NationStates Jolt Archive

What on God's Green Earth is a non-correspondent bank? Someone shot the term out at me in an IM convo and I have been wracking my brain, and Google, for 20 minutes and am nowhere near understanding what one is, google is totally uselss, as is wicki and yahoo. Some help?

Attn: President/CEO,


First, I must solicit your confidant in this transaction, this is by virtue of its nature as utterly CONFIDENTIAL and TOP SECRET. Though I know that the transaction of this magnitude will make any one apprehensive and worried, but I am assuring you that all will be well at the end of the day. We have decided to contact you due to the urgency of this transaction, as we have been reliably informed of your discreteness and ability in transaction of this nature.

Let me start by first introducing myself properly to you, I am williams kenny a director with the Nigerian National Petroleum Corporation (NNPC) Eleme Refinery. I came to know of you in my private search for a reliable and reputable person to handle the confidential transaction, which involves the transfer of a huge sum of money to a foreign account requiring maximum confidence. THE PROPOSITION: a foreigner, Engineer James Akmed, an Oil Merchant/Contractor with the Federal Government of Nigeria, until his suspension three years ago, executed with us at Eleme Refinery of NNPC, and had a total contract executed worth US$28.6 (Twenty Eight Million,Six Hundred Thousand United States Dollar) which flows in the Corporation's suspense account.

It is because of the allegation/petition leveled against him that he (Engr. James Akmed) who is a close friend to the late dictatorship General Sanni Abacha (formal Military President of Nigeria) who died in office in 1998 and during his tenure the country experienced various mismanagement and series of malpractices were carried out in collaboration with his foreign friends.

However, a Panel were set up to investigate the issue, who found him (Engr. James Akmed) guilty and the present Democratic President of Nigeria Chief Olusegun Obasanjo suspended him from transacting any business in Nigeria with immediate effect and was asked to leave the country. However, these made the contract fund "UNCLAIMABLE" which was only known to my colleagues and I. Fortunately, all the Contract document including the " CONTRACT COMPLETION CERTIFICATE" are with me but the need for a very trustworthy foreign business man/woman whom I would present as the Foreign contractor/beneficiary to claim the fund. In order to achieve this development, some of my colleagues and I now seek your permission to have you stand as the FOREIGN CONTRACTOR so that the funds would be released and paid into your account as beneficiary's who executed the contract in the year 1999. All documents and proves to enable you get this fund will be carefully worked out. More so, we are assuring you of a 100% risk free involvement. Your share stays while the rest would be for me and my colleagues for investment purposes in your country.

We have agree that, the funds be shared thus, after it has been transferred into your nominated account:

(1) 30% of the money will go to you for acting as the beneficiary of the fund.

(2.) 5% will be set aside for reimbursement to both parties for any incidental expenses that may be incurred in the cause of the transfer. (3). 65% to us the originator of the transaction.

If this proposal is acceptable by you, do not make undue advantage of the trust we have bestowed on you and your Company, kindly get to me immediately on my E-mail Address as stated bellow. Please furnish me with your most confidential Telephone and Fax Number(s), Company Name to use, Banking information including the A/C Number, Swift Code (if any).

I assure you that if you will follow my instruction, the fund shall be in your Account within 7-10 days of this transaction.

Thanking you for your kind understanding in this regard.

My best regards,
ENGR. JOHN ADEMOLA (MNSE)

Well, a Nigerian scam fishing e-mail doesn't quite answer my question, unless I am too tired to process your meaning.

Did you ask the person you were talking to what they meant?

But I can't help you. I could tell you what a correspondent bank is if that is any help?

And then say a non-correspondent bank isn't one of those. Maybe the person was just using a buzz word.

Okay, well, to interpret the aformentioned nigerian offer (scam my ass!)

Correspondent bank: A financial institution that regularly performs services for other banks. (google define) ie: the bank a bank would use

Non correspondent bank: A Bank that is not a Correspondent bank.

Did you ask the person you were talking to what they meant?

But I can't help you. I could tell you what a correspondent bank is if that is any help?

And then say a non-correspondent bank isn't one of those. Maybe the person was just using a buzz word.

