When you need a work-related financial guarantee—such as a performance bond or wage bond—MVB can provide a bank-backed letter of credit.
Give third-parties the knowledge that MVB is backing up your project. Our letter of credit can also yield lower costs in relation to insurance bonds. Most importantly, you have peace of mind that we're always here throughout the process.
- Ideal to guarantee payments on large purchases
- Typically issued for 1-year term or less
- Can replace need for insurance company performance bond
- Interest accrues only if beneficiary requests an advance
Effective May 11, 2018, all banks will be subject to new rules under the Bank Secrecy Act that will aid the government in the fight against terrorism and other national security threats. Are you prepared? Click here to learn more about the Beneficial Ownership Rule.