Letters of Credit
Get the validation necessary to build new business relationships through Sonabank. A letter of credit is perfect for scenarios when you're embarking upon new large-scale or international business relations. Let third parties know we're supporting your project, and start off on the right foot with a foundation of trust and respect.
- Provides guarantee on payments of large purchases to third parties
- Can replace need for costly insurance company performance bond
- Can also be used to guarantee a service
- Typically issued for 1-year term or less
- Terms easily renewed
- Interest accrues only if we must make payment to beneficiary on your behalf
All Sonabank business account holders will be required, due to regulatory reasons, to provide us with certain information on its Beneficial Owners.
This information must be provided on Sonabank's Beneficial Owner Form before a new account can be opened, or any changes can be made to an existing account.