They couldn't answer what a non-correspondent bank was. But telling me what a Correspondent Bank is might help...

Non correspondent bank: A Bank that is not a Correspondent bank.

So its one that doesn't provide services for another bank? I am at stupid o'clock right now (its 9:16 am, I got up 3 hours of sleep yesterday running around, and the 5 hour energy I just downed 30 minutes ago made me sick and has already worn off...). Is there anything relevent I am missing?

They couldn't answer what a non-correspondent bank was. But telling me what a Correspondent Bank is might help...

Well a correspondent bank is basically a bank that will settle customers payments on behalf of their customers in another country. This may occur because the bank does not have sufficient volume or is unable to set up in a foriegn country.

Since he couldn't explain what one was I have a feeling he didn't know what he was talking about.

Well a correspondent bank is basically a bank that will settle customers payments on behalf of their customers in another country. This may occur because the bank does not have sufficient volume or is unable to set up in a foriegn country.

Since he couldn't explain what one was I have a feeling he didn't know what he was talking about.

So a non-correspondent bank doesn't deal with foriegn countries?

So a non-correspondent bank doesn't deal with foriegn countries?

No that would be a domestic bank.

There are different types of the organisation of international banking that deals in foreign banks including; Representative offices, foreign branches, foreign subsidiaries, and edge act corporations banks.

A correspondent bank is just a part of the possible organisation of international banking activities (think of it as an option in how a bank may deal outside of its home country, rather than an actual type of bank)

Oh wow, glad I never studied accounting! The fog of stupid must be clouding my insight... Thanks for what you have explained to me though, I know more than I did when I asked. If I had realized how touhg of a question this was I might have just decided against it.

Oh wow, glad I never studied accounting! The fog of stupid must be clouding my insight... Thanks for what you have explained to me though, I know more than I did when I asked. If I had realized how touhg of a question this was I might have just decided against it.

lol, glad I could help, but I really think he was using some term he may have heard somewhere and didn't know what he was on about when using the term.

It isn't really a tough question because simply put the answer is there is no such thing.*

May I ask what the topic was and why he was using the term?

*I say there is no such thing until someone like Neu Leonstien comes on here and tells us exactly what a non-correspondent bank is. But I don't remember hearing the term in any of my banking and finance classes, and I also pulled out some of my textbooks and couldn't find any mention.

lol, glad I could help, but I really think he was using some term he may have heard somewhere and didn't know what he was on about when using the term.

It isn't really a tough question because simply put the answer is there is no such thing.*

May I ask what the topic was and why he was using the term?

*I say there is no such thing until someone like Neu Leonstien comes on here and tells us exactly what a non-correspondent bank is. But I don't remember hearing the term in any of my banking and finance classes, and I also pulled out some of my textbooks and couldn't find any mention.

I have an ASB in Business and I never heard of one, of course my degree focused on management, budgeting, and stuff like that... so I didn't know.

The question came up because someone asked me what one was, simple as that. I'm considered a repository of basic trivia by a lot of people so I get questions all the time.

I have an ASB in Business and I never heard of one, of course my degree focused on management, budgeting, and stuff like that... so I didn't know.

The question came up because someone asked me what one was, simple as that. I'm considered a repository of basic trivia by a lot of people so I get questions all the time.

Yeah ok fair enough, sorry about that I thought someone was telling you something and mentioned the term. But yeah fair enough as I say I don't think there is such a thing as a non-correspondent bank apart from the fact that it is something which isn't a correspondent bank in the sense that they don't have an agreement with a foreign bank.

And what does ASB stand for?

And what does ASB stand for?

ASB: Associate of Specialized Business I also have a BS (Bachelor of Science) degree in Graphic Design. An ASB is essentially the same as a Bachelors degree but has less requirements, the academic ones are about the same; but the rest are different or non-existant.

For example lets say to earn a Bachelors I would need 40 credits over 4 years (30 academic, 10 non academic). To get the ASB I only need 20 Academic credits. I'm not exactly sure on the numbers... I got both degrees at the same time in 2 years, made for some hectic class schedules.

