FAQs
What is the procedure for opening a Proof of Funds account?
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.
How long can the account be kept open for Proof of Funds uses?
We have 15 and 30 day terms available, dependent on account type. The account can be renewed for additional terms upon mutual agreement, typically at discounted rates.
What happens to the Underwriting Fee if the account is not opened?
If, in the unlikely event we fail to open the account under the provisions of the Term Sheet and the Principal Agreement, the Underwriting Fee is promptly refunded.
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.
Can the Arrangement Fee be paid after the account has been opened?
No, the Arrangement Fee must be placed in the Escrow Trust Account before the account can be opened due to the significant costs incurred to open the account, and to insure mutual protection for both parties.
