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North Carolina Money Transmitter Bond

How much does a North Carolina money transmitter surety bond cost?

In order 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:

The amount you’ll pay for your bond depends on several factors, including your personal financial history. Let an expert help determine your bond cost by requesting your free bond quote today!

Bond Type Bond Amount Cost*
$150,000 Money Transmitter Bond Annual Transmission Volume of $1,000,000 or less $150,000 Starts at $1,500 Apply Now
$175,000 Money Transmitter Bond Annual Transmission Volume of $100,001-$5,000,000 $175,000 Starts at $1,750 Apply Now
$200,000 Money Transmitter Bond Annual Transmission Volume of $5,000,001-$10,000,000 $200,000 Starts at $2,000 Apply Now
225,000 Money Transmitter Bond Annual Transmission Volume of $10,000,001-$50,000,000 225,000 Starts at $2,250 Apply Now
$250,000 Money Transmitter Bond Annual Transmission Volume greater than $50,000,000 $250,000 Starts at $2,500 Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Fill out our online bond form to get your free, no-obligation bond quote!

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.

Take that next step toward becoming licensed by contacting us for your free surety bond quote! We are committed to getting you the best rate for your bond.

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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Additional Resources

North Carolina Money Transmitters Act

Surety Bond Form for Money Transmitters in North Carolina

North Carolina Commissioner of Banks: Money Transmitters Overview

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