Electronic Letters of Credit Now Available
October 14, 2020
Many of you suggested in our recent member experience survey that we streamline our letter of credit process. Starting Oct. 15, we plan to do just that. Our new letters of credit submission via our Members Only website will provide an easy online way to submit your request.
The online option will work for any letters of credit to existing public unit depositors (PUDs). No more filling out the form, printing it out and then scanning and emailing. Plus, you and your beneficiary will receive the letter of credit within minutes.
The new option also allows you to pre-submit your letter of credit application up to five days in advance. If you change your mind prior to the day of issuance, you can easily cancel the letter of credit online.
Authorized staff members listed on your Credit Authorization or Credit Resolution form will automatically have access to complete an online letter of credit when the new feature debuts.
We’ve put together a short video to show you how easy it will be to issue a letter of credit on Members Only.
If you have any questions, please contact Lending at 800.809.2733.