Delaware

Casher of Checks, Drafts or Money Orders Bond

How much does a Delaware casher’s bond cost?

The Delaware Office of the State Bank Commissioner requires cashers of checks, drafts, or money orders to post $5,000 surety bonds.

These bonds are subject to underwriting consideration, which means the price you’ll pay depends on a review of your personal credit report. Applicants with strong financial credentials could pay as little as $100! Don’t let less-than-stellar credit stop you from getting the bond you need. Our experts can approve 99% of applicants quickly, easily, and accurately. Request a free bond quote now!

Call 1 (800) 308-4358 or submit a bond request to get started! SuretyBonds.com makes the bonding process fast and easy.

Why do I need a Delaware check-cashing bond?

Delaware money order and check casher surety bonds guarantee the protection of the state and consumers who are harmed as a result of a principal’s (check casher’s) wrongful act, omission, default, fraud, or misrepresentation while on the job. Specifically, the bond ensures that principals conduct business in compliance with the provisions of Chapter 27, Title 5 and other applicable provisions of Title 5 of the Delaware Code.

Have a question concerning your bond, or ready to purchase the bond you need? Connect with our team of surety experts now!

How to get a Delaware casher of checks, drafts, or money orders license

To become licensed to cash checks, money orders, or drafts in Delaware, applicants must follow the steps outlined by the Office of the State Bank Commissioner:

Complete and submit a notarized application prescribed by the State Bank Commissioner.

• The application should contain the applicant’s/business’s location, description, business references, documented fingerprints, and criminal background.
• A resume must be provided for the branch manager.
  Information must be provided for the applicant’s registered agent, regardless of business type.
• Provide proof indicating that the applicant is appropriately registered with the federal government (FinCEN) as a money service business.
• Attach a detailed business plan of the services being offered, as well as information on the highest daily transaction amount and the highest total daily transaction amount in Delaware.
• Provide three letters of reference from businesses currently working with the applicant.

Business entities including corporations, LLCS and partnerships will need to include additional information within the application, such as:

• Principal officer/director personal resumes, ownership interest, and financial statements
• A recent balance sheet showing a minimum of $5,000 in liquid assets in accordance with Section 2715, Title 5 of the Delaware Code and an income (profit/loss) statement from the past six months, as well as a recent balance sheet and income statement for businesses that are members
• Evidence of registration with the Delaware Division of Corporations

Pay the required fees

• $150 investigation fee per non-mobile location to be licensed
• $200 license fee per non-mobile location to be licensed
• $200 investigation fee per mobile unit to be licensed
• $250 license fee per mobile unit to be licensed

The business must obtain a surety bond or irrevocable letter of credit.

• Note: The applicant’s name on the application and name on the surety bond must match.

Considerations for Delaware check casher bonds

Delaware bonds for cashers of checks, money orders, and drafts are continuous until canceled. The surety can cancel the bond by giving written notice of cancellation to the principal and the Office of the State Bank Commissioner. Cancellation becomes effective 30 days after the notice is received.

More licensing information can be accessed via the “Additional Resources” section of this page. Don’t let the bonding process delay getting your business license. Let the experts at SuretyBonds.com do all of the hard work for you!

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Additional Resources

Delaware Casher of Checks, Drafts or Money Orders Surety Bond form

State of Delaware Cashing of Checks

State of Delaware Office of the State Bank Commissioner Cashing of Checks, Drafts or Money Orders Application

State of Delaware Title 5 Chapter 27 Cashing of Checks, Drafts or Money Orders