

US Domestic deposit account with Bank of America, Wells Fargo, and JP Morgan Chase. Different investors will utilize either a sub account set up under a master account funded with cash or a master account backed by cash. The sub account investors who set up using sub accounts either use one sub account to one master account, or they may "stack" multiple sub accounts to one master account. When there are multiples, or "stacking", the investor can charge less for his service than the investor who blocks the funds in the master for only one sub account.

The master account service is the more expensive of the three, but can allow electronic verification (termed "pinging"), bank to bank verification, 800 number verification, online access to print out your own up to date tear sheets, along with all of the other normal phone/fax verifcation that the sub accounts offer as well.

Sub accounts are connected to the master account with notation on screen instructing the banker/teller of the amount the account is funded with. The sub account literally only has the minimal amount required to open an account. The instructions in the account then require that the bank representative call the private wealth manager to further verify the account balance. Electronically the banker looking through the account screen would verify the account balance by seeing it is tied to a master account with funds blocked for the signatory of the sub account.

The private wealth manager will never mention to third parties that the account is a sub account or one paid for verification purposes only. For these reasons above the account can be verified by going into any branch or calling the bank 800 number, but the bank representative may be required to read through the notation on the account screen and/or call the private wealth banker to be able to know what the balance is, and therefore calling the banker of record is more efficient. These limitations are overcome when using the master account service.

None of these services can send SWIFT MT 760 verifications/blocks/guarantees, but may be able to send other accommodating and like actions that verifiably block/reserve the account.** The service is for either 30 or 60 days (renewals allowed), and a $1M to $10M account minimum, depending on the investor.

The investor chooses the escrow service provider and reserves the right to change their preference of escrow service providers at their discretion at any time.

The following services apply:

  • Electronic Verification
  • Bank to Bank Verification
  • Phone/Fax Verification
  • Online account verification
  • Attestation Letter
  • History of funds
  • Bank Comfort Letter
  • Account Statement
  • Tear Sheet
  • Dual Private Banker Signatures
  • Available Funds Letter
  • Block/Reserve Funds Letter

Procedures:

  1. Fill out the application and sign it and send back with supporting documentation (2 forms of color ID with image blown up, articles of incorporation or good standing statement for corporate accounts, bank/escrow statement showing proof of placement fee)
  2. Email a detailed list of items and documents your service will require. Any specific language in a BCL, Available Funds Letter, Reserved Funds Letter, History of Funds Letter, etc will need to be submitted prior for approval.
  3. We prepare the service agreement and escrow agreement and send it to you within 24 hours of receiving the application (so long as all required bank letter text has been pre-approved)
  4. Once the agreements have been signed off on and countersigned you are to place monies in escrow with the escrow company as directed.
  5. Once the placement fee has been confirmed in escrow it takes about 48-72 hours typically to set up the account. Some days/weeks may vary.
  6. Banker will issue the account letter to the client. Once received the client and escrow agent have 24 hours (one business day) to verify the account by calling the banker to confirm the account is set up as represented.
  7. Once the verification has been completed the client must allow the escrow agent to release monies immediately.
  8. The service is open for 30-60 calendar days from the time fees are released. Renewals are completed by funding escrow within 5 days of the service expiring.

Note: Verification prior to fees being released from escrow is to be completed by the account signatory and the neutral Escrow Agent, not another third party such as a trade investment banker. Payment for the service is always evidenced and provided for by placing monies up front in escrow with the investor's choice escrow service. The payment for the service will not be contingent on the success of any third party transaction being attempted (e.g. real estate, lending, line of credit, public/private trade, investment, etc). The POF service shall not be used for unlawful transactions. It is always best to inform any third party that the cash collateral account is provided by an investor for a fee.

