Mixed beverage permittees in North Carolina are required to obtain a Financial Guarantee Bond through the Mecklenburg County Alcoholic Beverage Control (ABC) Board when using Fintech as a method of payment. The surety bond is an agreement, provided by Jet, that ensures the permittee will complete payment owed for the purchase of alcoholic beverages to the ABC Board through Fintech.
Buying your bond with Jet not only fulfills the requirements of the Mecklenburg ABC Board, but gives you Jet’s support against invalid claims.
The cost of a Financial Guarantee Bond starts as low as $10 a month or $100 a year. Rates may vary and are evaluated on a case-by-case basis depending on factors such as the bond limit required and the applicant’s personal credit score. The chart below shows preferred credit ratings at different bond limits.
When you apply with Jet, you are working directly with the insurance company. Jet does not use middlemen who will influence rates for their benefit by adding broker fees.
The Financial Guarantee Bond is needed as a permit requirement for businesses who sell mixed beverages and use Fintech as a method of payment for alcoholic beverages purchased from Mecklenburg County ABC Board stores. The Board takes any profits from alcohol sales and divides them amongst local governments for the benefit of the citizens of Mecklenburg County.
Applying with Jet for a Financial Guarantee Bond takes less than five minutes! The application will only ask necessary questions, like the required bond limit and basic business information. Since the rate is also based on personal credit, submitting your social security number for a soft credit check (not a hard pull!) is required. Once the application has been completed, you will either receive a rate that is ready to purchase right away or a short review will be done by a Jet underwriter. Usually, higher limits will need further review and you will receive an approved rate by email for online purchase.
Yes, Jet will complete the Financial Guarantee Bond form after purchase with a surety signature and seal and send the bond to the Mecklenburg County ABC Board.
You can choose to have the original bond mailed to you to submit with other documents at an address indicated during the application process. Once all documents have been prepared, they should be mailed to:
Mecklenburg County ABC Board
3333 North Tryon Street
Charlotte, NC 28206
Yes! With Jet, an early cancellation of a term that has already been paid for will often result in a refund. Jet will take any time that is left on the bond and return the unearned premium to you. Once you request written cancellation, via mail or email, Jet will notify the ABC Board in Mecklenburg who will keep the bond in effect for another 60 days. This time will be included in the time your bond is active and will be counted against your refund.
Cancellation of monthly payments will result in Jet notifying the Board right away, but the Board will still keep the bond in effect for the additional 60 days. To account for this added liability, one or two payments may be required prior to the discontinuance of payments.
The Financial Guarantee Bond must be active during the course of your permit and while you use Fintech payments for the purchase of alcoholic beverages from the Board. When the bond is nearing its end, Jet will send you mailed and emailed notices ahead of time. If your bond limit has not changed, you can pay the renewal premium electronically or through the mail. If there has been a change, simply notify Jet and new rates will be provided for the required coverage.
For monthly payments, you will receive a notice to verify the bond limit for the upcoming term. Through the notice, you can indicate any necessary changes to Jet. If you fail to notify Jet of changes to your bond limit, your bond will not be in the appropriate coverage amount and may lead to permit complications.
The Financial Guarantee Bond acts as a protection for the Mecklenburg ABC Board from not receiving payments for alcoholic beverages that have been sold to mixed beverage permittees. To avoid claims on the bond, you must fulfill the payment medium agreement that was entered into with Fintech.
If a claim gets filed against the Financial Guarantee Bond, Jet will investigate to determine the validity of the claim. If you are found in violation of the provisions of the bond, Jet will pay the claim up to the full limit of the bond. However, you are still obligated to reimburse Jet in the amount that was paid out to recover the bond to the full limit. Failure to repay a claim will result in future difficulties obtaining the Financial Guarantee Bond needed to hold a permit.