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Financial Institution Bonds

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Financial Institution Bonds Explained

Financial institution bonds are a type of fidelity bonds. Their purpose is to protect your finance-related company against different illegal acts your employees may engage in on the job. They are sometimes referred to as bankers blanket bonds, and they work as insurance for your business, so they are first-party products.

Banks and other financial institutions typically obtain these bonds in order to protect themselves in cases of employee theft, forgery, and other types of dishonesty. Financial institution bonds are similar in their functioning to employee dishonesty bonds.

Questions about Fidelity Bonds

When do I need a financial institution bond?

Many financial organizations such as banks, depository institutions, credit unions, mortgage institutions, and investment funds and managers use financial institution bonds to protect their monies and properties against employee dishonesty. These bonds are not obligatory but are a preferred choice.

Financial institution bonds can provide compensation for your company in cases of your employees committing forgery, fraud, kidnap and ransom, computer and securities fraud, and counterfeit, among others. They, however, do not provide insurance against information theft and credit insurance.

There are four main types of financial institution bonds, separated by form number and targeted at different financial entities:

  • Form 14 - for investment bankers and companies, stock exchange services, stock brokers, commodity brokers, and securities investor protection firms, mutual funds, and foundation and endowment funds

  • Form 15 - finance companies, small loan companies, mortgage companies, mortgage real estate investment trusts (REITs), and finance firms

  • Form 24 - national commercial banks, including savings and loans providers, U.S. subsidiaries of foreign banks, trust companies, loan and building associations, and title insurance companies

  • Form 25 - insurance and reinsurance firms

What is the bond price?

As for other fidelity bonds, the cost of your financial institution bond will depend on the exact type of your company, the number of employees to be included in the coverage, and the dollar amount of coverage that you want to obtain. For larger amounts, you may need to showcase your personal finances, such as your credit score.

Can I get bonded with bad credit?

Typically, the credit score of the business owner is not a factor in obtaining financial institution bonds. This means that in most cases, you would not find it difficult to get bonded with bad credit. However, for larger coverage, it may be a factor.

How does the bonding process work?

In order to obtain your financial institution bond, you have to do the following:

  1. Download the application form
  2. Fill it out and send it to [email protected] or fax it to (267)-362-4817.

Lance Surety Bonds' experts are here to help you with any questions you may have about financial institution bonds. You can call us at (877) 514-5146.

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About Us

Lance Surety Bonds
Lance Surety Bond Associates, Inc. is a Pennsylvania-based surety bond agency that offers bonding at competitive rates in all 50 states. Established in 2010, our company has grown to become one of the top online bond producers in the country. Working exclusively with A-rated and T-listed bonding companies gives us the confidence to offer a 100% money-back guarantee. read more

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What Our Clients Have To Say?

Kimberlee Ables
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Andrew Poincot
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
Margie Martinez
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!

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