No, there are no limits on wire transfers for SWIFT, SEPA, and cryptocurrency transactions. You can send and receive funds without restrictions on the amounts, allowing for flexibility in managing your larger financial transactions.
However, for KTT (Telex) wire transfers, there are specific limits in place:
– Minimum Tranche Size: 10 million
– Maximum Tranche Size: 500 million per tranche
Additionally, there are no restrictions on the number of tranches you can initiate on a daily basis. Please note that these face value minimum and maximum tranches are non-negotiable and cannot be modified.
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Prominence Bank does not support transactions involving illegal activities, unverified counterparties, or any activity that violates international regulations. All transactions must comply with our compliance and regulatory standards.
As with any financial transaction, KTT transfers carry some risks, particularly if the counterparties are not properly verified. Prominence Bank advises clients to conduct thorough due diligence and consult with our experts before proceeding.
Yes, you can apply for a loan with a Safe Keeping Receipt (SKR) from Prominence Bank.Ā The SKR acts as valuable collateral, making it easier to secure a loan.Ā
Hereās what to expect:
ā¢ Distinct Services: We emphasize that asset custody and loan provision are separate services.Ā You’ll need to secure custody of your assets before we can proceed with a loan.
ā¢ Performance Bond Insurance Policy: We strongly recommend obtaining a performance bond insurance policy, as it significantly increases the chances of loan approval. This policy, combined with your SKR and “Full Bank Responsibility,” is widely accepted as collateral by financial institutions.
ā¢ Loan Approval: While the SKR is important, the final decision on loan approval rests with Prominence Bank’s Credit Department.Ā The SKR agreement itself does not guarantee loan approval.
Outlined Loan Procedure:
1. Open a Custodian Account: This account is for holding your assets.
2. Deposit Assets:Ā You will need to deposit your assets with the bank.
3. Asset Evaluation: An approved bank appraiser will assess the value of your assets.Ā
4. Loan-to-Value (LTV) Ratio: This ratio determines the maximum loan amount based on your asset value. It ranges from 20% to 65%.
5. Performance Bond Insurance Policy: After your asset evaluation and pre-approval are complete, we’ll request a performance bond insurance policy.
6. Loan Disbursement:Ā Once all necessary steps are taken, your loan will be disbursed within 72 banking hours.
Important Notes:
ā¢ Asset Valuation: The higher the valuation of your assets, the better your chances of loan approval and the more favorable the loan terms.
ā¢ Costs: All costs associated with this process (custodian account, insurance, appraisal, etc.) are your responsibility.
Cost Breakdown:
ā¢ Custodian Account: ā¬25,000 upon application, plus 2% of the SKR face value (due within six months or at loan disbursement).
ā¢ Asset Deposit:Ā No cost involved.
ā¢ Asset Appraisal:Ā Costs are coordinated directly with the appraiser.
ā¢ Loan Application: No associated charges.
ā¢ Performance Bond Insurance: 0.05% to 2% of the insurance value (recommended from Lloydās of London).
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Cancellation policies depend on the type of transaction. Some transactions, especially those involving third-party financial instruments, cannot be reversed once initiated. Please contact our team for more details.
Yes, you can receive different currencies into your Prominence Bank account. However, please note that exchange and conversion rates may apply to your account. For example, the KTT conversion rate incurs a fee of 0.4%.Ā
While it is possible to receive funds in different currencies, we recommend using your account’s designated currency to avoid these additional charges and ensure a smoother transaction process.
Absolutely! Prominence Bank offers a comprehensive and versatile banking experience. You can seamlessly receive funds through KTT Telex, a reliable and efficient method for transferring large sums of money. Once the funds are in your account, you have the flexibility to make payments to any bank globally using wire transfers via IBAN or SWIFT. This capability ensures that you can manage and distribute your funds efficiently, whether for personal or business purposes.
While we understand the importance of financial transactions and the need for transparency, we must clarify that the fees incurred from KTT transactions are non-refundable in accordance with our policies.
We kindly ask that you refrain from seeking refunds for services rendered, regardless of issues related to your remitter, as such requests do not align with our banking policies.Ā
Prominence Bank does not impose upfront fees; charges apply only when a specific service has been rendered. When a KTT (of any type) is credited to your account, fees will be applied. By authorizing your account to receive KTT transactions, you accept full responsibility for all incoming transactions and associated charges.
