New York limited purpose trust company bonds.
From $100.
A company seeking or holding a limited purpose trust company charter under the New York Banking Law maintains a surety bond in US dollars in such form and amount as is acceptable to the Superintendent of Financial Services, the obligee on the DFS bond form. The premium is 1% of the bond amount, $100 minimum.
Trusted by industry leaders
How much does a New York limited purpose trust company bond cost?
1% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
DFS reviews the bond form, not your application queue. Here is the entire process:
Apply online
Company details, your principal address county, the penal sum the Superintendent accepted, and an effective date. That is the application.
Pay & e-sign
Your exact premium — 1% of the bond amount, $100 minimum — appears before you pay, and the executed bond generates the moment you do.
File with DFS
Your executed bond and power of attorney arrive by email on the Department’s form. Any changes, additions, or deletions to that form must be marked on a draft for DFS review first.
What it is and who needs it.
What the bond actually guarantees
A limited purpose trust company is chartered under the trust company provisions of the New York Banking Law but without the general power to take deposits or make loans — the charter New York uses for custody, fiduciary, and digital-asset trust businesses. The Department’s bond form recites that a principal seeking or holding that charter is required to maintain a surety bond in United States dollars in such form and amount as is acceptable to the Superintendent.
The bond is held by the Principal and Surety unto the Superintendent as obligee, for her exclusive use, covering occurrences under the Banking Law or the Financial Services Law: reimbursement to your customers of fees or other amounts the Superintendent determines were improperly charged or collected, and payment of past-due examination costs and assessments, unpaid penalties, and other obligations owed to the Department. Occurrences may involve your activity as a trust company, or your insolvency, liquidation, or bankruptcy, or the surrender, expiration, or revocation of your authorization.
It is not insurance for you — if the surety pays, you repay the surety. The bond continues in force indefinitely, subject to cancellation on registered or certified notice to the Superintendent effective no less than 30 days after receipt, and aggregate liability never exceeds the penal sum unless it is replenished. We track the term and send renewal notices 60 and 30 days out.
You need this bond if you are
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with DFS. Your executed bond and power of attorney arrive by email on the Department’s form. Any changes, additions, or deletions to that form must be marked on a draft for DFS review first.
What sets the price
The premium is 1% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
One soft credit pull, never a hard inquiry, and it never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
These are the actual issuing fields — company details, your principal address county, the penal sum, and an effective date.
Start the application →Common questions.
Other New York bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Bond your trust company charter.
1% of the bond amount, $100 minimum, issued the moment you pay. Free until issued.