Commercial 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 creditworthiness in domestic as well as foreign transactions.
Eliminate the need for cash deposits or more complicated guarantees, such as bid or performance bonds.
Establish creditworthiness of US-based parent companies to subsidiaries overseas.
Reduce banking costs, since standby letters of credit are less expensive than bonding and other credit facilities.
Ensure that international transactions are properly structured.
Standby Letter of Credit Application (PDF)
Standby Letter of Credit Application Instructions (PDF)
Letter of Credit Amendment Request (PDF)
Make business and travel abroad secure and simple
Get the foreign currency you need to do business in other countries.
Deposit money from anywhere
Normal credit approval applies.
Bank deposit products are offered by First Citizens Bank. Member FDIC and an Equal Housing Lender. icon: sys-ehl.