What is a Money Services Business Surety Bond?
A money services business surety bond often protects your clients and sometimes the state from harm caused by your business. Harm usually occurs when a business mishandles funds. Each bond form is different and coverage depends on your particular state’s rules.
Who needs a Money Services Bond?
Companies handling money or securities usually need money services bonds. For example: In Florida, most companies whose primary business is handling and transmitting money need to have a Florida Money Transmitter Bond in place. Again, the primary business function must be accepting money for transfer or a similar activity. This means a check cashing business would need a money services business surety bond. However, a business accepting cash for goods such as a grocery store will not need this bond.
How do I apply for a Money Services Business Surety Bond?
- Complete our online Money Services Business Surety Bond application, or
- Download and complete our printable Money Services Business Surety Bond application, and
- Receive your surety bond quote in minutes!
How much is a Money Services Business Surety Bond?
Money services bonds cost between 1% and 3% of the bond amounts needed. Your bond cost is determined by your credit score. If you need multiple bonds, your business financial statements can lower your cost. Your company will be able to obtain an account rate which allows you to place multiple bonds at a predetermined rate. An account rate allows you to apply for multiple bonds using one application instead of completing an application for each individual surety bond.
How long will it take to get my bond?
You can receive your bond the same day you complete your application. Once complete, we’ll mail a copy of your bond to your email address. The original bond is then mailed to your physical address. Need your bond tomorrow? We offer next day mailing options for your convenience.
What Money Services Bond amount do I need?
Your state determines your bond amount in most cases. Some states set a required bond amount regardless of the amount of funds your business handles. Others have a formula which is used to increase or decrease the amount based on the amount of money handled. These bonds are usually adjusted each year.