Bank Account
These forms have been moved to the new Accreditation Tool which can be accessed via: https://myarc.arccorp.com/PortalApp/PreLogin.portal .
Submitting a Bank Account Change is easy and free! You can submit the change electronically through the My ARC Accreditation Tool, accessible via your My ARC toolbox.
Ownership
Ownership changes include when shares are redistributed, new locations are purchased, the company type changes, or when officers are changed.
Even if you are also making personnel and company name changes, you only need to refer to this section, completing only those form(s) corresponding to your situation.
Re-distribution of shares
Situation(s)
Form Needed
May also apply
You are re-distributing current owners, or remaining shares
Personal history
If you chose Cash Security Deposit as your financial guarantee and either:
These forms have been moved to the new Accreditation Tool which can be accessed via: https://myarc.arccorp.com/PortalApp/PreLogin.portal .
Examples
Shareholders A and B are redistributing shares from 50% for A and 50% for B, to 90% for A and 10% for B. Both A and B will remain as shareholders and there are no new owners.
Shareholders a and B each hold 50% of shares and A is acquiring B's shares, becoming 100% shareholder. Shareholder B is withdrawing from the corporation and there are no new owners.
Bank account change
You are re-distributing among both new and existing shareholders or members
Examples
Shareholder A owns 100% of shares and wishes to sell all shares to B, a new owner. The legal entity type will not change, but new owner B has never been an owner of the corporation.
Three shareholders A, B, and C, own 40%, 40%, and 20% of the shares of a corporation. Shares are redistributed so shareholder A owns 50% and new shareholder D acquires 50%. The legal entity type will not change.
Ownership Change (Type 2)
Personal history
Bank account change
The previous owner wants to retract/cancel their financial guarantee:
Purchasing another accredited location
Situation(s)
Form Needed
May also apply
An ARC-accredited Home Office Location or independent location is purchasing another ARC-accredited location as a branch
Examples
Corporation A is an ARC-approved Agent buying an independent entity location from Sole Proprietor B. There is no change in the ownership of Corporation A. The independent entity location will become a branch of Corporation A.
Corporation A is an ARC-approved Agent buying the home office and all branch locations of Corporation B. There is no change to the ownership of Corporation A. Corporation B will no longer be in business. The Home/Main Office and all branches of Corporation B will become branches of Corporation A.
Ownership Change (Type 4)
Bank account change
Change in structure
Your legal entity type is changing. Are you adding additional shareholders or owners?
Situation(s)
Form Needed
May also apply
Ownership of the agency is transferring to a new entity with new ownership
Examples
A brand new legal entity structure is being formed with new ownership.
A Corporation is selling a branch location to a new owner who will establish a new independent entity location.
Ownership Change (Type 5)
Personal history
New financial guarantee
Bank account change
The entity structure of the agency is changing, but no new owners are added.
Examples
A Partnership is changing to a Corporation. The two partners will each hold 50% of the shares in the new corporation. There are no new owners.
A Corporation is changing to Sole Proprietorship. One of the existing shareholders will become the sole owner.
A corporation is reorganizing and becoming a new corporation. One of two shareholders of the Corporation is withdrawing and the remaining shareholder will own 100% of the shares. There are no new owners.
Ownership Change (Type 3)
You must also update your financial guarantee:
Bank account change
Officer change
Situation(s)
Form Needed
May also apply
You are changing your officer(s)
Personal history
If you chose Cash Security Deposit as your financial guarantee
Financial Guarantee Type
All ARC-accredited agencies are required to have one of three types of financial guarantees: Cash Security Deposit, Letter of Credit, Bond. Agencies are entitled to switch from one type to another at any time.
If you are also making ownership changes, refer only to the Ownership Change section
To change your financial guarantee type, answer the following then follow the instructions provided.
What guarantee type are you currently using?
What guarantee type do you want to change to?
Replacing a bond with a bond:
Thirty days before the bond being replaced (old bond) is cancelled, either contact a bonding company (surety) directly or contact your surety broker and get a replacement bond (new bond). In most cases, your surety or broker won't need detailed instructions to issue the bond; if they do, give them the ARC Bond Form & Instructions . For a list of U.S Treasury approved sureties, go here . If your old bond is NOT being cancelled you may replace it at any time.
Ask your surety or broker to send the new bond directly to: ARC, Bond Department, 3000 Wilson Boulevard, Suite 300, Arlington, VA 22201-3862. The new bond must be received by ARC prior to the cancellation effective date of the old bond and must have an effective date no later than the cancellation effective date of the old bond.
Release of old bond:
Replacing a bond with a LOC:
Thirty days before the bond being replaced is cancelled, contact any FDIC bank or federal credit union and obtain an LOC issued to ARC, using the ARC Letter of Credit Forms & Instructions . If your bond is not being cancelled, you may replace it with an LOC at any time.
Ask the bank representative to send the LOC directly to: ARC, Bond Department, 3000 Wilson Boulevard, Suite 300, Arlington, VA 22201-3862. The LOC must be received by ARC on or before the cancellation effective date of the bond it is replacing.
