When applying for a visa, enrolling in a mortgage scheme, or attempting to access certain privileges, you will have to verify that the bank account you have is active, legitimate, contains the right amount of funds, and was not opened specifically for accessing that particular privilege.
This is where the bank accounts verification letter comes in. It is a letter that verifies that you indeed have an account with the bank you claim to have the necessary balance in that account and are hence qualified to access the specific privilege which you are asking for.
Purpose of the Bank Accounts Verification Letter
This letter serves two main purposes. These are:
Verify the Availability of Funds
It verifies the availability of funds, i.e., that the bank account in question indeed has the funds that it purports to contain. This piece of information is crucial in the sense that it is the one that is relied on to further deduce whether the applicant should be granted the privilege or not.
Confirm the Veracity of the Account Details
Next, it confirms the veracity of the account details. That means it indicates the names of the account holder, when the account was opened, the account number, and the current balance. The letter also goes ahead to provide other details that the requester might want outside these standards.
What to Include in a Bank Accounts Verification Letter
A typical bank account verification letter comprises the following pieces of information:
- Name of Requester – This is the person or entity that is seeking to have the account records of an applicant verified. It could be an individual, a corporate entity, or a consulate.
- Name and Address of the Bank Branch – It is the name of the bank plus the branch wherein the account holder has an account. These two uniquely identify the place where the client has had his money stashed.
- Name of the Account Holder – Now, this is the person whose financial records are presently being verified. The name has to be official, just as it would appear on various documents like passports and birth certificates.
- Account Number – The account number uniquely identifies one account from another one. It specifies exactly where the client has an account for the avoidance of the doubt.
- Date of Account Opening – When was the account opened? This piece of information describes when exactly the account in question was opened by furnishing the precise dates and times when that happened.
- Outstanding Balance – This refers to the amount of money that is present in that account. It is the one that is subsequently used to argue a case about the suitability of the applicant to the privileges sought by him.
Bank Accounts Verification Letter (format)
Let’s give you a peek into how to draft this letter:
Date
Name
Title
Organization
Address
City, State Zip Code
Dear Mr. /Ms. Last Name:
RE: Bank Account Verification Letter
We draft this letter to verify that the client aforementioned holds an account with us ___ (specify the name of the client). His account is ________ (indicate the account number) and was opened on ________ (specify the date when the bank account was opened). At the moment, it has a balance of___________________ (reveal the bank balance).
Feel free to let us know any other piece of information you would wish to about this client. We would all the more be grateful to be of help to you.
Reach us on phone: ________________.
Faithfully,
Your Name
(Designation)
Bank Accounts Verification Letter (Samples)
Tuesday, July 7th, 2020.
Jackie Willis – Head of Customer Relations,
Minnetonka Banking Center,
9800 Bren Road East,
Suite 200.
Minnetonka, MN 55343
To Whom It May Concern,
RE: Bank Account Verification Letter
We draft this letter to verify that the client aforementioned holds an account with us, Minnesota Bankand Trust. His account is 1350987377 and was opened on Wednesday, January 23rd, 2019. At the moment, it has a balance of $22,440.00.
Feel free to let us know any other piece of information you would wish to about this client. We would all the more be grateful to be of help to you.
Reach us on phone: +1 952-841-9300.
Sincerely,
Jackie Willis – Head of Customer Relations,
Minnetonka Banking Center
Things to Keep in Mind
There are things you have to keep in mind when drafting a letter of this kind. These are:
- Confidentiality: You have to see to it that you maintain strict confidentiality when drafting such a letter. Never fall into the temptation of leaking the client details to third parties or the general public. Financial transactions are guarded by strict laws that are way too punitive even to contemplate breaking.
- Accuracy: The pieces of information you provide have to be accurate and verifiable. Lying to the relevant state authorities will only serve to make your life more difficult. You do not want to land in such trouble at all, do you?
- Wholesomeness: Also, ensure that the information you provide is wholesome. Wholesome here infers that you have to provide the information that the requester asked for over and above the standard details that the letter of this kind is ordinarily supposed to contain.
- Timeliness: You have to work within strict timelines. This is informed by the fact that financial records are volatile and change now and then. Any slight delay might alter the records and subsequently compromise the accuracy of the pieces of information you include in the letter.
- Professional Tone: As with any other official letter, this one too has to bear a professional tone. Avoid using unofficial terms and words that may water down the meanings and seriousness that the letter is naturally supposed to bear. That will boost its seriousness also.
Frequently Asked Questions (FAQs)
We now take a look at some of the questions that are consistently asked with regards to this letter here below:
It all depends on your bank. Generally, though, you will be required to approach the customer service officer and argue your case there. You will receive the necessary directions and guidelines which you will eventually follow to have your way.
YET again, this all depends on your bank. On the whole, though, most banks take roughly 3 working days, give or take, to process the letter. It is hence imperative yet again that you confirm this piece of information with your bank to know beforehand.
It need not necessarily be notarized, not unless the requester demands that it be. Only the official seal of the bank, company letter, and the relevant signatures and stamps are needed to grant the letter the official character it is supposed to have.
Conclusion
Having your bank accounts verified is no doubt crucial to your probability of accessing the privileges you yearn for. That is why you can never treat this subject lightly. Instead, you want to ensure that you make every effort to have the details verified well in a manner that is wholly satisfactory.
Having done the much we can, why not now proceed to make good use of the letter if and when need be? We can never over-emphasize the need to observe the utmost confidentiality when dealing with sensitive documents of these kinds. The consequences of a confidentiality breach are too great to bear.
