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Investments for PROOF OF FUNDS Requirements
Provision of investment capital for Proof of
Funds/Verification of Deposit (VOD) uses on a short or long-term basis.
The funds from our "investor pool" are utilized to provision
POF accounts at a predetermined fixed return-on-investment so that the
client's will not have to give up any ownership positions in their
projects or trades.
Proof of Funds Program Highlights:
- Accounts available from $100K to $5 billion
- Money Market funds seasoned for six (6) months
- No Credit Check or Financial Statements Required
- Funds in an account under client's name and signature
- Rates starting as low as 2.0% per month
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Proof of Funds Uses:
- Net Worth Requirements
- Liquidity Requirements
- Show of Account Funds
- Bonding Requirements
- Blocked Funds for Investments
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Proof of Funds
Account Parameters
- 30 & 60 day accounts, with
discounts provided for renewal terms
- Standard bank Verification of
Deposit provided for all accounts
- SWIFT MT999/799 confirmation option
available in Offshore Banks
- SWIFT MT760 confirmation option
available for accounts in European Banks
We will provide examples on receipt of an
application form.
All accounts require full
client disclosure and are opened in strict compliance with the
provisions of the International Money Laundering Regulations and the US
Patriot Act.
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Seasoned
Proof of Funds Program Procedures
1.
Client,
or client’s representative, will provide the necessary information
to provide a quote. The minimum information needed is: the client’s
name, email address, telephone number, and physical address, account
funding amount, account term and type of account verification
required.
2.
A
Term Sheet will be issued for the amount of funds requested by the
Client. The Term Sheet will stipulate the Arrangement Fee, refundable
processing costs, escrow fee and include a short application.
3.
Upon
receipt of the signed Term Sheet, processing fee, escrow fee,
application and proof of ability to deposit the Arrangement Fee in the
Escrow Account, a Principal Agreement will be issued detailing how the
Proof of Funds is to be provided. The agreement will include
provisions concerning delivery of confirmation documentation and terms
of account use.
Escrow
instructions will also be provided so that the initial Arrangement Fee
can be deposited by the Client into the Escrow Trust Account. It is a
condition in the Escrow Agreement that in the event we do not open the
Proof of Funds account, the Arrangement Fee will be returned in full
to the Client by the Escrow Agent.
4.
Concurrent
with the Client’s execution of the Principal and Escrow Agreements,
the Client must deposit the initial Arrangement Fee into the Escrow
Account. The Client will be required to provide the necessary
documentation to complete the account establishment process. This
information will include at a minimum; color copies of photo ID’s
for all signatories, a second document including name and address,
Certificate of Incorporation/Organization for companies, Employer
Identification Number for companies and Corporate resolutions (if
applicable) and social security numbers for all signatories. The
Client will be a signatory on the account, but will be unable to
conduct transactions in the account or encumber the funds in the
account in any manner.
5.
Upon confirmation that the Arrangement Fee has been deposited by the
Client into the Escrow Trust Account, the Proof of Funds Account will
be opened in the Client’s name, and funds will be deposited into the
POF account in the amount stipulated in the Principal Agreement.
6.
The
Arrangement Fee is released from the Trust Account when confirmation
is provided to the Escrow Agent that the account has been set up in
the client’s name, and that the appropriate funds have been
deposited as stipulated in the Principal Agreement.
7.
The
Proof of Funds account will remain open for the Client’s use for the
period of time stated in the Principal Agreement, and conditionally,
may be extended through mutual agreement, and payment by the Client of
the Arrangement Fee for such extensions within five (5) days of the
expiration of the current term.
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Current
Rates 6th August 08 – subject to change without
Notice
The rates on this page are the most current
available, but may vary dependent upon the specifics
for each account. To receive a firm price commitment.
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I.
Money Market Account -
U.S.
Hedge Fund(3), VOD w/6 mos. statements, 30 Day Term
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30
Day |
30
Day |
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Initial
Term |
Renewal
Term |
| $100k |
$14,000 |
$
9,000 |
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$150k |
$15,500 |
$10,000 |
| $200k |
$17,500 |
$11,500 |
| $250k |
$19,500 |
$13,000 |
| $300k |
$21,000 |
$14,000 |
| $350k |
$22,000 |
$14,500 |
| $400k |
$23,500 |
$15,500 |
| $500k |
$25,500 |
$16,500 |
| $600k |
$29,000 |
$19,000 |
| $700k |
$32,000 |
$21,500 |
| $800k |
$35,000 |
$24,000 |
| $900k |
$37,500 |
$26,500 |
| $1-5mm |
3.75% |
2.00% |
| $6-10mm |
3.50% |
2.00% |
| $11-20mm |
3.25% |
2.00% |
| $21-49mm |
3.00% |
2.00% |
| $50-99mm |
2.75% |
2.00% |
| $100-249mm |
2.50% |
2.00% |
| $250-499mm |
2.25% |
2.00% |
| $500mm+ |
2.00% |
2.00% |
Notes:
(1) All accounts may be renewed for additional 30 day terms at rates
shown.
(2) Money Market
accounts opened with a $217 billion U.S. Hedge Fund Manager.
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II.
European/Offshore Bank Account - 8 Week
Terms
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Verification
of Deposit |
MT999 |
MT799 |
MT760 |
| SPOF Amount |
Fee |
Fee |
Fee |
Fee |
| $10-20mm |
4.75% |
5.00% |
5.25% |
na |
| $20mm-50mm |
4.50% |
4.75% |
5.00% |
na |
| $50mm-100mm |
4.25% |
4.50% |
4.75% |
na |
| $100mm+ |
4.00% |
4.25% |
4.50% |
7.00% |
Notes: (1) Accounts may be kept open by continued payment of Fees. (Discounts may be available).