** other restrictions may apply

Request a Quote Below

Tier 2

Cash Collateral Accounts with SWIFT MT 760 / 799 / 542 and SBLC via MT 760:

Top Asian and Western European bank cash collateral accounts set up with SWIFT verification for 30-60 calendar days. Accounts can be verified and reserved/blocked via SWIFT MT 760 / 799 / 542 or guarantee block via SWIFT MT 760 an Stand-by Letter of Credit (SBLC).

  • SWIFT MT 760/799/760/SBLC reserve or block
  • Attestation Letter
  • History of funds
  • Bank Comfort Letter
  • Account Statement
  • Tear Sheet
  • Dual Private Banker Signatures
  • Available Funds Letter
  • Takes 5 days to set up after contract
  • $1M Minimum

Request a Quote Below 

Tier 3

Euro Cash Collateral Account with SWIFT MT 760 / 799 Bank Guarantee:

Top Western and Private European bank cash collateral accounts set up with SWIFT verification for 35 international banking days. This account works best for those needing a European bank account where a Private Banker is needed and the account offers a whole boutique of services including SWIFT MT 760/799 bank guarantees. This is often the case for those engaging private investment trade opportunities.

Deutsche Bank, ING, ABN Amro, UBS, and Adler Private Bank

  • SWIFT MT 760/799 Bank Guarantee
  • Electronic Verification
  • Bank to Bank Verification
  • Phone/Fax Verification
  • Attestation Letter
  • History of funds
  • Bank Comfort Letter
  • Account Statement
  • Tear Sheet
  • Dual Private Banker Signatures
  • Available Funds Letter
  • Blocked/Reserved Funds Letter
  • Use account to capture your trade profits
  • Use own escrow
  • Takes 5 days to set up after contract
  • $25M Minimum
  1. Fill out the application and sign it and send back with supporting documentation (2 forms of color ID with image blown up, articles of incorporation or good standing statement for corporate accounts, bank/escrow statement showing proof of placement fee)
  2. Email the following information
    1. Contact information of your escrow company
    2. A detailed list of items and documents your service will require. Any specific language in a BCL, Available Funds Letter, Reserved Funds Letter, History of Funds Letter, etc will need to be submitted prior for approval.

From this point the Investor will issue a contract based upon your needs and the documentation submitted and prepare for escrow. Once the escrow contract has been agreed to and executed and escrow has confirmed receipt of your fee monies opening the account will be initiated. It takes approximately 5 business days to complete the transaction. Once the account has been opened the escrow agent/attorney is required to receive verification from the issuing and/or receiving bank (where SWIFT verification is done). Once your escrow agent/attorney is satisfied the service has been rendered and verified for authenticity he is instructed to release the fee monies.

The SWIFT bank guarantees and funds block may be issued as required for a year and a month and a day, but will be renewed before the 35 international banking days are up.

Request a Quote Below

Tier 4

Escrow Deposits:

Investors will either deposit cash into an escrow account with an escrow service of their choice called Soft Escrow, or they will deposit cash into any major escrow or trust account or any major financial institution or escrow company, called Hard Escrow. Monies are held in escrow for 30 days at a time.

With hard escrow deposits the investor may require the borrower to also put up a surety bond or financial guarantee to protect the priciple against loss or theft. $100k to $50M account sizes.

Request a Quote Below

Arrangement fees for Proof of Funds services has to be escrowed at the time the account is set up for you, but is not released to the investor until your account is confirmed.

The arrangement fee for 30 day escrow deals that require proof of funds and for trade programs, has to be escrowed at the time the account is set up but is not released to the investor until your account is confirmed.

Request a Quote:

Contact Information

Contact Information

First Name*

Last Name*

Company

Address*


City*

State*
Postal Code*

Country*
Email*

Day Phone*

Evening Phone

  Project Information

Project Information

Names Wanted on Account

Names Wanted on Account


Details of Project

Details of Project


  Request Information

Request Information

How Much is Needed

How Much is Needed


  Detailed Information

Detailed Information

Tell Us More About Your Project

Tell Us More About Your Project


Verifier

Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code