Surety1 Helps You Attract High Net-Worth Accounts
The highly regulated banking industry is under intense pressure to protect the deposits of their clients. In order to attract high-net-worth clients, corporate and non-profit accounts or government accounts, you need an Excess Deposit Guarantee Bond, also called a depository bond. Surety1 has the expertise to place your bond with one of our many insurance partners who specialize in this product.
What is an Excess Deposit Guarantee Bond and why do I need one?
An Excess Deposit Guarantee Bond guarantees your customers’ deposits when they are in excess of Federal Deposit Insurance Corporation (FDIC) limits (FDIC insures individual ownership accounts up to $250,000). Surety1 makes such bonds available. Obtaining a bond of this sort allows your bank to offer even more services to a wider range of clients. The Excess Deposit Guarantee Bond provides the security of an A.M. Best rating of A+ (Superior) and a Standard & Poor’s rating of AA (Very Strong).
We’ve seen sweeping changes in the banking industry since the 2008 crisis with the Dodd–Frank Wall Street Reform and Consumer Protection Act. Consumers are still cautious and need to know that your bank will protect their deposit through an Excess Deposit Guarantee Bond. Surety1 is committed to helping your financial institution attract valuable clients by providing them with the assurance that their money is safe in your hands.
How do I obtain an Excess Deposit Guarantee Bond?
Surety1 will work with you to obtain this depository bond. Please complete our user-friendly online application. Once one of our underwriting partners determines the rate based on your institution’s history and financial strength, we’ll help you move forward with the application for approval. We operate with transparency and in a timely manner because we want to earn your trust.