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N Cal Attorney
N Cal Attorney, Attorney
Category: Business Law
Satisfied Customers: 9393
Experience:  Since 1983
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Is it illegal to ask for a MT941 in the US

Resolved Question:

Is it illegal to ask for a MT941 in the US?
Submitted: 6 years ago.
Category: Business Law
Expert:  N Cal Attorney replied 6 years ago.
-Could you explain your situation a little more?

I'm not sure what you mean by an MT941, please clarify.
Customer: replied 6 years ago.
MT941 is a message "......... sent by an account servicing institution (reporting institution) to a financial institution (concentrating institution) which has been authorised by the account owner to receive it.
It is used to transmit balance information, reflecting the situation at the identified time in field 13D."

I am a facilitator in commodity and financial instruments. A seller wanted an MT941 from the buyer to see Proof of Funds, but the buyer refused taking th plea that it is illegal in the US to get a MT941.
Expert:  N Cal Attorney replied 6 years ago.
On an account holder's request, banks can and do verify whether funds are available, so I am not aware of any law against the buyer asking his or her bank to provide that information to the seller.
N Cal Attorney and 2 other Business Law Specialists are ready to help you
Expert:  N Cal Attorney replied 6 years ago.
Thank you for accepting my answer, and thank you for the bonus!

Edited by N Cal Attorney on 12/7/2010 at 7:35 AM EST
Customer: replied 6 years ago.
You are welcome.

One of my questions has not been answered, can you please take a look at it? Thanks.
Expert:  N Cal Attorney replied 6 years ago.
The website shows you do not have any other open questions. What was the other question?
Customer: replied 6 years ago.
It was relating to people talking about a law against soliciting business. In commodity deals, when a seller asks for an LOI, the buyer says he cannot as he is prevented. Doesn't make sense.

The question may have been closed by the moderator. SHould I rais it again?
Expert:  N Cal Attorney replied 6 years ago.
Yes, go ahead and post it as a new question.
Customer: replied 6 years ago.
Thanks, XXXXX XXXXX Smile