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 - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
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