Comments on: The plain truth about surety bonds. http://rtscreditwatchblog.wordpress.com/2008/01/04/the-plain-truth-about-surety-bonds/ Keeping a leash on capital and credit in the trucking industry. Fri, 19 Jun 2009 09:27:17 +0000 http://wordpress.com/ hourly 1 By: surety1 http://rtscreditwatchblog.wordpress.com/2008/01/04/the-plain-truth-about-surety-bonds/#comment-51 surety1 Tue, 07 Apr 2009 21:06:37 +0000 http://rtscreditwatchblog.wordpress.com/2008/01/04/the-plain-truth-about-surety-bonds/#comment-51 I agree the <a href="http://integritybonds.com/surety-bond.html" rel="nofollow">Surety bond</a> should be set at a higher amount but this is a hard to place bond to begin with. There is only a few companies out there that are willing to write them. If the surety bond amount is raised it would probably put out 50% of the mom and pop companies I agree the Surety bond should be set at a higher amount but this is a hard to place bond to begin with. There is only a few companies out there that are willing to write them.
If the surety bond amount is raised it would probably put out 50% of the mom and pop companies

]]> By: Tim Bruggeman http://rtscreditwatchblog.wordpress.com/2008/01/04/the-plain-truth-about-surety-bonds/#comment-50 Tim Bruggeman Mon, 23 Feb 2009 13:57:13 +0000 http://rtscreditwatchblog.wordpress.com/2008/01/04/the-plain-truth-about-surety-bonds/#comment-50 I feel the broker should pay in the 21 days, the bond should be at least $100,000. They affect so many people its not funny. They should not be allowed to move more freight (dollar wise)then their bond will cover either. They should also have to cover collection fees. They are the reason for the collections in the first place. The carrier shouldn't have to eat it all, they've done what they are suppose to do. The carrier has money in the fuel and paying the driver. Why should the carrier have to be the only one on the loosing end! I feel the broker should pay in the 21 days, the bond should be at least $100,000. They affect so many people its not funny. They should not be allowed to move more freight (dollar wise)then their bond will cover either. They should also have to cover collection fees. They are the reason for the collections in the first place. The carrier shouldn’t have to eat it all, they’ve done what they are suppose to do. The carrier has money in the fuel and paying the driver. Why should the carrier have to be the only one on the loosing end!

]]> By: jeff nelson http://rtscreditwatchblog.wordpress.com/2008/01/04/the-plain-truth-about-surety-bonds/#comment-18 jeff nelson Tue, 25 Mar 2008 15:20:46 +0000 http://rtscreditwatchblog.wordpress.com/2008/01/04/the-plain-truth-about-surety-bonds/#comment-18 Great article, alot of crooks in the trucking industry-and it's not the o/o's it's the people paying them(or not) that's crooked Great article, alot of crooks in the trucking industry-and it’s not the o/o’s it’s the people paying them(or not) that’s crooked

]]> By: Joe Kelly http://rtscreditwatchblog.wordpress.com/2008/01/04/the-plain-truth-about-surety-bonds/#comment-5 Joe Kelly Thu, 24 Jan 2008 17:38:17 +0000 http://rtscreditwatchblog.wordpress.com/2008/01/04/the-plain-truth-about-surety-bonds/#comment-5 My firm handles account receivables for many motor carriers. Many of our Clients are owed a lot more than the $10K bond or $10k trust fund amount. We are contacted all the time by carriers that even a $100k bond or trust wouldn't be able to cover the broker's debts. What's even worse, many so called brokers never obtain a registration with the FMCSA or even have a bond or trust fund account. They steal the shipping fees and the carrier never gets paid. Articles like yours are helpful to the industry. My firm handles account receivables for many motor carriers. Many of our Clients are owed a lot more than the $10K bond or $10k trust fund amount. We are contacted all the time by carriers that even a $100k bond or trust wouldn’t be able to cover the broker’s debts.

What’s even worse, many so called brokers never obtain a registration with the FMCSA or even have a bond or trust fund account. They steal the shipping fees and the carrier never gets paid.

Articles like yours are helpful to the industry.

]]> By: Sal Banuelos http://rtscreditwatchblog.wordpress.com/2008/01/04/the-plain-truth-about-surety-bonds/#comment-4 Sal Banuelos Wed, 09 Jan 2008 22:55:55 +0000 http://rtscreditwatchblog.wordpress.com/2008/01/04/the-plain-truth-about-surety-bonds/#comment-4 I can not agree with you more. The minimum for the surety bond for the Transportation brokers should be $100,000 or MORE, because even with that figure it would be a lot of unpaid freight bills. I agree with you, Transportation brokers should be required to pay interstate freight bills in 21 days or less, most of them use the services of a factoring company for their receivables and they still use the Trucking companies as banks. Good article! I can not agree with you more. The minimum for the surety bond for the Transportation brokers should be $100,000 or MORE, because even with that figure it would be a lot of unpaid freight bills.

I agree with you, Transportation brokers should be required to pay interstate freight bills in 21 days or less, most of them use the services of a factoring company for their receivables and they still use the Trucking companies as banks.

Good article!

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