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Discount Bank:
There are international trade departments within banks that specialize in discounting trade instruments. This falls under the calling of trade finance, wherein a bank will purchase trade documents such as a LETTER OF CREDIT for less than the full value, taking over all the responsibilities of collection from the owner. This is also referred to as factoring or FORFAITING.
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: Other
than the term being incorporated into the name of a bank, such as "The
SoAndSo Discount Bank", there is no financial institution that is
specifically called a discount bank.
: Con
artists tout "discount banks" as a place where one may purchase Letters of
Credit or