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CORPORATE BANKING » CASH CREDITS » DISCOUNT CREDITS

DISCOUNT CREDITS

Discount/redemption credit is extended to corporate customers that have an extensive portfolio of checks or promissory notes, which are used to meet short-term cash requirements against the discounted value of checks or promissory notes that have not yet fallen due.

The interest and charges related to such loans are collected up front and the principal is collected at maturity when the checks or promissory notes are cashed.

Discount credit is subject to the Resource Utilization Support Fund and Banking and Insurance Transaction Taxes unless it is extended under an export contract.