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CORPORATE BANKING » CASH CREDITS » REVOLVING CREDITS

REVOLVING CREDITS (OPEN LOANS)

Revolving credits are extended to meet the short-term cash requirements of corporate customers whose funding needs vary daily. Interest accrues quarterly at rates that vary according to market conditions. The credit accounts may be closed out either partially or to entirety at any time before maturity.

Revolving credits are subject to the Resource Utilization Support Fund and Banking and Insurance Transaction Taxes unless they are extended under an export contract. Quarterly account statements are forwarded to clients through a notary public at calendar quarter ends. 

Benefits of Revolving Credits:

  • Services short term financing needs 
  • Option to repay before maturity offers potential savings on financing costs