If you are planning on cashing checks in Nevada at your business you are going to make sure you are licensed and bonded.
How to get Licensed
You can find your application on the Nevada Division of Financial Industries website. Along with your application you will need to include a $400 application fee, a $375 licensing fee, and a $123.25 background check fee for every owner. You will also need to produce personal histories, fingerprints and a financial questionaire for every owner of the company. The state of Nevada also requires a $50,000 surety bond in order for you to be a licensed check casher.
What is a Check Cashing Surety Bond?
A check cashing bond is a type of surety bond that is intended to protect your customers. The bond ensures that your company will follow the rules and regulations set up for money exchangers in your state. Having this bond lets you customers ( and the state) know that you will not take advantage of them and if there is an issue it will be resolved.
How Much Will My Bond Cost?
The price you pay for your bond is directly effected by:
- The amount of your bond: In the state of Nevada the minimum bond amount is $50,000 and increases up to $5,000 for every additional branch.
- Your personal and business financials, including your personal credit score.
These will determine the percentage of the bond amount you pay, typically ranging from 1-15%.
Getting Check Cashing Bond can be expensive, but it doesn’t have to be. At Surety Solutions, our online Bond Cost Calculator lets you view quotes for your bond so you can compare prices before you buy. We are licensed in all 50 states and have relationships with over 30 of the top insurance carriers in the nation. This means we not only can get you bonded but at the best price. Your free quotes are just a click away.