What’s a Money Transmitter Bond good for?

A money transmitter is defined as a business that provides money transfer services or payment services to customers. It is compulsory to purchase a money transmitter bond for those in the money transmitter business and this bond is needed by companies that use a banking system to transfer, wire, or otherwise send money between parties. The safeguard of this bond is that it makes sure that the money reaches the intended party. If a problem arises, the surety bond producer will reimburse the party whose money was mishandled and then seek compensation from the principal (otherwise known as the applicant).

Watering lawns in the form of sign dollar. 3d

In order to ensure the easiest and most cost effective ways when obtaining a money transmitter bond, the following items, among others, will be required:

  1. Applicant’s name and business address
  2. Identifying information (taxpayer identification number, social security number, etc.)
  3. Fees
  4. Successful criminal background check
  5. Maintenance of permissible investments
  6. Surety bond

Summary:

A money transmitter bond is required for anyone who does business in the money transferring business (those who transfer, wire or send money between parties).  If the money does not reach the intended party, the surety bond producer will reimburse the intended party and seek reimbursement from the money transmitter.

We here, at GotSuretyBonds.com are an independent bond-only agency, committed to the principles of service, integrity and professionalism. We view our clients, employees and underwriters as our “business family”. We strive to offer each and every one of them unsurpassed attention and support to ensure a mutually beneficial relationship.  We have a keen understanding that success for everyone is only possible through helping all of our constituents achieve their goals and objectives, we believe that a truly satisfied customer, employee or vendor is the best business strategy of all.  Our surety bonding services help create a blueprint for success. Our principals have relationships nationwide and have earned the trust of underwriters. Because of our credibility within the underwriting community and longevity in the industry, we are able to act as powerful advocates for our clients. We have a unique, tactical process to professionally design and present a thorough financial picture with risk and financial analyses to the surety market.

 

 



Leave a Reply