All KTT Telex transactions are subject to a 1.5% fee on the face value received. This applies to all transaction types, including bank instruments, bank guarantees (BG), standby letters of credit (SBLC), and funds transfers.
In accordance with bank policy, Prominence Bank cannot determine the type or nature of any KTT received via the KTT Telex system until the transaction is fully downloaded and credited to the account holder’s profile. Therefore, any client intending to use KTT Telex services must have the financial capacity to cover the applicable fees before the service is provided.
While no upfront fees are charged, account holders must maintain a sufficient available balance to cover the KTT Telex fees prior to the crediting of any transaction. Clients utilizing these services are generally high-net-worth individuals who have the necessary resources to meet all associated obligations.
Example:
If you receive an SBLC via KTT Telex with a face value of USD 500 million, the banking fee at 1.5% would be USD 7.5 million. If your account does not have the available balance to cover this fee, it would result in a significant negative balance and could trigger Non-Sufficient Funds (NSF) penalties. This would adversely affect our banking records with regulatory agencies and place your account in severe delinquency.
Important:
Ensure your account has sufficient funds to cover all associated fees before initiating any KTT transaction to avoid negative balances and penalties.
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