{"id":92,"date":"2012-07-03T02:55:10","date_gmt":"2012-07-03T02:55:10","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=92"},"modified":"2020-02-12T17:02:53","modified_gmt":"2020-02-12T17:02:53","slug":"bank-depository-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/bank-depository-bond\/","title":{"rendered":"Bank Depository Bonds"},"content":{"rendered":"<p>A bank depository bond is a surety bond purchased by a bank to guarantee the safety of a depositor&#8217;s funds and their availability for withdrawal as indicated in the terms of the deposit agreement. While depository bonds can be procured for private accounts, they are normally purchased to protect deposits belonging to governmental agencies (federal, state, and local), and school districts. The bond protects the account holder\/depositor from the loss of funds placed on deposit with the bank and interest due thereon, in the event of bank insolvency.\u00a0 Carriers that\u00a0underwrite\u00a0these surety bonds generally offer three classes of coverage.<\/p>\n<ul>\n<li>Single depositor.<\/li>\n<li>Individual depositors by schedule.<\/li>\n<li>Blanket group bonding for a specific class such as an HOA or COA.<\/li>\n<\/ul>\n<p>The use of a bank depository bond provides capital relief to\u00a0a banking\u00a0institution, freeing that capital for other business uses. It also makes the bank or CU more attractive to large private customers, businesses and government agencies (the latter often making it a requirement because the money on deposit is generally considered &#8220;public funds&#8221;). In the case of the covered financial institution&#8217;s insolvency, the depositors make claim directly on the bank depository bond.<\/p>\n<p><a href=\"https:\/\/suretyone.com\" target=\"_blank\" rel=\"noopener noreferrer\">Surety One, Inc.<\/a>\u00a0offers bank depository bonds through three national surety companies, rated &#8216;A+ Superior&#8217; by A.M. Best. \u00a0Call <span style=\"color: #ff0000;\">(800) 373-2804<\/span>, email <span style=\"color: #ff0000;\">Underwriting@SuretyOne.com<\/span>, or visit our bank depository bond <a href=\"https:\/\/suretyone.com\/bank-depository-bond\" target=\"_blank\" rel=\"noopener noreferrer\">page<\/a> and follow the submission instructions for a quote, We also offer blanket banker&#8217;s bonds, miscellaneous fidelity bond coverages, financial institution (<a href=\"https:\/\/suretyone.com\/financial-institution-bond\" target=\"_blank\" rel=\"noopener noreferrer\">F.I.<\/a>) bonds and <a href=\"https:\/\/suretyone.com\/stamp-surety-bond-medallion-signature-guarantee-bond\" target=\"_blank\" rel=\"noopener noreferrer\">STAMP bonds<\/a> to chartered banks, S&amp;Ls, federal trust banks and credit unions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A bank depository bond is a surety bond purchased by a bank to guarantee the safety of a depositor&#8217;s funds and their availability for withdrawal as indicated in the terms of the deposit agreement. While depository bonds can be procured&#8230; <a class=\"more-link\" href=\"https:\/\/suretyone.com\/blog\/bank-depository-bond\/\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":2852,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[55],"tags":[57,56,58],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank Depository Bond<\/title>\n<meta name=\"description\" content=\"A bank depository bond is a surety bond purchased by a bank to guarantee the safety of a depositor&#039;s funds beyond the current FDIC guaranteed limits.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/bank-depository-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank Depository Bond\" \/>\n<meta property=\"og:description\" content=\"A bank depository bond is a surety bond purchased by a bank to guarantee the safety of a depositor&#039;s funds beyond the current FDIC guaranteed limits.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/bank-depository-bond\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety One, Inc.\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Surety1\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Surety1\" \/>\n<meta property=\"article:published_time\" content=\"2012-07-03T02:55:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-12T17:02:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/bank-depository-bond.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:site\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"C. 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