Notifying Bank

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Notifying Bank

Notifying Bank

A bank in a foreign country to which another bank in the domestic country sends a letter of credit on behalf of a client. The notifying bank honors the letter of credit and transfers requested funds to the client. A notifying bank is also called an advising bank.
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Chiu Shu-chen, deputy director general of the Banking Bureau, FSC, expressed that the FSC issued decree to Bankers Association yesterday for notifying banks about the liberalization move.
Despite being part of one of the largest asset managers in the world, BIM's systems were simply not adequate, and the basic step of notifying banks that the money was held on trust for clients was not done.
Stratfor said it had contracted a "leading identity theft protection and monitoring service" and urged members to take their own precautions, including notifying banks about any suspicious credit card activity.
He added each bank has its own cheque limit and amounts which exceed this are examined, but it was "not practical" for all cheques to be physically verified and victims notifying banks of missing funds or cheques was vital in the fight against fraud.