Since 2001, Scott Bond Services has worked with numerous Money Service Businesses including transmitters, check sellers, stored value card providers and currency exchanges to satisfy their surety bond needs.
In more recent years, we’ve provided bonding support for a wide variety of Fintech organizations. Our expertise, outstanding service, and attractive pricing continue to make us an industry leader across all segments.
Will one Money Transmitter License Bond cover multiple states?
No. You will need to post a separate money transmission bond for each state in which you plan to hold a license. The required bond language is specific to each state and only supports a particular license. Our Bond Specialists are experienced with all state bond forms and will help ensure you get the proper bond for your license type.
What size Money Transmitter License Bond will I need?
This can depend on a variety of factors and will differ by state, and in a few cases, by license type. While some requirements are a fixed amount, the majority will depend on your volume or number of locations. While amounts typically range broadly from $10,000 to $1,000,000, the majority of bonds are under $500,000. However, some high-volume clients can see amounts extend into the millions; for example, California can range as high as $7,000,000.
How much does a Money Transmitter License Bond cost?
Pricing can vary widely based on time in business, credit, operational risks, and more importantly, financial condition of the client. Annual costs are typically 1.5% of the bond amount or less with preferred pricing extending well below 1%.
What underwriting information is typically required?
This can vary from case to case, but a good underwriting package will focus on a few primary areas including the background/experience level of those involved, the licensed activity itself/how funds flow, and financial condition. We are happy to discuss your specific situation & make sure we put together a submission that conveys the relevant information to the underwriters.
How do I apply for a Money Transmitter License Bond?
- Option 1 – You may complete the “Get a Quote” form above & one of our bond specialists will contact you.
- Option 2 – You may call Joanna Carson at 434-832-2293. She will be happy to walk you through the process & answer any questions.
- Option 3 – You may download & complete an application below. You will need Adobe Acrobat. Once completed, please submit to Joanna Carson at firstname.lastname@example.org.