ASB: Associate of Specialized Business I also have a BS (Bachelor of Science) degree in Graphic Design. An ASB is essentially the same as a Bachelors degree but has less requirements, the academic ones are about the same; but the rest are different or non-existant.

Yeah ok cool. I hear Graphic Design is a load of BS :p

Why is Graphic Design a Science degree? Shouldn't it be a BA degree?

Yeah ok cool. I hear Graphic Design is a load of BS :p

Why is Graphic Design a Science degree? Shouldn't it be a BA degree?

Its considered a Science because today it is more of a technical field than an artistic field I think. Or perhaps it just depends on the school you attend? I was in one of th elast graduating Bachelor's classes through my school. Now they only have an ASB program.

Mys pecialization was Web Design, html, flash, java, etc. Maybe thats why its a Science degree?

And Graphic Design is a load of BS....

Its considered a Science because today it is more of a technical field than an artistic field I think. Or perhaps it just depends on the school you attend? I was in one of th elast graduating Bachelor's classes through my school. Now they only have an ASB program.

Mys pecialization was Web Design, html, flash, java, etc. Maybe thats why its a Science degree?

Yeah fair enough then that may be it. I have a friend who did graphic design and I'm pretty sure she got a BA, though I'm not to sure and as you say it may depend on where you go.

And Graphic Design is a load of BS....

lol

Yeah fair enough then that may be it. I have a friend who did graphic design and I'm pretty sure she got a BA, though I'm not to sure and as you say it may depend on where you go.



lol

Its a growing industry that doesn't hire anyone with less than 5 years of experience. In fact, if I wanted to get a job in the field now for any major firm I would have to go back and take some new classes, a lot like a teacher. Its not possible, or worth it, right now.

Its a growing industry that doesn't hire anyone with less than 5 years of experience. In fact, if I wanted to get a job in the field now for any major firm I would have to go back and take some new classes, a lot like a teacher. Its not possible, or worth it, right now.

Yeah gee, so how do new people get experience if no one is going to hire them? And that may explain why she is currently working for an ISP provider (I think I haven't seen her for well over a year, I'm vague on the exact details and is second hand)

What does growing industry mean? I presume you mean something more than growing industry.

What does growing industry mean? I presume you mean something more than growing industry.

By growing industry they mean one that is becomeing vastly more important and diverse and that it has constant job openings that need to be filled, they claim demand is high; its got high demand for freelance contracters who don't know when they'll work again is my experience. I could get several positions if I left the country for say, Canada, but I need to pay off my college loans first.

By growing industry they mean one that is becomeing vastly more important and diverse and that it has constant job openings that need to be filled, they claim demand is high; its got high demand for freelance contracters who don't know when they'll work again is my experience. I could get several positions if I left the country for say, Canada, but I need to pay off my college loans first.

Oh ok I see yeah gee, cheers.

Basically you've got it. Before Bank A chooses to go into another country properly, acquiring assets or starting a new set of locations there, it will usually test the waters by striking an alliance with a local Bank A. People with A will then be able to access their funds or do other deals in the country by going to Bank B. A whole bunch of legal documents and linkage in computer systems mean there is minimal waiting time required. IIRC, Barclays and Bank of Tokyo have, or had, such an agreement for example.

A non-correspondent bank is basically one where this framework doesn't exist. If you're in Burkina Faso and your bank at home doesn't have a correspondent bank there, you can organise a payment to be sent to you through a local bank, but it will take longer and cost you more.

Basically you've got it. Before Bank A chooses to go into another country properly, acquiring assets or starting a new set of locations there, it will usually test the waters by striking an alliance with a local Bank A. People with A will then be able to access their funds or do other deals in the country by going to Bank B. A whole bunch of legal documents and linkage in computer systems mean there is minimal waiting time required. IIRC, Barclays and Bank of Tokyo have, or had, such an agreement for example.

Good my fear was unfounded then :p

A non-correspondent bank is basically one where this framework doesn't exist. If you're in Burkina Faso and your bank at home doesn't have a correspondent bank there, you can organise a payment to be sent to you through a local bank, but it will take longer and cost you more.

Why would you call it a non-correspondent bank? Why not just say it doesn't have an agreement with the customers domestic bank?