proof of funds (POF)

Definition

Documentation issued by a qualified financial institution declaring that the account holder has sufficient funds to be used on payment for a large purchase. It should be noted that a proof of funds is a popular vehicle for fraud, used by con artists and in real estate fraud. Therefore they should only be provided or accepted with extreme scrutiny and a complete background check of the individuals involved. Also called leased proof of funds, standby letter of credit and blocked funds letter.
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proof of concept proof of loss