Money Transmitter bonds guarantee that a business is licensed and operates by state laws and regulations. Most states require that any business that transfers or remits money must be bonded in order to operate.
In the case of Money Transmitter Bonds, the principal is usually a company who sends money from one location to another via the U.S. Federal Reserve banking system, it is also known as Fedwire. One of these companies who send monetary transmissions is Western Union.
Unlike insurance the bond is in place to protect the public from you. If there is a claim placed on your bond and you are found at fault the surety company will pay out, however, you will have to pay them back. This bond is fairly easy to obtain, all we need is a filled out application and we can get you a free quote right away.
Surety1 has access to the best surety markets available so we will be able to get you bonded quickly at the best possible price!