Bond approval with Collateral

[apprentice35]

I was approved for a MT Bond with collateral. Where does the $15,000 in the form of collateral (a cashier’s check) go? Do I earn interest on it, where is it deposited, how long till I get access to it? Can I get more details?

[Tacoma]

Your collateral will go to the surety and will be held for at least 12 months after your bond has either been terminated OR expired. There is no interest for your collateral.

[Surety Queen]

Originally Posted by Tacoma

Your collateral will go to the surety and will be held for at least 12 months after your bond has either been terminated OR expired. There is no interest for your collateral.

There are some programs now where collateral may only be held for 6 months instead of 12. Understand that since Surety holds the funds, it is returned at their discretion. They will want to make sure that there have been no claims made against your bond or any potential claims pending.