After a vote to eliminate a collateral deposit requirement from the Transportation Intermediaries Association’s services bond program, the organization will refund more than $2 million to members who paid the deposit fee when purchasing bonds.
The TIA board eliminated the $8,000 deposit requirement due to the program’s success. Members who hold $250,000, $100,000 and $75,000 bonds will receive the refund.
When the board initiated the bond program in 2012, it left the door open for future pricing changes and analysis.
“The TIA Bond program has been successful, and by dropping the $8,000 deposit requirement, we are making our bond even more accessible for brokers of all sizes,” Geoff Turner, TIA's chairman, said in a statement. “This is one more way TIA is delivering real products, for real companies, with real results.” - Jon Ross