Standby Letters of Credit
A flexible tool for a variety of situations
When you encounter a business transaction that requires assurance that your payment will be made a standby letter of credit may be what you need. It doesn't have to be related to the purchase of goods or services. It's based on a contractual agreement or other obligation and is drawn upon by the beneficiary only when the applicant fails to meet the underlying obligation.
Advantages of Standby Letters of Credit
Certify
Certify creditworthiness in domestic as well as foreign transactions.
Simplify
Eliminate the need for cash deposits or more complicated guarantees, such as bid or performance bonds.
Validate
Establish creditworthiness of US-based parent companies to subsidiaries overseas.
Save
Reduce banking costs, since standby letters of credit are less expensive than bonding and other credit facilities.
Guarantee
Ensure that international transactions are properly structured.
Application Agreement
Standby Letter of Credit Application (PDF)
Application Instructions
Standby Letter of Credit Application Instructions (PDF)
Amendment Request
Letter of Credit Amendment Request (PDF)
Manage your business on the go
Manage your accounts from anywhere
Send and transfer money using ACH and wires
Receive account and security alerts
Manage your business on the go
Manage your accounts from anywhere
Manage your business on the go
Send and transfer money using ACH and wires
Manage your business on the go
Receive account and security alerts
