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Trenwick Group Ltd. (TWK) Message Board

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  • jad_333 jad_333 Dec 19, 2002 11:44 PM Flag

    Jad item 2

    cigar:

    That's what I mean by a back-up (or stand-by) facility: first in line in the event of a check bouncing or non-payment of a commitment...

    LOCs are useful for some things. I have to get one in order to bid at auctions for bulk building materials, even though I might have the money in the bank. It costs me around 2% for 14 days and gives the auction house exclusive drawing rights. After the auction I pay with a check. If it doesn't clear within 14 days, the auction house goes to the bank and collects. If I knew what my winning bids would add up to, I'd just get a $5 cashiers check...