Notifying Bank

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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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Advising bank

References in periodicals archive ?

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.

FSC opens up renminbi-related businesses

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.

Anonymous claims to hack US security firm

Meanwhile, Reuters reported that the regulator had started notifying banks about the procedure and has also informed the Banking Regulation and Supervision Agency (BRSA) which will have the task to check whether the financial institutions have contravened competition regulations.

-Turkey launches probe into 12 banks over alleged rate collusion

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.