Fees

Standby Letter of Credit Fee

Upon issuance of a Standby Letter of Credit (SLOC), the Bank charges a non-refundable fee which is calculated using the following formula: {Face Amount * FEE * (Term in Days/360)}.

The FEE used in the above formula is based upon the Face Amount of the SLOC and is currently 11.5 bps per annum. Any LOC fee is subject to change in the future.

The minimum charge for any SLOC is $250.

Confirming Letter of Credit Fee

Please contact the Money Desk for Confirming Letter of Credit Fees.

Collateral Requirements

LOCs are subject to the same collateral requirements as Bank advances.

Activity Stock Requirements

Effective October 1, 2020, members will be required to purchase and hold activity stock in an amount equal to 0.10% for LOCs. This requirement will apply to any new, renewed or modified confirming or standby LOCs issued on or after October 1, 2020.

Contact the Money Desk.