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Correspondent Bank

Truth:

A co-respondent or correspondent bank is one that performs services for its respondent bank. 

Such services may be in the form of loan participation if a loan exceeds the limit of the respondent bank's loan policy. 

Overall, a correspondent bank is one that backs up the limitations of a smaller bank, a foreign bank, a merchant bank, or other financial institution that needs to 'farm out' certain procedures an services not available at the respondent bank. 

Many community banks clear out-of-town checks through reserve accounts at a larger bank.

Scam:

Most HIGH-YIELD INVESTMENT PROGRAM scammers use the correspondent bank as an excuse for all sorts of things from the reason the funds have not reached a certain designated bank on time to a reason for the investor not receiving his profits on time. 

The most common excuses are that the correspondent bank did not code a check properly, that an officer did not forward a CONDITIONAL S.W.I.F.T. when he should have, that the correspondent bank changed the wording on the S.W.I.F.T. or inverted the designated bank account number, and that the correspondent bank is having a dispute with one of the other banks in the chain.

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