North Carolina Money Transmitter Bond
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How much does a North Carolina money transmitter surety bond cost?
To legally conduct business in North Carolina, money transmitters must post a surety bond. North Carolina’s Office of the Commissioner of Banks requires bond coverage in the amount of at least $150,000. However, the exact bond amount is based upon the volume of money transmitted over the past 12 months, not to exceed $250,000. The exact bond amounts are as follows:
- Up to $1,000,000 = $150,000 surety bond
- Greater than $1,000,000 but less than $5,000,000 = $175,000 surety bond
- Greater than $5,000,000 but less than $10,000,000 = $200,000 surety bond
- Greater than $10,000,000 but less than $50,000,000 = $225,000 surety bond
- Greater than $50,000,000 = $250,000 surety bond
The amount you’ll pay for your bond depends on several factors, including your personal financial history. Request your free bond quote today!
Why do I need this bond?
North Carolina money transmitter bonds protect customers in the event that the principal (money transmitters) fails to comply with the North Carolina Money Transmitters Act. In the event that the principal violates any applicable regulations, the surety will cover damages to consumers. The principal must then reimburse the surety and may be at risk of having its license suspended or revoked.
What’s the fine print?
This bond remains in full force and effect until cancellation, which requires 90 days’ written notice to the Commissioner. The surety remains liable for claims arising under this bond for up to 5 years following its cancellation unless released from liability by the Commissioner in writing.
How to become a money transmitter in North Carolina
North Carolina money transmitters must become licensed before conducting business in the state. Licensing requirements include the following:
- $500 non-refundable application and investigation fee
- $1,000 initial license fee
- Applicant’s most recently audited financial statement
- Net worth of at least $100,000, not to exceed $250,000
Check with the Commissioner of Banks for a full list of requirements.
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