Using Banks and Bank Accounts/wire transfer

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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.

Thanks,

Larry

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.


Read more: http://www.businessdictionary.com/definition/letter-of-indemnity.html#ixzz2Bjlfz

Hope this helps, good luck!

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

QUESTION: Hi George, What are my options?

Thanks,

Larry

Answer
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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George

Expertise

Anything pertaining to Commercial or Retail Banking. Including, Interest rates, Lending, as well as Prime Rate questions. Also can help with online banking questions including all regulations.

Experience

Retail and Commercial banking since 2002. Currently employed as an Assistant Vice President at a Commercial Bank.

Organizations
Chamber Of Commerce, National Notary Association

Education/Credentials
Extensive credit knowledge.

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