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What is a Commercial Letter of Credit?

A Letter:
  • Issued by a Bank to a Beneficiary (Usually the Seller)
  • At the Request of a Buyer (Applicant for Letter of Credit)
That Authorizes the Drawing and Presentation of Drafts:
  • For a Stipulated Amount
  • Under the Specific Terms Outlined in the Letter of Credit
And Promises Payment:
  • When Draft(s) and Documents Meeting the Specified Terms and Conditions of the Letter of Credit are Presented.

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Santa Barbara Bank & Trust, First National Bank of Central California, South Valley National Bank, San Benito Bank, Pacific Capital Bank, and First Bank of San Luis Obispo are divisions of Pacific Capital Bank, N.A., member FDIC.

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