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III.
U.S. Bank Account - 60 Day Term
For quote - $5mm+ required
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Underwriting
and Escrow Fees (not paid to USCOMFIN)
Underwriting
Fees: $500 - $ 5,000,
dependent upon account size
3rd-
Party Escrow Fees: $500 - $10,000, dependent upon account size
USCOMFIN
Fees
| On
acceptance of terms: |
1% |
From
$100K to $1mm |
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0.5% |
From
$1mm+ to $100mm |
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0.25% |
From
$100mm+ to $500mm |
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0.15% |
over
$500mm |
These fees
are to be placed into an escrow account prior to Issue of Terms with
strict undertaking that on acceptance of terms the fees are to be paid
directly to USCOMFIN.
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FAQ’s
What
types of Proof of Funds accounts can be provided?
We can open a U.S. Money Market account, or open an account in a
European/Offshore
or Domestic bank. A standard Verification od Deposit (VOD) is available
with all account
types, with SWIFT messaging available at additional cost with special
accounts opened in a European/Offshore bank.
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Are
the funds in the POF account seasoned?
U.S. Money Market account funds are seasoned for six (6) months and
include account
statements for the prior six-month period. Funds in domestic U.S. bank
accounts, or funds in European/Offshore bank accounts are not
seasoned.
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What is a
Verification of Deposit (VOD)?
It is a document signed by a company's or individual's financial
institution that provides
verification of the balances in their financial accounts. A written
Verification of Deposit will adequately serve virtually 95% of all Proof
of Funds requirements. Other types of confirmations done with
bank-to-bank SWIFT messages are most commonly used for verifications
tied to transaction settlements or securities transfers, and have
special account set-up procedures that are available at additional cost.
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What is the
SWIFT messaging system?
S.W.I.F.T. ("Society for Worldwide Inter-bank Financial
Telecommunication") provides mechanisms for electronic inter-bank
messaging and funds transfer. SWIFT messages are used legitimately to
conduct business between transactional partners. The SWIFT system was
established in the early 1970's by a group of European banks who until
that time had been conducting business together via telex and
courier.
SWIFT provides for a number of different message types and purposes.
Each type of SWIFT message is pre-defined and follows a specified
format. All SWIFT messages must adhere to these established forms or
they will be rejected by the receiving bank. There are nine (9) SWIFT
message categories with multiple message types in each.
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What
does the SWIFT MT999 option provide?
An account with the SWIFT MT999 capability allows bank-to-bank SWIFT
electronic verification for Proof of Funds in the account, with no
further comment. This SWIFT format is an appropriate message for a
simple Proof of Funds communication and it is part of the Common Group
of SWIFT formats providing a General Free Format for SWIFT messaging.
There is a $10
million minimum account size for a SWIFT MT999, and additional costs
apply.
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What does
the SWIFT MT799 option provide?
An account with the SWIFT MT799 capability allows bank-to-bank SWIFT
electronic verification for Proof of Funds in compliance with the
SWIFT Category 7 "Treasury Markets & Syndication" message
types. Often there is a misconception that a particular circumstance
requires a SWIFT MT760 message, when in fact, the SWIFT MT799 format
provides the required bank confirmation for the application.
There is a $10
million minimum account size for a SWIFT MT799, and additional costs
apply. |
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What
does the SWIFT MT760 option provide?
An account with the SWIFT MT760 capability allows bank-to-bank SWIFT
electronic verification of the account, and will include a blocked
funds provision. There is no other bank guarantee provision available in
the SWIFT instructions.
There
is a $100 million minimum
account size for this SWIFT wire communication. Additional costs apply.
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What types
of SWIFT messages are available with our POF accounts?
Only SWIFT MT999 and SWIFT MT799 message formats are available with the
POF accounts we
arrange in a European/Offshore bank. Additional costs apply dependent
upon the message type. |
What are the
minimum and maximum amounts available?
The minimum account size is $100,000 and the maximum account size is $5
billion. We can syndicate larger accounts from our "investor
pool" upon request.
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How long
can the account can be kept open for Proof of Funds uses?
We have 30 and 60 day terms available, dependent on account type. The
account can be renewed for additional terms upon mutual agreement,
typically at discounted rates.
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What
happens to the Underwriting Fee if the account is not opened?
If, in the unlikely event we fail to open the Proof of Funds account
under the provisions of the
Term Sheet and the Principal Agreement, the Underwriting Fee is promptly
refunded.
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How is the
Arrangement Fee protected?
The Arrangement Fee is deposited in a Trust Account with a licensed
third-party Escrow Agent
and the Fee is not released until it is confirmed that the account has
been opened. In the unlikely
event the account is not opened, the Arrangement Fee is returned by the
Escrow Agent.
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If
the account is not opened is the USCOMFIN fee refundable?
The
USCOMFIN fee is payable to a client specified Escrow account
under terms acceptable to both parties. USCOMFIN will only
request payment of the fees from the escrow account once the
account has been opened and this can be specified in the escrow
agreement by the client. We simpoly need proof from the
escrow agent that the fees have been lodged and are to be
released on opening of the POF account. If the account is
not opened the USCOMFIN fee is returned by the Escrow Agent. |
Can the
Arrangement Fee or USCOMFIN Fee be paid after the account has been opened?
No, the Arrangement Fee must be placed in the Escrow Trust Account
before the Proof of
Funds account can be opened due to the significant costs incurred to
open the account, and
to insure mutual protection for both parties. The USCOMFIN fee must be
piad into the client nominated escrow account on client
acceptance of terms.
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Can the
Underwriting/Escrow Fees be paid by credit card?
Yes.
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