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Pennsylvania Money Transmitter Bond

November 15, 2018

The $1mm Pennsylvania money transmitter bond is required by the Commonwealth's Department of Banking. AmeriPro Surety Bonds offer this surety bond for you: 844-589-9732.

Pennsylvania Money Transmitter Bond

AmeriPro Surety Bonds | 844-589-9732




Pennsylvania Money Transmitters




Money transmitters are regulated by the Commonwealth’s Department of Banking, and the Money Transmission Business Licensing Law.

To be licensed as a money transmitter, in addition to other requirements. you are required to obtain and hold a $1,000,000 surety bond.




Pennsylvania Money Transmitter Bond: The Purpose




Despite the bond’s large size, the purpose of the $1mm Pennsylvania money transmitter bond is simple enough: It is a financial guarantee that you as a licensed money transmitter business will comply with all statutes as it relates to your money transmitter profession.

More specifically, the bond is a financial guarantee for your customers that you will properly transmit and carry out the terms of your transmittal as required.

The bond protects your customers against acts of fraud, theft, or malfeasance committed by an owner of a money transmitter business, any agents, managers, or employees who engage in related unlawful activity.

According to the statute referenced above, customers who are victims of the failure of a money transmitter business to properly transmit funds and who were residents of the Commonwealth of Pennsylvania at the time the failure occurred, may take action against your surety bond.

But the bond should never be an insurance policy which protects the money transmitter.

If a claim were to be paid on your surety bond, it is your legal responsibility to reimburse the surety for all costs involved in the settling of the claim.




Pennsylvania Money Transmitter Bond: Qualifying for this Surety Bond




The money transmitter bond is not your grandfather’s surety bond: It’s big.

Consequently, qualifying for this particular surety bond will involve a detailed application.

You should expect to be able to submit the following for consideration (and our agency will work with you to ensure that you provide all information needed):

  • Bank statements reaching back at least several months, and possibly longer;
  • Investments, their current market value, their nature (stocks, mutual funds, bonds, etc.), and where these securities are held;
  • Real property owned and whether owned singly or jointly with someone else;
  • Cash on hand;
  • Your net worth;
  • If you have an audited financial statement, that will certainly be appreciated;
  • Whether or not you have any unsatisfied judgments or tax liens, or an active bankruptcy.

The Pennsylvania money transmitter bond, because of its large dollar amount, is one of the few instances where a ‘more is better’ thinking is appropriate.

There will also be a standard credit check as an integral component of the application process.




The Premium for Your Money Transmitter Bond




The premium amount for the bond will be determined by the information provided on the application process and your credit score.

As a general rule, you may expect to pay a small percentage of the $1,000,000 surety amount required; however, any hard and fast numbers will of course vary.




The Pennsylvania Money Transmitter Bond Renews Annually



Once the bond is issued and you have filed it with the Department of Banking, the bond’s obligee, the bond’s premium will renew on an annual basis.

It will be required to keep the bond continually active as an ongoing condition for maintaining your money transmitter license.

Our surety will inform you by mail of the upcoming premium renewal.




About AmeriPro Surety Bonds




The purchase of your Pennsylvania money transmitter bond is a particularly serious transaction.

AmeriPro Surety Bonds is a surety-bonds only agency. This means that surety bonds are all that we do.

Getting your surety bond is our professional focus.

We look forward to answering and addressing your concerns and working for you to get approved in a timely manner.

We also thank you for your consideration and look forward to hearing from you.




Please call AmeriPro Surety Bonds at 844-589-9732

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