NY limited purpose trust company bonds.
1% of the bond amount, $100 minimum.
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 DFS bond form runs to the Superintendent as obligee. Premium is 1% of the bond amount, $100 minimum, your exact price appears at the application, and the bond issues the moment you pay. Any credit screen is a soft pull only — it never affects your score.
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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 entire 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
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.
Bond your trust company charter.
1% of the bond amount, $100 minimum, issued the moment you pay. Free until issued.