Date Published: August 15, 2013

Many states require that companies engaged in money transmitter business post a surety bond as part of the licensing process. Money transmitters are companies that offer services such as sending money to other countries. North Carolina has one of the highest surety bond requirements which will serve the public well.

The North Carolina Money Transmitter Surety Bond can be as high as $250,000.00. According to the Winston-Salem Journal, Global Money Remittance, Inc. has been ordered to cease accepting money from North Carolina consumers because of complaints that Global had failed to transmit customer funds.  Furthermore, over $70,000 in unprocessed transactions have already been identified; the customers will be informed by the North Carolina Commissioner of Banks on how to make a claim on the $250k surety bond.

Surety bonds are a great way to protect consumers and tax payers from business failures. The pre-qualification process of the surety companies and financial backing of the companies provide an invaluable service.

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