- January 5, 2017
- Posted by: Surety Bond Experts
- Category: Surety Bond
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).
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:
- Applicant’s name and business address
- Identifying information (taxpayer identification number, social security number, etc.)
- Successful criminal background check
- Maintenance of permissible investments
- Surety bond
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.
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