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For any inquiries or assistance, we encourage you to contact our help desk at helpdesk@prominencebank.com. Our team is available 24/7 to respond to all your questions. Please kindly list your queries, and they will be addressed accordingly.
Please note that we do not provide customer service via phone for security reasons. Utilizing our certified email ensures you receive accurate responses while also maintaining a record of all communications, which helps us enhance our customer service.
We look forward to assisting you!
No, you cannot use a KTT Telex funds transfer to pay for the bank account opening fee. The opening fee must be paid via Swift wire transfer or Cryptocurrency (USDT). KTT is not accepted for this payment, but once your account is opened, you can request to enable KTT transfers for future transactions.
Thank you for your interest in visiting our head office. As a digital bank, we operate exclusively online to ensure we provide our customers with efficient and convenient banking services. We do not have physical branch locations for customer visits or appointments.
Our primary channel for customer support is through our 24/7 helpdesk email service. If you have any inquiries or require assistance, please feel free to contact us through this platform, and our dedicated team will be happy to assist you promptly.
Additionally, please note that our bank account opening process is conducted entirely online to streamline and expedite your onboarding experience.
We appreciate your understanding and cooperation as we focus on delivering seamless digital banking services. Should you have any further questions or require assistance, do not hesitate to reach out to us via our helpdesk email.
Thank you for considering our digital banking services!
No, Prominence Bank cannot confirm or verify what is being sent to your account. Only you and your remitter can provide this information. We do not get involved in transactions initiated by other banking institutions or remitters, and we do not guarantee their outcomes until the transaction has been fully processed by Prominence Bank.
No, you cannot open an account without paying the bank account opening fee upfront. The bank account opening fee must be prepaid before you can gain access to a bank account with Prominence Bank. Unfortunately, you will not be able to use your first funds transfer to cover the bank account opening fee. Please ensure that you have the appropriate amount to cover this fee before initiating the account opening process.
Important Information About KTT Transactions at Prominence Bank
At Prominence Bank, we strive to deliver professional and legitimate banking services. To ensure clarity, here are essential details about Key Tested Telex (KTT) transactions:
1. Understanding KTT Transactions:
KTT transactions go beyond cash transfers and are used for interbank communications, issuing financial instruments (like bank guarantees and standby letters of credit), and other banking activities. Prominence Bank cannot be held accountable for misrepresentations or unmet promises from other financial institutions.
2. Service Fees:
As an account holder, you are responsible for all service fees, including those for KTT transactions. Choosing to use KTT services means accepting the associated outcomes. These fees apply regardless of the transactionās result, as Prominence Bank provides the requested service.
3. Accountability:
If you incur fees based on promises from another institution or intermediary, and the transaction does not meet expectations, you must resolve this directly with the involved party. Prominence Bank is not part of external agreements and cannot take responsibility for their outcomes.
4. Avoiding Misdirected Complaints:
Complaining to Prominence Bank about external transactions, third-party promises, or transactions initiated by other financial institutions is misplaced. Our role is limited to executing the services requested within our institution.
5. Refund Policy:
Prominence Bank does not issue refunds for services rendered. Fees are charged for processing the requested services, regardless of the transactionās final result or any dissatisfaction.
Next Steps:
ā¢Resolve with Your Counterparty: Address unmet promises directly with the intermediary or institution involved.
ā¢Clarify Expectations: Avoid directing complaints to Prominence Bank regarding external agreements or third-party issues, as we cannot resolve them.
At Prominence Bank, we are committed to professionalism and transparency. While we cannot mediate external disputes, we remain available to assist with services under our control. For any additional questions or clarification, please contact us directly.
Yes, Prominence Bank accepts all types of KTT transactions. We provide comprehensive KTT services to all account holders. You do not need to be concerned about whether the originating system is analog or digital. If you wish to received a funds transfer or communicate with another bank via the KTT system, simply provide the necessary information to our bank, and our department will manage the KTT request and ensure it reaches the intended recipient.including cash transfers, bank instruments, and direct bank-to-bank communication. We strive to provide our customers with flexible options for their banking needs.
