What Is a Bank Letter?
A bank letter is any written document sent and handed over to a bank manager for a specific purpose. Bank letters come in various forms and have different plans ranging from opening new accounts to requesting loans.
How to Write a Bank Letter
According to Statista, the Bank of America received the most market shares in 2019 by holding 10.6% of all US deposits. If you need to make a transaction that requires you to write a letter to a bank, we can help you with our list of guidelines below.
1. Determine the Purpose of the Letter
Yes, you’re making a letter to send to the bank, but what is the purpose of writing it? Is your letter an application for a business loan? Is it to transfer funds between different accounts? Or perhaps it is a request for an address change? Whatever your reason is, this should be your first concern, determining what the letter is for.
2. Write a First Draft of the Letter
Instead of arranging your thoughts and writing the contents separately, you can write a first draft that covers both tasks. This will save you time since writing a draft helps you gather ideas and align yourself with your letter’s purpose. Use this as your reference when writing your official formal letter.
3. Use Attention-Grabbing Keywords in the Content
A lot of times, a reader does not go through a letter word-for-word. Since bank managers deal with so many tasks, they just skim through it while taking note of keywords. To make your letter effective and convincing, throw in relevant keywords into the content.
4. Keep the Letter Simple and Straightforward
Since this is not your average friendly letter, you better make sure that the content maintains straightforwardness. In two to three paragraphs, introduce yourself to the reader and explain what your intentions are. Afterward, end the letter with a positive note that your request gets approved.
5. Sign Your Name and Provide Your Contact Details
As the sender, it is an obligation to write your complete name in the last part of the letter. However, it’s optional for you to add your title or profession below your name. Again, since this is a professional letter, place your signature over your name. Lastly, also add your contact information should the reader contact you in the future.
What are the types of letters?
- Formal letter.
- Informal letter.
- Semi-formal letter.
What should you include in a formal letter?
- Date of writing the letter.
- Your complete street address.
- Full name of the recipient.
- Main body of the letter divided into sections.
- Your name, signature, and contact information.
How long should a formal letter be?
Ideally, formal letters should only cover one page of the paper. However, the whole page should not be fully occupied, there should still be white space. In terms of wordcount, your letter should only be between 200 and 400 words.
What is the average net interest margin of US banks?
According to Statista, the average net interest margin from 1995 to 2019 is 3.35%.
What is the top bank in terms of worldwide assets?
According to the website, SmartAsset, JP Morgan-Chase is the largest bank in the US and the 6th in the whole world with $2.4 trillion in assets.