A customer of a bank in Minnesota, for which I worked, imported shirts from a supplier in Greece. The buyer and seller agreed to payment terms of 60 days after acceptance of the draft, easily calculated once the buyer accepts the draft. On the maturity date, the treasurer at the company that bought the shirts informed us he would not make the payment.
After we informed the bank in Greece that we could not collect the payment, the bank in Greece requested us to perform a rarely used technique. They asked us to protest non-payment of the draft – a formality sometimes used to provide material evidence, if needed, in a legal proceeding, or sometimes nothing more than a bluffing technique.