We are pleased to inform you that Prominence Bank’s services are available worldwide, with no country restrictions. This allows us to serve clients across various regions, including the USA and Europe, without limitations.
Yes, we have a mobile banking app that allows you to manage your accounts, and send money conveniently from your smartphone.
Stay in control of your finances with our mobile banking app.Ā
Our app lets you:
ā¢ Manage your accounts
ā¢ Transfer money between accounts
ā¢ Make payments and transfers
ā¢ Update your personal details
ā¢ Track your expenses
ā¢ Manage your regular payments
ā¢ Send money to friends and family
Download our app today and manage your money conveniently from your smartphone.
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Prominence Bank does not provide debit cards, including Visa or MasterCard. All account access and transactions can be conducted through our secure 24/7 internet banking platform, which offers a comprehensive range of banking services at your convenience.
Yes, Prominence Bank provides escrow services to our account holders only, to ensure secure and transparent transactions between parties. These services are tailored for high-value transactions where financial trust is critical.
Yes, Prominence Bank specializes in issuing Standby Letters of Credit (SBLCs) and Bank Guarantees (BGs). These financial instruments are used to facilitate international trade, secure transactions, and provide financial assurance to counterparties.
Prominence Bank follows a policy of not charging any fees upfront. When a fee is charged, it indicates that the service has been provided and confirmed. If a transaction is not completed, there would typically be no fee applied because fees are only charged upon successful delivery of services.
You can reach our customer service team through various channels to ensure you receive the assistance you need:
1. Phone: Call our customer service hotline at +(44) 208 895 6493. Our representatives are available [insert hours of operation] to help you with any inquiries.
2. Email: You can send us an email at helpdesk@prominencebank.com. We strive to respond to all email inquiries within [insert response time, e.g., 24-48 hours].
3. Live Chat: Visit our website and use the live chat feature for immediate assistance. Our chat support is available 24/7, allowing you to get real-time help.
Your satisfaction is our priority, and we are here to assist you with anything you need!
To open a bank account with Prominence Bank, you can follow these steps:
Your application will be processed, and your account will be ready for transactions within 72 banking hours after payment confirmation.
To open a KTT bank account with Prominence Bank, follow these steps:
Your account will be ready for transactions within 72 banking hours after payment confirmation.
You can deposit funds using the following cryptocurrency wallets:
ā¢ Crypto USDT Wallet (Tether TRC20): TPYjSzK3BbZRZAVhBoRZcdyzKpQ9NN6S6Y
ā¢ Crypto BTC Wallet (Bitcoin network): 3FGg8FL4uGHNy6diioTXRpzRrotHsGvkx9
Important Note:Ā To ensure your funds are credited correctly, please send a confirmation of the cryptocurrency transaction to our Account Department at account@prominencebank.com.
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Locate Wire Transfer Instructions: Inside your online banking portal, there should be a specific area that details how to receive wire transfers, including KTT (Telex) transfers. This will typically include:
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To update your account information, contact our customer service team or your relationship manager. Supporting documentation may be required for certain updates, such as changes to address or ownership details.
Prominence Bank adheres to strict international banking regulations, including AML, KYC, and counter-terrorism financing standards. All transactions and accounts are subject to thorough compliance checks to ensure legal and regulatory adherence.
The processing time for transactions depends on the type of transaction and its complexity. Standard wire transfers typically take 1ā4 business days, while larger or specialized transactions may require additional time for compliance and verification.
Prominence Bank prioritizes security and ensures all transactions are conducted through encrypted systems and verified processes. Our protocols align with international banking standards to protect client information and funds.
We want to inform you that any funds received through the Crypto Currency channel will incur a 2% network fee if the account holder does not have a cryptocurrency account. This fee will be deducted from the total amount received, and the remaining funds will be credited as cash into your savings account’s available balance.
1. Introduction
Prominence Bank is committed to providing secure and efficient Key Tested Telex (KTT) services to facilitate international financial transactions. This policy outlines the terms, conditions, and procedures governing KTT transactions to ensure compliance, security, and customer satisfaction.
2. Eligibility
KTT services are available to all Prominence Bank account holders. To enable KTT transfers, clients must submit a request, which is typically processed within 24 hours at no additional cost.
