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WHAT IS A LETTER OF CREDIT?

A Letter of Credit is a type of legal agreement that creates a guarantee of payment and is often required by municipalities with financial or performance obligations. For instance, for major buildout, infrastructure, or renovation projects.

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FINDING YOUR SOLUTION

COMMERCIAL LETTER OF CREDIT FAQs

Are my business accounts insured?

Every deposit account at Country Bank is insured in full. In addition to Federal Deposit Insurance Corporation (FDIC) insurance, Country Bank offers Depositors Insurance Fund (DIF) protection.

Each depositor is insured by the FDIC up to $250,000
All deposits above the FDIC limits are insured in full by the DIF
The combination of FDIC and DIF insurance provides customers of Massachusetts-chartered savings banks with full deposit insurance on all of their deposit accounts

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