Letters of Credit
Conduct your business transactions with peace of mind on both sides of the table. A bank-backed letter of credit lets third-parties know you can deliver on what you promise, including both guaranteed payments and services.
Let us put to rest any doubts, so you're free to execute projects as planned. Plus, interest only accrues on a letter of credit if you, the beneficiary, requests an advance.
- Ideal to guarantee payments on large purchases
- Can also be used to guarantee a service
- Typically issued for a 1-year term or less
- Fee is based on face value amount
- Interest accrues only when beneficiary requests an advance
- Especially helpful when dealing in international commerce
- Can replace need for an insurance company performance bond
Find a Steuben Trust Loan Officer for expert assistance.