3. Transaction Limits
ā¢ Minimum Tranche Size: ā¬10 million per transaction.
ā¢ Maximum Tranche Size: ā¬500 million per transaction.
ā¢ Frequency: No restrictions on the number of tranches that can be initiated daily.
Note: These minimum and maximum tranche sizes are non-negotiable and cannot be modified.
4. Fees and Charges
ā¢ Incoming KTT Transactions: Subject to a 1.5% fee.
ā¢ Outgoing Wire Transfers: Incurs a 1% fee plus SWIFT/SEPA costs.
Note: Prominence Bank does not impose upfront fees; charges apply only when a specific service has been rendered.
5. Transaction Types
Prominence Bank supports all types of KTT transactions, including:
ā¢ Cash transfers.
ā¢ Bank instruments.
ā¢ Direct bank-to-bank communications.
This flexibility accommodates the diverse requirements of our clients, ensuring a seamless and adaptable experience.
6. Responsibilities Regarding KTT Transactions
If you have provided your KTT instructions to your remitter, it is your responsibility to fully understand and manage the nature of the transactions being sent to your account. Prominence Bank is not involved in these transactions and cannot comment on or verify the specifics of what is being sent by your remitter.
We reiterate that:
1. Your remitterās actions are not our concern. Any agreements, terms, or instructions exchanged between you and your remitter are solely your responsibility.
2. Pending KTT Transactions: A KTT transaction currently pending on your account will not be processed, downloaded, or reviewed by Prominence Bank if your account is in delinquent status or not in good standing.
7. Policy on KTT Transactions
Prominence Bank will credit your account with whatever is received as per the instructions provided by the remitterās bank. However:
ā¢ No Guarantees: Prominence Bank does not guarantee the nature of any transaction initiated by another banking institution or any remitter.
ā¢ Non-Involvement: Prominence Bank does not get involved in transactions initiated by you or your remitter, nor do we provide guarantees for their outcomes.
ā¢ Responsibility: It is solely your responsibility to be fully informed of the transactions you or your remitter initiate.
Note: Prominence Bank cannot verify or confirm what is being sent to your account before it has been downloaded and processed. Only you and your remitter can provide this information.
8. Security and Compliance
ā¢ Verification: Clients are advised to conduct thorough due diligence and consult with our experts before proceeding with KTT transactions to mitigate risks associated with unverified counterparties.
ā¢ Compliance: All transactions must comply with Prominence Bankās compliance and regulatory standards.
9. Confidentiality
Prominence Bank ensures that all incoming and outgoing transactions are processed through the bankās trust accounts, maintaining the highest level of discretion by consistently protecting the information of all account holders.
10. Amendments
Prominence Bank reserves the right to amend this policy as necessary to comply with regulatory changes or to enhance service quality. Clients will be notified of any significant changes in a timely manner.
11. Contact Information
For assistance or inquiries regarding KTT transactions, please contact our help desk at helpdesk@prominencebank.com. Our team is available 24/7 to respond to all your questions.
To further clarify, Prominence Bank will credit your account with whatever is received, as per the instructions provided by the remitterās bank. However:
ā¢ We do not guarantee the nature of any transaction initiated by another banking institution or any remitter.
ā¢ We do not get involved in transactions initiated by you or your remitter, nor do we provide guarantees for their outcomes.
ā¢ It is solely your responsibility to be fully informed of the transactions you or your remitter initiate.
You cannot rely on Prominence Bank to verify or confirm what is being sent to your account before it is been download it and processed. Only you and your remitter can provide this information.
If you have provided your KTT instructions to your remitter, it is your responsibility to fully understand and manage the nature of the transactions being sent to your account. Prominence Bank is not involved in these transactions and cannot comment on or verify the specifics of what is being sent by your remitter.
We reiterate that:
1. Your remitterās actions are not our concern. Any agreements, terms, or instructions exchanged between you and your remitter are solely your responsibility.
2. A KTT transaction if it is currently pending on your account will not be processed, downloaded, or reviewed by Prominence Bank if your account it is in delinquent status and in good standing.