Provided there is no change of ownership pending and provided that ARC has received an acceptable LOC, ARC will release the surety from liability. ARC will only send a Release of Liability to the issuing surety, not to the agency owner.
Replacing a bond with a CSD:
At least ten days prior to the cancellation date of your bond, complete the Cash Security Deposit application and submit it with a wire check for the full amount of required coverage to: ARC, Financial Guarantee Supervisor, 3000 Wilson Boulevard, Suite 300, Arlington, VA 22201-3862. If your bond is not being cancelled, you may submit the Cash Security Deposit application at any time.
Provided there is no pending change of ownership and provided ARC has received an acceptable CSD application, ARC will release the surety from liability. ARC will only send a Release of Liability to the issuing surety, not to the agency owner.
Replacing an LOC with a bond:
At least 30 days prior to the cancellation effective date of your LOC contact a bonding company (surety) directly or contact your surety broker and obtain a bond. In most cases, your surety or broker won't need detailed instructions to issue the bond; if they do, give them the ARC Bond Form & Instructions . For a list of U.S Treasury approved sureties, go here . If your LOC is not being cancelled you may submit the bond at any time.
Ask your surety or broker to send the bond directly to: ARC, Bond Department, 3000 Wilson Boulevard, Suite 300, Arlington, VA 22201-3862.
In order for ARC to release your LOC either you or its issuing bank must send a written request to the address above. Upon receipt of the written release request, ARC will return the LOC to its issuing bank.
Release of LOC:
If you wish your LOC to be replaced sooner, another option for you is to provide a backdated bond - a bond that has an effective date 100 days prior to the LOC issue date. Upon receipt of a backdated bond, ARC will release the LOC in ten business days to the issuing bank. CAUTION: backdating bonds is not a common practice and many sureties will not do so. In addition, some of the few sureties that will agree to backdate may do so for terms much shorter than 100 days.
Replacing a LOC with a LOC:
Contact any FDIC bank or federal credit union and obtain a replacement (new) LOC issued to ARC, using the ARC Letter of Credit Forms & Instructions .
Ask the bank representative to send the new LOC directly to: ARC, Bond Department, 3000 Wilson Boulevard, Suite 300, Arlington, VA 22201-3862. If the old LOC is cancelling, the new LOC must be received by ARC 15 days before the cancellation effective date or ARC will draw on the old LOC.
Once we have received an acceptable new LOC, and provided that there is no pending ownership change, the old LOC will be returned within ten business days to the bank that issued it.
If an acceptable new LOC is not received 15 business days prior to the cancellation effective date of the old LOC, ARC will draw on the old LOC. ARC will return in full the funds drawn from the old LOC to the issuing bank within ten business days of receipt of an acceptable new LOC.
If an LOC is replacing an LOC that is not cancelling, and provided that there is no pending ownership change, the old LOC will be returned within ten business days to the bank that issued it.
Replacing a LOC with a CSD:
At least thirty (30) days prior to the cancellation date of your LOC, complete the Cash Security Deposit application and submit with a wire check for the full amount of required coverage to: ARC, Financial Guarantee Supervisor, 3000 Wilson Boulevard, Suite 300, Arlington, VA 22201-3862. If your LOC is not cancelling you may submit the Cash Security Deposit application at any time.
Once ARC has received an acceptable CSD application, and provided that there is no pending ownership change, the LOC will be returned within ten business days to the bank that issued it.
Replacing a CSD with a bond:
Contact a bonding company (surety) or surety broker and obtain a bond. In most cases, your broker won't need detailed instructions or help preparing the bond; if they do, give them the ARC Bond Form & Instructions . For a list of U.S Treasury approved sureties, go here .
Ask your surety or broker to send the bond to: ARC, Bond Department, 3000 Wilson Boulevard, Suite 300, Arlington, VA 22201-3862.
In order for ARC to release CSD funds, the signatory of the Cash Security Deposit Agreement must submit a written request to address above.
Release of CSD funds:
If you wish to have your CSD funds returned sooner, another option for you is to provide a backdated bond - a bond that has an effective date 100 days prior to ARC's receipt of that bond. Upon receipt of a backdated bond, ARC will release the CSD funds to the signatory of the CSD agreement within ten business days. CAUTION: backdating bonds is not a common practice and many sureties will not do so. In addition, some of the few sureties that will agree to backdate may do so for terms shorter than 100 days.
Replacing a CSD with an LOC:
Contact any FDIC bank or federal credit union and obtain a replacement LOC issued to ARC, using the ARC Letter of Credit Forms & Instructions .
Ask the bank representative to send the LOC directly to: ARC, LOC Supervisor, 3000 Wilson Boulevard, Suite 300, Arlington, VA 22201-3862
In order to release CSD funds, the signatory of the Cash Security Deposit Agreement must submit a written request to the address above. Once an acceptable LOC has been received and provided that there is no pending ownership change, we will return CSD funds to that signatory at the specific address he/she indicates within ten business days.
Replacing a CSD with a CSD:
So we can best meet your needs, please contact us.
Financial Guaranteebond-loc@arccorp.com