Final Response to Your Claims Jason A. Felts
From: Account - Prominence Bank
Subject: Re: Account # 505380743934
Date: November
19, 2024 at 10:12 PM
To: Jason Felts jasonafelts@gmail.com
________________________________________________________________________________________
Dear Jason,
1. Informal Communication Is Not Binding: Emails, screenshots, or other informal communications do not constitute a legally binding agreement or commitment by Prominence Bank. Only signed and formally executed agreements are recognized as valid commitments by our institution.
2. Our Role in Transactions: Prominence Bank facilitates transactions based on instructions received from account holders. Statements from bank officers regarding anticipated credits reflect information visible on our systems but are not guarantees of final settlement. The completion of any cash-backed transfer depends on the originating and intermediary banks’ actions. Prominence Bank processes transactions based solely on instructions provided by account holders and information received via SWIFT or KTT messages. While an MT103 may indicate the initiation of a transfer, the final receipt of funds depends entirely on the originating bank’s completion of the corresponding MT202 confirmation to settle the transaction. The completion and clearing of funds rely 100% on the originating bank’s actions, which are beyond Prominence Bank’s control. We credit funds only after they are fully settled and confirmed.
3. KTT Transactions and Associated Risks: KTT transactions are complex and inherently risky. As a client, it is essential to fully understand these risks before initiating such transactions. The fees you paid were for the facilitation of the transaction as per your instructions. These fees are non-refundable as the services were rendered in accordance with our policies and procedures.
4. No Evidence of Misconduct: The materials you provided do not demonstrate any signed agreement or formal commitment from Prominence Bank guaranteeing cash-backed transfers. Our institution has not engaged in any wrongdoing and has fulfilled its obligations in accordance with the agreed terms.
5. Public Information Sharing : We welcome your decision to share your experience publicly, as it sheds light on the risks and challenges associated with KTT transactions. Your experience, while unfortunate, serves as a critical reminder to others about the importance of thoroughly verifying the legitimacy of third-party promises before proceeding with such transactions. Many clients have faced similar situations where they were led to believe they would receive substantial cash transfers, only to end up with financial instruments or incomplete transactions. We encourage you to continue sharing your story, as it informs others about the potential pitfalls of engaging in KTT transactions without a deep understanding of the process or the credibility of the counterparties involved. It is vital for all clients to be cautious when dealing with meters or intermediaries and to recognize the high risks associated with these types of transactions.
At Prominence Bank, we always advise our clients to avoid using KTT transfers unless they have absolute confidence in the counterparties involved. Instead, we recommend utilizing SWIFT-based transfers, which are more secure, transparent, and typically do not involve additional fees if the transaction does not proceed as expected. We understand that you might feel we are unhappy with your decision to share your experience publicly; however, the reality is quite the opposite. By sharing your story, you are helping us and other financial institutions inform potential clients about the risks inherent in KTT transactions. Many of these risks stem from unscrupulous third parties who mislead clients into thinking they are receiving guaranteed investments or funds. These actions, unfortunately, create false expectations and lead to frustration when transactions fail to deliver the promised outcome.
Please know that if you need confirmation of this information to support your public forum, we are happy to assist in helping others understand the risks they are taking. We are committed to transparency and to educating clients about the realities of these transactions. While we are not responsible for agreements or interactions between clients and their remitter's bank, we stand by our process, which includes publicly available fee structures, no upfront charges, and services rendered according to industry standards. services rendered according to industry standards.
Ultimately, account holders must take full responsibility for understanding the risks of activating a KTT Telex on their accounts. If someone else is asking them to receive a KTT transfer on their behalf, we strongly recommend they request that party to pay the associated fees in advance to avoid personal financial liability. Engaging in KTT transactions without thorough due diligence and financial safeguards often results in fees paid without receiving the expected credits.
At the end of the day, the responsibility for such decisions lies solely with the account holder, and while we empathize with your experience, we cannot assume liability for transactions involving third parties or originating from external institutions.
6. Empathy for Your Position: We understand that you borrowed funds to pay the fees and trusted the information provided by your intermediary, as well as the information our staff informed you of as a courtesy via message or email, based on what was visible on the bank’s screen system at the time. This included details about a cash transfer incoming into your account.
However, as explained previously, the final settlement of the funds always depends on the originating bank’s actions. This does not mean our staff provided misinformation, as your KTT transaction was categorized as an MT103 cash transfer, which is accurate according to the data received. Nonetheless, the settlement of real funds into your account ultimately relies on the originating bank completing the necessary final steps. Prominence Bank acted in good faith and provided the service for which the fees were charged, but the completion of the transaction is beyond our control.
As stated before, we cannot offer a refund for the services rendered. Prominence Bank remains committed to transparency and professionalism, and we hope this response provides clarity regarding our position. Any further communication on this matter must present new, substantive information to warrant a response.
Thank you for your understanding.
Best Regards,
Accounts Department
Prominence Bank
www.prominencebank.com
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