Upfront Fee vs. Available Balance
Upfront Fee:
An upfront fee is a one-time charge that a bank or financial institution requires to initiate a service or product. This fee is paid before the service is rendered or the product is delivered. For example, when applying for a loan, you might encounter an upfront fee, which could cover administrative costs, processing your application, or obtaining necessary documentation.Ā
– Example: When applying for a mortgage, you may be required to pay an upfront fee of ā¬1,000 at the start of the process. This fee is non-refundable and is deducted from the total amount you would owe if your mortgage application is approved.
Available Balance:
Your available balance refers to the amount of money in your bank account that you can access or withdraw at any given time. This balance takes into consideration any pending transactions, holds on deposits, and your account’s overall balance. Having a sufficient available balance means you have enough funds to cover transactions, such as bills, purchases, or withdrawals, without incurring overdraft fees.
Summary:
– An upfront fee is a pre-payment for a service or product, generally paid at the beginning of a transaction.
– Your available balance is the actual amount of money you can use from your account at any time, which may differ from your total account balance due to pending transactions.
Understanding the difference between these two concepts is essential for effective financial management and ensuring you have adequate funds to meet your obligations.
ā¢ You are responsible for ensuring that your account is adequately funded to process KTT transactions.
ā¢ You must fully understand and manage the nature of transactions being sent to your account by your remitter.
ā¢ Prominence Bank is not involved in verifying, managing, or guaranteeing any transactions initiated by your remitter.
Prominence Bank offers expertise in handling high-value and complex transactions, ensuring speed, security, and reliability. Clients benefit from dedicated support, tailored solutions, and access to international banking networks.
We would like to inform you that all types of KTT Telex transactions incur a fee of 1.5% of the face value received. This fee applies to bank instruments such as Bank Guarantees (BG), Standby Letters of Credit (SBLC), and any other type of KTT transaction, including funds transfers.
As our bank policy dictates, we are unable to determine the type of KTT that will be received through the KTT Telex system until the transaction is fully downloaded and credited to the account holder’s profile. Consequently, we require that any client wishing to utilize the KTT Telex system services possess the financial capacity to cover the associated fees before the service is provided.
Although we do not charge upfront fees, it is essential for account holders to maintain a sufficient available balance to cover the KTT Telex fees before any KTT Telex transaction can be credited to their profile. Typically, clients who utilize KTT Telex services are high-net-worth individuals, ensuring they have the necessary financial resources to cover all associated fees.
For example, if you are receiving a Standby Letter of Credit (SBLC) via KTT Telex with a face value of 500 million, the associated banking fee of 1.5% would amount to 7.5 million dollars. If your account does not have the available balance to cover this fee, it could lead to a substantial negative balance, in addition to potential Non-Sufficient Funds (NSF) penalties, which would negatively impact our banking records with regulatory agencies. This could leave your account significantly in the negative, which we strongly recommend avoiding. It is essential to ensure that you have sufficient funds in your account to cover all associated fees before initiating a KTT transaction.
Yes, there are various fees associated with your account at Prominence Bank, which may vary depending on the type of account you hold and the services you utilize. Understanding these fees is important for effective account management. Here are some common fees you may encounter:
– Monthly Maintenance Fee: This fee is charged for maintaining your account on a monthly basis.
– Overdraft Fees: Incurred when you withdraw more than your available balance, this fee is applied to help manage overdrafts.
– Wire Transfer Fees: These fees apply when sending or receiving money via wire transfer, whether domestically or internationally.
– Insufficient Funds Fee: This fee is related to transactions that bounce due to insufficient funds in your account.
– Foreign Transaction Fee: Applied to purchases made in a foreign currency, this fee helps cover the costs associated with such transactions.
– Minimum Balance Fee: Assessed if your account balance falls below a specified minimum threshold.
– Inactivity Fee: This fee is applied if your account remains inactive for a certain period, encouraging account usage.
For a comprehensive list of all fees associated with your account, we recommend that you refer to our publicly available fee schedule at Prominence Bank Basic Fees.
Prominence Bank serves a variety of industries, including trade and commerce, real estate, energy, manufacturing, and finance. Our services are tailored to meet the needs of corporations, entrepreneurs, and institutional clients.
