I've found it depends both on your bank and on the auction company as to how strict they require it to be. Personally, any bank that wont write me a letter when I have the funds on deposit will cease to have my funds on deposit immediately. Of equal aggervation to me was when one bank told me that they charged 1.5 percent of the amount of the letter. I've settled with one bank of late for all my business transactions for this very reason.
I've found that the larger and more remote a banks main office is the harder it is to get one. What becomes more difficult is 'irrevocable secured' letters. I've got one posted in lieu of a bond with planning and zoning to cover a road I built that eventually the county will take over. For this one I have to have the funds in a CD as opposed to on deposit. The bank president has written me letters before in excess of what I have on deposit buy not in excess of what I could resonably expect to borrow on a personal or demand note.
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Today's Featured Article - Harvestin Hay: The Early Years (Part 2) - by Pat Browning. The summer of 1950 was the start of a new era in farming for our family. I was thirteen, and Kathy (my oldest sister) was seven. At this age, I believed tractor farming was the only way, hot stuff -- and given a chance I probably would have used the tractor, Dad's first, a 1936 Model "A" John Deere, to go bring in the cows! And I think Dad was ready for some automation too. And so it was that we acquired a good, used J. I. Case, wire tie hay baler. In addition to a person to drive th
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