801-878-9946Proof 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, 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 monthly Arrangement Fee, re-fundable processing costs and a short application.
3. Upon receipt of the signed Term Sheet, processing fee, application and proof of ability to deposit the Arrangement Fee in an 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 first month’s Arrangement Fee can be deposited by the Client into the Escrow Trust Account. It is a condition in the Escrow Agreement that in the unlikely 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 Agreement, the Client must deposit the first month’s Arrangement Fee into the Escrow Account. The Client will be required to provide the necessary documentation to complete the account establishment process. Among others, this will include copies of identification; Certificate of Good Standing or Incorporation, if applicant is a company; Employer Identification Number (if applicable) and Corporate resolutions (if applicable). The Client will be a verifiable signatory on the account, but will be unable to conduct transactions or encumber the funds in the account in any manner.
5. Upon confirmation that the Arrangement Fee has been deposited by the Client, the Proof of Funds Account will be opened in the Client’s name and funds will be deposited 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 is valid for the period 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 seven (7) days of the expiration of the current term.
