Using Banks and Bank Accounts/wire transfer


QUESTION: What is a letter of indemnity? I did a wire transfer from my bank account to another bank customer account and they did not provide me with the product which was land and I tried to do a reversal and the bank said they would not without a letter of indemnity because this was a fraudulent situation. What is my options since documentation is required to open a bank account.



ANSWER: Hi Larry,

It is a written undertaking by a third party (such as a bank or insurance company), on behalf of one of the parties (the first party) to a transaction or contract, to cover the other party (the second party) against specific loss or damage arising out the action (or a failure to act) of the first party. Also called indemnity bond, bond of indemnity.

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Hope this helps, good luck!

---------- FOLLOW-UP ----------

QUESTION: Hi George, What are my options?



If you have a contract or a letter of indemnity, you a have to file it with your bank.

If this is fraud, you need to go to that police and file a report.  Wire transfers are very difficult to get back, the beneficiary party of the wire needs to agree to the return.

Good Luck,  

Using Banks and Bank Accounts

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