What is a Money Transmitter Bond?
If a business transmits money, it is likely that business must purchase a money transmitter bond. This form of insurance is required by companies that use the banking system to transfer, wire, or otherwise send money between parties. The bond assures that the money will be handled as expected and that the company will act legally and ethically. If a problem occurs, the bond will reimburse the party whose money was mishandled. Because of the risk involved in this type of bond, rates are typically higher than for many other types of bonds.
Before companies purchase a bond from an agency, they must submit themselves to a credit check, have their application approved, and go through other screening processes.
Ox Bonding is prepared to help companies purchase money transmitter bonds with a free quote, knowledgeable staff, and friendly customer service. Get started now!