Letters of Credit
When you need a bank to back up an obligation to a vendor or service provider, Dollar Bank can help with a letter of credit. Our letters of credit are backed by the reputation and credit strength of Dollar Bank and ensure your business partners get paid, per the contract agreement, identification and delivery of goods.
Standby letters of credit support third party loans, performance guarantees and other obligations of your company and are used for a wide variety of purposes, replacing the need for:
- Bonds
- Down payments
- Guarantees
- Evidence of financial responsibility
Documentary letters of credit are available for both domestic and international trade and issued either as a direct obligation of Dollar Bank or as an indirect obligation through one of our international banking correspondents to help your business:
- Purchase goods and complying with the manufacturer’s needs
- Preserve your cash until goods have been shipped and documents examined
Our corporate bankers are available to discuss your specific business needs and help guide you through the process to ensure project success.