A bank guarantee and a letter of credit are both promises from a financial institution that a borrower will be able to repay a debt to another party, no matter the debtor's financial circumstances.

Bank of America is warning customers that their accounts may be canceled if they haven’t been in used in several years. The national bank has sent letters to customers who haven’t accessed ...

A sudden rush for cancellation of bank guarantees (BGs ... citing dwindling business volumes coupled with letters from private banks seeking 100 per cent coverage against BGs.

Bank guarantees represent a much more significant commitment for banks than letters of credit. A bank guarantee, like a letter of credit, guarantees a sum of money to a beneficiary; however ...

Due to rising incidents of frauds, banks are not in favour of issuing non-fund based facilities, such as bank guarantees and letters of credit, to non-customers. The Reserve Bank of India had ...

The national bank has sent letters to customers who haven’t accessed their account in several years, warning them it may be deactivated due to “escheatment” laws. Bank of America serves 69 ...