{"ok":true,"canonical_url":"https://dealroom.so/glossary/correspondent-bank","api_url":"https://dealroom.so/api/public/glossary/correspondent-bank","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"correspondent-bank","term":"Correspondent Bank","group":"Doing the deal","definition":"This is a bank that facilitates transactions or services on behalf of another bank, often across international borders. It's how your foreign funds might be routed into the U.S.","what_it_means":"When wiring your equity injection from a foreign bank, a correspondent bank often acts as an intermediary. Be aware that this can add an extra layer of processing time and potential fees to your transaction. Ensure you understand the routing details and any associated costs when planning your closing timeline.","url":"https://dealroom.so/glossary/correspondent-bank","official_sources":[],"related":[{"slug":"foreign-sourced-equity-injection","term":"Foreign-Sourced Equity Injection","url":"https://dealroom.so/glossary/foreign-sourced-equity-injection"},{"slug":"know-your-customer","term":"Know Your Customer","url":"https://dealroom.so/glossary/know-your-customer"},{"slug":"bank-statement","term":"Bank Statement","url":"https://dealroom.so/glossary/bank-statement"}],"related_questions":[{"question":"Does the SBA 7(a) loan program require me to use a specific bank or can I choose any bank?","url":"https://dealroom.so/sba-loans/basics/does-the-sba-7-a-loan-program-require-me-to-use-a-specific-bank-or-can-i-choose-any-bank"},{"question":"Can prior bankruptcies or foreclosures impact my SBA 7(a) loan eligibility?","url":"https://dealroom.so/sba-7a/questions/can-prior-bankruptcies-or-foreclosures-impact-my-sba-7-a-loan-eligibility"},{"question":"Can cash in the business bank account count as collateral?","url":"https://dealroom.so/sba-loans/basics/can-cash-in-the-business-bank-account-count-as-collateral"},{"question":"What does 'Preferred Lender Program' (PLP) status mean for a bank?","url":"https://dealroom.so/sba-loans/basics/what-does-preferred-lender-program-plp-status-mean-for-a-bank"},{"question":"Does the SBA approve my loan application, or does the bank?","url":"https://dealroom.so/sba-loans/basics/does-the-sba-approve-my-loan-application-or-does-the-bank"},{"question":"If my business defaults, does the SBA pay the bank directly?","url":"https://dealroom.so/sba-loans/basics/if-my-business-defaults-does-the-sba-pay-the-bank-directly"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Correspondent Bank","url":"https://dealroom.so/glossary/correspondent-bank","source_type":"DealRoom Data"}}