If you issue a MT760 and you instruct your bank no to send it out of the bank is there a danger to your MT760?

Answer 1

Your funds will get blocked it may get stagnated you will have no control over it call back.

Question makes no sense as YOU don't issue this form, a bank does and it is always issued to be sent to another, external source.

SOUNDS LIKE YOUR PLAYING IN AN ARENA YOU HAVE NO IDEA OF - and why you would possibly post it in a bankruptcy forum makes no sense too. Perhaps you think your going to out smart some creditor or the court?

The SWIFT MT 760 format is one utilized frequently in a wide range

of financial transactions, not simply private placement programs. That said, the use of this procedure raises a number of issues of critical importance. Clients considering utilizing this format, therefore, should exercise a measure of caution and restraint. Let's examine some of these issues in turn...

Analysis:

1) Nature of SWIFT A SWIFT MT 760 is a bank-responsible guarantee issued by the sender bank, upon instructions of its account holder, in favour of a particular transaction or counter-party. Since banks never put their own money at risk, the clients funds are "blocked" by the bank, and held by the bank as security (collateral) for the issuance of the SWIFT. The SWIFT MT 760, therefore, is more than just an inter-bank message - it is a full-blown cash-backed negotiable instrument!

2) Text The SWIFT MT 760 comes in a variety of shapes and sizes, depending on the precise text employed by the sending bank in the field specifications, particularly Field 77C. When offered a SWIFT MT 760 procedure by a Trade Group, clients should request the complete text of the SWIFT MT 760 message so there can be no "surprises" later on. And don't settle for a watered-down "broker" version of the text; the precise language of the field specifications is of critical importance.

3) Availability U.S. Banks (and some banks in the Far East) have shown a general unwillingness to issue a SWIFT MT 760. Before you can commit to any proposed transaction, therefore, you will need to first confirm that your bank will take instructions to issue the SWIFT message. And if your bank won't cooperate, you may wish to move your funds out of the bank to a more accommodating financial institution!

4) Cost Keep in mind that the bank charges for issuance of a SWIFT MT 760 are not insubstantial, it's normally 0.05 % of the amount.

Answer 2

If you instruct your bank not to send out the MT760, there should not be a danger to the MT760 itself. However, it's important to communicate clearly with your bank to ensure they follow your instructions correctly. Failure to do so may result in the MT760 being sent out inadvertently, which could cause issues depending on the circumstances.