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What Is A Depository Bond?

A depository bond is a surety bond that provides insurance to account holders of a specific bank, protecting their deposits beyond the standard FDIC insurance limit of $250,000. This bond guarantees the accessibility and availability of funds for withdrawal and offers essential protection against loss of funds in the event of bank failure or closure. By obtaining a depository bond, account holders can be assured that their deposits are fully protected and readily accessible, regardless of the amount deposited. Obtaining a bank depository bond is the responsibility of the bank that is holding the funds for a depositor, not the responsibility of the depositor themself. Bank depository bonds allow banks to attract and retain high value customers with large sums of money to deposit. It also allows them to comply with certain state and federal regulations.

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In a bank depository surety bond, the obligee (the depositor) is protected against financial loss if the bank (the principle) fails to perform its legal obligation. This bond is issued by a surety, who provides financial recompense in the event of the bank's failure. It's important to note that while insurance typically protects the person who acquires it, in this case, the protection is extended to the obligee rather than the principal. The obligee can be an individual, trust, business, or government entity that has deposited funds into the bank, and the bond helps to guarantee the accessibility and availability of the deposited funds for withdrawal. The Federal Depository Insurance Corporation (FDIC) provides insurance coverage for up to $250,000 per depositor, per insured bank, for each account ownership category, but any amount over this limit requires a depository bond for protection.

To obtain a bank depository bond, it's essential to work with a surety agency who can help your business navigate the process. ProSure Group can help you obtain the bond and protection you need without the hassle. To get started on the process, submit a free quote request, or contact one of our surety experts today.