All BMO Harris branch location ATMs are also available free of charge to Park Bank customers!
Letters of credit give you greater control over your international and domestic trade activities by reducing your payment and collection risks and improving operational efficiency.
Standby Letters of Credit:
Enhance your credit position by providing added assurance to your business suppliers and partners in domestic and international trade. We stand by your ability to pay or meet your obligations by providing a financial guarantee that all agreed-upon conditions will be met:
in lieu of bid and performance bonds
to support advance payment and payment guarantees
to supplement credit limits with suppliers
as a secondary means of payment to creditors
Export Letters of Credit:
Ensure payment when you sell goods overseas.
Park Bank checks the authenticity of the letter of credit, examines the required documents after shipment is made and forwards the documents to the issuing bank for review and payment.
Import Letters of Credit:
Ensure that import shipments and documents comply with your agreed-upon terms.
Park Bank issues letters of credit on your behalf, verifies that your supplier’s documents are in order and pays your supplier.