I am being told by a sales person that I could secure the deposit of a new sale using bank guarantee. What is it and how does it work? My understanding is the bank can assess either the cash balance in my bank or my existing home equity to give bank guarantee.
So if it's cash, would my cash still stay in my account? Would it get freeze and not touchable or earn interest? Is there any interest charged by bank?
If it's using home equity, would there be interest charged for that amount?
So if it's cash, would my cash still stay in my account? Would it get freeze and not touchable or earn interest? Is there any interest charged by bank?
If it's using home equity, would there be interest charged for that amount?