Bank endorsement is a form of guarantee provided by a bank, often used for negotiable instruments like banker’s acceptances or time drafts. It essentially assures the parties involved in a transaction that the individual or business has the bank’s backing, creating a sense of trust and security.Ā
Think of it this way:
ā¢ The bank acts as an intermediary:Ā They vouch for the trustworthiness of their customer, making the transaction smoother and safer.
ā¢ Bank endorsements are common in international trade: They help build trust between parties from different countries who might not know each other well.
What Prominence Bank Offers:
Prominence Bank provides a bank endorsement guarantee, which means we confirm that we will uphold and guarantee an agreement or commitment made by our customer to a third party.Ā This assurance gives your partners confidence that Prominence Bank will step in if your customer is unable to fulfill their obligations.
Benefits of Prominence Bank Endorsement:
ā¢ Full Endorsement: Covers agreements, projects, and specific negotiable instruments.
ā¢ Increased Trust:Ā Gives you the leverage needed to confidently negotiate and close deals.
ā¢ Enhanced Reputation: Our reputation strengthens your own, boosting your standing in the marketplace.
ā¢ Global Reach:Ā We support local and international transactions.
ā¢ Comprehensive Coverage: We cover both banker’s acceptances and time drafts.
ā¢ New Opportunities: Our endorsements can open doors to new partnerships and business ventures.
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Cryptocurrency is a digital form of currency that uses cryptography for secure transactions and to create new coins.Ā Think of it as a digital version of traditional currencies like the US dollar or the Euro.Ā Bitcoin was the first cryptocurrency, created in 2009, and since then, hundreds of other cryptocurrencies have emerged. They are sometimes called “altcoins.”
Prominence Bank offers cryptocurrency accounts to help you manage your digital assets.Ā Here’s what you get:
ā¢ Cryptocurrency Wallet: You can fund your crypto wallet and transfer funds directly from your cryptocurrency account to your regular bank account.
ā¢ Secure Transactions:Ā All your transactions are conducted securely and confidentially.
ā¢ Multi-Currency Support: You can transfer funds from your Prominence Bank account to your cryptocurrency account in multiple currencies like USD, GBP, or EUR.
ā¢ Easy to Use: Opening and using your account is straightforward.
Benefits of a Prominence Bank Cryptocurrency Account:
ā¢ Tax Havens Banking Secrecy: Prominence Bank offers the highest level of privacy and security.
ā¢ Control:Ā You have complete control over your account.
ā¢ No References Needed: No need for bank references or personal visits.
ā¢ Minimal Fees:Ā A low deposit is required for opening the account.
ā¢ Swift Transactions:Ā You can send and receive swift wire transfers instantly.
What are the Opening Fees and Procedures for a Cryptocurrency Bank Account?
ā¢ Opening Fee:Ā ā¬25,000 per cryptocurrency account.
ā¢ Minimum Balance:Ā $100 value in cryptocurrency.
ā¢ Monthly Charge: Free.
ā¢ Completion Time:Ā 7 banking days after the opening fee is paid.
ā¢ Procedures:
Ā Ā 1. Complete the application form accurately.
Ā Ā 2. Email the application form to account@prominencebank.com.
Ā Ā 3.Ā Send the opening fee deposit.Ā
Ā Ā 4.Ā Your account will be opened within 7 banking days.
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As the account holder, it is your responsibility to fully understand and manage the nature of the KTT transactions being sent to your account. If you provided KTT instructions to your remitter, you are accountable for the type of transaction being sent. Prominence Bank does not get involved in transactions initiated by you or your remitter, nor do we verify or guarantee the specifics of such transactions originated by another bank institution.
ā¢ Pending KTT transactions will not be processed, downloaded, or reviewed until all fees are covered and your account is in good standing.
ā¢ Prominence Bank will credit your account with what is received, based on the remitterās bank instructions. However, we do not guarantee the nature or details of these transactions.
Prominence Bank operates under a Class āAā Banking License, which is essential for providing comprehensive banking services within the framework established by the governing authorities in Mwali. This license signifies our commitment to maintaining the highest standards of regulatory compliance and operational integrity.
ā License Number:Ā B201918
ā Regulatory Authority:Ā Issued under the International Business Companies Act of 2014 with the registration number IBC HY0051932 and overseen by the International Services Authority Institution of Mwali.
