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Bank guarantee cancellation

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When writing a Bank guarantee cancellation letter this means that you inform the bank that you cancel the guarantee that was handed out and to release funds.


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Category: > Bank Letters



Overview

When writing a Bank guarantee cancellation letter, this means that you want to inform the bank manager that you have canceled the bank guarantee that you handed out to you as part of our obligations in project name or contract and released the funds back to your account, often due to issues with the delivery by the supplier.

How do I write a letter to cancel bank guarantee?

Follow these steps when creating such a cancellation letter:

  1. Address your letter to the right person, of the bank manager.
  2. Mention the date, your account number, and the total amount of the guarantee.
  3. Explain valid reasons why you need to release/return the guarantee.
  4. Request from the bank to cancel, release, return, refund, or discharge the funds.
  5. Mention the timeline, before what date the cancellation needs to be effective.
  6. Request for the funds to available for withdrawal or transfer.
  7. Optionally request the closure/closing of the account.
  8. List all necessary details pertaining to you, the guarantee, and the account number.

A sample letter that you can send to your bank:

  • Dear Sir/Madam {{Name}},
  • This letter is with reference to the bank guarantee number {{Number}} that was given on {{some date}} under account number {{Mention account number}}.
  • We would like to ask your bank to cancel/release the above-mentioned guarantee effective {{some date}} and transfer the associated funds back to {{my, our}} account.
  • We appreciate your swift action on the matter. Enclosed with this letter are the bank guarantee details and other supporting documents for your reference.
    • Bank Guarantee Reference Number: 
    • Date of Issue:
    • Account Number:
    • Name of Beneficiary:
    • Beneficiary Account Number:
  • Thank you for your cooperation.

Download our Bank Guarantee Cancellation Docx as a Word file, also suitable as a Release Letter Format to Supplier or Vendor directly from our website.


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