Money Transmitter Bonds – Does Any Surety Like Them?

Money transmitter surety bonds are becoming a difficult class of business to place. The bond is not quite as risky as the quickly fading ICC freight broker bonds, but can be almost as hard to find a surety willing to write it at a reasonable rate.

Many bonding companies feel the nature of the business is simply too risky; therefore they do not write them, period. Other sureties will write them, but only for existing money transmitter companies with extremely healthy business financial statements and a long claim free history. However, there are a handful of bonding companies that realize money transmitter bonds can be written at reasonable rates even for new companies or for owners with a less than flawless history.

JW Bond Consultants, Inc. can write money transmitter bonds with ease. Whether the bond is for a new company, owners with credit flaws, or whatever the reason other agencies may give for declination. The volume of bonds written on a daily basis allows our agency to offer offer exclusive bond programs. Granted, rates vary depending on the risk of the applicant, almost any scenario can be written.

If you are a principal or a broker having difficulty placing a commercial bond, try applying online. Many of our programs offer an online approval with immediate rate information.

Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.

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