Issuing an SBLC involves submitting an application along with the necessary documentation, including details of the transaction, parties involved, and the collateral offered. Once approved, the SBLC is issued to the designated beneficiary through secure banking channels.
We utilize our correspondence bankās SWIFT code for transfers, which may vary depending on the currency of the transaction (USD or Euros). Please note that this information is accessible exclusively to our account holders and can be found within the internet banking platform under the āFunds Transferā section.
Prominence Bank offers a variety of financial services, including:
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At Prominence Bank, we want you to feel confident regarding our fee structure. Rest assured, we will never charge you a fee for services not rendered. Any fees deducted from your account signify that we have indeed provided the service, and you will see the corresponding transaction reflected in your account.
For instance, if a client sends a bank instrument via KTT to your account, we will not deduct any fees until we have successfully received that KTT transaction. If a fee does appear on your account, you can be certain that the KTT transaction will also be recorded.
We guarantee that you will not incur any fees if we do not provide the service for which you have fully paid. Upholding the integrity and responsibility of our bank to our clients is our top priority.
You are solely responsible for all agreements, terms, and instructions exchanged with your remitter. Prominence Bank is not involved in these transactions and does not verify, manage, or guarantee their outcomes. It is your duty to ensure clear communication and understanding with your remitter regarding any Key Tested Telex (KTT) transactions.
Different banks offer different services and have varying cost structures. While some banks may not charge an upfront fee, they may have higher transaction fees or require a minimum balance. Our fee structure is transparent and allows us to provide the specialized, secure, and confidential banking services that our clients value.
Benefits of Banking with Prominence:
ā¢ Unmatched Confidentiality: We prioritize your privacy. All transactions are processed through trust accounts, ensuring complete anonymity.
ā¢ Global Reach: Our international network of correspondent banks makes global transfers seamless.
ā¢ Robust Security:Ā We invest in advanced security technology to safeguard your assets.
ā¢ Dedicated Support:Ā Our team is dedicated to providing exceptional customer service and support.
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The ā¬25,000 account opening fee is a standard industry practice for banks offering specialized services like ours, particularly those focused on international banking and confidentiality. This fee covers the significant administrative costs associated with setting up and maintaining secure, anonymous accounts. It also ensures compliance with international banking regulations and facilitates our collaboration with correspondent banks in the U.S. and Europe.
The fee reflects the comprehensive suite of services we provide, including:
ā¢ Secure, anonymous account management: We prioritize the discretion and privacy of our clients, safeguarding their financial transactions.
ā¢ International banking infrastructure: We maintain a network of trusted correspondent banks globally, facilitating seamless international transfers.
ā¢ Robust security measures: We invest in advanced security protocols and technology to protect your assets and maintain the integrity of your account.
ā¢ Unparalleled Discretion:Ā We are committed to providing the utmost level of privacy and anonymity for our clients. All transactions are processed through trust accounts, ensuring complete discretion and protection of your personal information.
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Your account has been blocked from receiving further KTT transactions due to its current delinquent status. Please note that Prominence Bank does not process KTT transactions for accounts in delinquent status.
To lift the block, your account must be brought out of delinquency and adequately funded. It is your responsibility to ensure your account maintains sufficient funds if you wish to process KTT transactions.
The fee reflects the comprehensive suite of services we provide, including:
ā¢ Secure, anonymous account management: We prioritize the discretion and privacy of our clients, safeguarding their financial transactions.
ā¢ International banking infrastructure: We maintain a network of trusted correspondent banks globally, facilitating seamless international transfers.
ā¢ Robust security measures: We invest in advanced security protocols and technology to protect your assets and maintain the integrity of your account.
ā¢ Unparalleled Discretion:Ā We are committed to providing the utmost level of privacy and anonymity for our clients. All transactions are processed through trust accounts, ensuring complete discretion and protection of your personal information.
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No, Prominence Bank will not review, download, or process the KTT transaction currently pending on your account until the account is in good standing and the required fees are covered. It is your sole responsibility to know and verify the details of the transactions you or your remitter initiate.
Prominence Bank will credit your account based on the instructions received from the remitterās bank. However, this will only occur if your account is out of delinquent status and has sufficient funds to cover the fees. It is your responsibility to ensure the nature of the transaction aligns with your expectations.