MEMO Financial Services, Inc dba MEMO MEMO Money Order Bond
The State of California requires money order sellers/businesses to file for bonds with the MEMO Financial Services, Inc dba MEMO. This bond is required for businesses to protect the Obligee – in this case the MEMO Financial Services, Inc – from possible losses should permittees violate licensing provisions like the failure to remit collected funds to the company issuing the money order.
What is a Money Order?
A money order is an order of payment in a pre-specified amount that needs to be paid beforehand, guaranteeing the compensation of the recipient and the issuer. The sum is printed in the paper and can be cashed out by the recipient to actual currency. Normally, you can get this from banks, post offices, supermarkets, and other financial institutions. This typically comes with a small fee.
Unlike checks, the recipient of the money order is guaranteed with actual payment and will normally entail less personal information.
What is the MEMO Financial Services, Inc dba MEMO MEMO Money Order Bond?
MEMO is a popular money lending service company operating in several states in the US. The MEMO Financial Services, Inc dba MEMO MEMO Money Order Bond guarantees the Obligee’s compensation should businesses fail to remit collected sums to the issuing company.
How does it work?
The MEMO Financial Services, Inc dba MEMO MEMO Money Order Bond must be issued by a surety bond provider certified by the California Department of Insurance. The parties in the agreement are the Principal (money order seller), Obligee (MEMO Financial Services, Inc dba MEMO), and Surety/Bond Company (insurance).
The Surety Bond will guarantee the compensation (performance bond) of the Obligee should the Principal fail to meet their payments or violate other licensing provisions. The Surety Company will receive and assess the validity of claims where claims may only amount to the total penal sum agreed upon in the bond form. The Principal shall reimburse all expenses covered by the Surety Company.
The Bond Company is secured through an indemnity agreement as the licensed business is mandated by law for the full reimbursement of the claims, including legal fees and premiums. This agreement shall be made before the execution of the bond and shall ascertain the business's responsibility for their dealings.
How much does it cost?
The total bond amount for the MEMO Financial Services, Inc dba MEMO MEMO Money Order will depend on the permittee’s industry experience, credit score, and license history. Upon evaluation of the following factors, the bond will normally cost between 2.0% and 7.5% for qualifying applicants.
Want to know your standing? Visit here to get your surety bond quote today!
How can I apply for this bond?
At Surety Bond Authority, we are dedicated to helping you get your bond the fast and easy way. Here is a step-by-step guide to help you get started.
To secure your money order bond, be sure to transact with a reputable surety company early. If you are ready to get yours processed today, you can APPLY HERE. Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond.
In the assessment phase, our underwriter will need the following information:
- Nature of your profession or business
- Credit score
- Financial strength
For the speedy processing of your application, ensure you have gathered and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time!