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Alabama Money Transmitter Bond

Bond Requirements and Online Application

To obtain a money transmitter license, every state requires a surety bond. Depending on your state, this license may be called money remitter, money services business, check casher, or sales of check license.

Why Do I Need This Bond?

A surety bond is made to protect the public. In basic terms, it guarantees your business will adhere to all laws and requirements in your industry. In the event your business conducts unlawful acts, a consumer of your services may file a claim on the bond.

Nearly any company that offers payment services requires a money transmitter bond. Due to a history of fraudulence and inaccurate money transmissions, state agencies now require this bond to protect consumers. While this bond does not protect the business owner, it offers proof that your business handles clients’ money responsibly.

How Much Will the Bond Cost?

The cost of the bond, the “premium,” depends largely on the bond amount and the applicant’s financial status. The state requiring the bond determines the amount. At Surety 1, we will find you the lowest quote for your bond, starting at only 1.5% of the bond amount.

money transmitter bond

 

Sales of Check Bond

In order to get your money transmitter’s business license, you’ll need a bond.

  • Required by: Alabama Securities Commission
  • Minimum bond amount: $10,000
  • Maximum bond amount: $50,000
  • Valid: 1 year, starting April 1st, can be renewed each year with premium payment.

The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.

 

Sales of Check License

These are additional details about the licensing process that you should be aware of. (Only the bond is handled at Surety1, but this information will help you get your license.)

License requirements:

  1. FORM SA
  2. List of applicant locations where business is conducted in Alabama
  3. First time applicant: pay $250 investigation fee
  4. License fee: $250.00 for primary applicant location, $5.00 for every additional location
  5. Surety bond
  6. Most recent audited financial statements
  7. Complete list of Alabama activities, including clients and length of operation

Fees:

  • Investigation fee: $250.00
  • License/Application fee: $250.00
  • Branch office fee: $5.00 per office in the state of Alabama, maximum $250.00
  • Maximum total license fee: $500.00
  • Maximum first time application fee (including investigation fee): $750.00

All licensing fees are required by the obligee, not the surety company.

See detailed instructions to apply for this license from Alabama.gov.

 

How to Get Your Alabama Money Transmitter Bond

1. Complete an online application. It's free and no-obligation. 2. One of our surety experts will contact you with a firm quote and an agreement to sign. 3. Provide payment and your signed agreement, and then you will receive your Alabama Money Transmitter Bond!   If you have any questions, please call us at 877-654-2327.
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