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Wisconsin Seller of Checks Bond

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How much does a seller of checks bond cost in Wisconsin?

As part of their licensing requirements, the Wisconsin Department of Financial Institutions requires sellers of checks (meaning any traveler’s check, personal check, money order, or other money transmission instrument) to post a surety bond. The bond’s coverage must not be less than $10,000 and must not exceed $300,000. Applicants should verify their bond amount with the state before purchase.

The cost of this bond will vary depending on a review of your financial statement. Don’t let poor credit stop you from getting bonded! Our surety bond specialists are dedicated to helping you get bonded at the best available rate. Contact us to receive your free bond quote.

Bond Type
$10,000Seller of Checks BondSingle Location
$15,000-$300,000Seller of Checks BondMultiple Locations

Why do I need this bond?

The Seller of Checks bond ensures that money transmission professionals in the state adhere to the provisions of the Seller of Checks Law in Chapter 217 of the Wisconsin Statutes. Violations include:

  • Issuing tokens other than checks that are to be used in lieu of money
  • Conducting business on the same premises as a business whose chief revenue source is the sale of alcohol
  • Using a name that indicates a connection to the federal government

A full list of violations can be found in Section 12 of Chapter 217 of the Wisconsin Statutes. If the principal (money transmission professionals) fails to adhere to the Seller of Checks Law, the bond protects customers from any financial damages.

What’s the fine print?

This bond remains continuous until cancellation. If the surety or principal wishes to cancel the bond, written notice must be sent to the Department of Financial Institutions at least 60 days prior to the effective cancellation date.

How to become a seller of checks in Wisconsin

Wisconsin requires sellers of checks to be licensed before they can operate in the state. Materials the applicant must submit include:

  • $300 non-refundable application fee (if the cost to investigate the applicant exceeds $300, the applicant must pay the excess cost)
  • List of all locations at which the applicant intends to do business
  • Full name and address of applicant and any partners, trustees, or officers

Check with Wisconsin’s Department of Financial Institutions for a full list of requirements.

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Call 1 (800) 308-4358 to talk with a Surety Expert