Do you know what is proof of funds letter? Well, the letter of proof of funds, or it is also called as POF is a letter or a documentation that is used to proof an individual, institution or corporation has sufficient funds in order to complete a transaction in many ways.
The POF is typically made by the commercial bank or the custody agent. By the hands of the agent, the letter is used to provide the confidence or the assurance to other party. The assurance tells that the individual or entity is able to complete the transaction, so they do not need to worry.
Kinds of Proof of Funds Letter
Seeing the brief explanation as above, we may see that POF is an important letter. By its importance, of course knowing how to write the letter is also important. However, before making a good proof of funds letter, there are some kinds of this letter to know.
The kinds of POF that you need to know are:
- POF for home buyer
The first kind of the POF is for the home buyer. It is an important letter written in order to know who the buyer that is able to complete the transaction. The POF is usually written because there is no certainty that the buyer will be able to fulfill the transaction, so they put owner in risk.
- POF from bank
In common, the POF is written from the bank. The letter here will be used to verify the party that claim having money to fulfill the transaction. The POF should include some matters, such as:
- The name of bank and its address
- The official statement from the bank
- The copy of money statement and balance
- The balance of funs in checking and the saving accounts
- The certified of bank financial statement
- Copy of an online banking statement
- Signature of an authorized bank employee
- POF for immigration
The next kinds of proof of funds letter is POF for immigration. The POF could be used as the requirement for immigration into a country. For example, the government of Canada only will give the visa for those who have enough money before going to other country.
There are some requirements that you need to know inside the official POF letter, such as:
- Printed of the financial institution’s official head of letter
- The information of contact of bank
- The name of individual
- The list of all debts, obligations, credit card balances and loans
- The number of account
- The date of opening each account
- The current balance of each account
- The average balance of the past six months
Well, seeing the points as above, there are some kinds of the POF that you need to know. As you may see, each kind of the POF has different detail. You need to know the detail of it before making your POF as needed.
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That is all about the proof of funds letter that you may know. Do some researches in order to find the samples of it.