A Proof of Funds or POF is a letter or a document that ascertains that a specific party of a trade transaction, that might be an individual, an institution, or a corporation, has enough finances to conclude the transaction by making the payment. This letter is generally issued by a commercial bank or a custody agent as a guarantee to the seller. This ensures the seller that the buyer has adequate funds to pay the amount agreed in the contract. When Proof of Funds Documentsare provided, it is imperative to include certain information in them. The major information that needs to be contained in the POF is the address and name of the bank, the official bank statement, the fund balance in the checking and saving accounts, the total fund balance, a copy of the money market statement and balance, and the signature of the authorized personnel.
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