I'm applying for a teller position at a bank and a question asked "Bonding is a condition of hire...."

Question

The question is "Bonding is a condition of hire, are you bondable?" What does this mean?

Answer 1

Bonding is basically insurance for the bank. You get checked out, and if you are considered a good risk you can be bonded. If you take off with the money, there is "insurance" to cover it, so the bank doesn't lose the money, the bonding company does. It pays the bank.

Answer 2

they want you to put up a bond (an amount of money) or have some one stand surety for you in case you defraud the bank

Answer 3

As long as you have no criminal record and a decent credit score you should be able to secure a bond (it means, in your situation, that a bonding company will underwrite your reliability as an employee who has access to a great deal of money)

If you have a criminal record, or you're behind or in default on credit cards or a mortgage, you probably can't be bonded.

Answer 4

When you work for a company, you must be bonded.  The company opens an insurance policy against you (you don't even know it)  Its in case, say you attack someone at work, they sue the company, and then the company doesn't loose 10 million dollars that they sued for, because there is insurance against you.  If you are a convicted felon, you are not bondable, and thats why ex con's can't get good jobs.