What are the requirements for a letter of guarantee?

The letter must be on official bank letterhead signed by an officer of that bank and it must state that the bank will guarantee payment of your check up to a specific amount for a specific auction or a specific period of time. An example of an acceptable letter of guarantee payment is as follows:

Dear Sir:

Mr./Mrs.______________________________ (specify name) is a customer of our bank, and we will guarantee payment of checks written on his/her

account number ______________________________up to $ _______________ (specify amount) for purchases made at your auction on

______________________ (specify date of auction).


Print Name (Bank Representative) _____________________________

Signature (Bank Representative) ___________________________________

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