One of the many questions asked by new importers is about the ISF Bond. And is it required to file the ISF. The answer to this question, is yes, the ISF Bond is required for the ISF Filing as it is a surety guarantee instrument used by U.S. Customs to ensure that the penalities they issue for late ISF or any non compliance due to the ISF Filing will be able to collect if in the case the importer defaults on the penalty payment, which then the bond insurance company will need to pay customs in the event of default. Non compliance with ISF Filing can carry penalties of $5,000 to $10,000 per shipment.
New importers also ask if I am late to file the ISF, will I be automatically fined? The answer to this question is that U.S. Customs has the right to issue you a penalty for late ISF, and will reserve the right to if deemed necessary. One of the common practices of CBP is that they will look at the importers history to see if there is a history of late ISF non compliance before issuing penalties. Generally new importers who are late for the first time, should not get penalized.
Another question commonly asked is what is the cost of the ISF Bond. The cost of a ISF Bond will differ from one ISF Filing provider to the next one. Each provider has its own ISF Bond rates, besides the ISF Filing fee. Some companies may even charge a premium for the ISF Bond if your ISF is late, and may request collateral of $10,000 to safeguard the event of fines by customs.
Here at TurboISF we offer one flat rate to file your ISF which also includes the price for the ISF Bond. We do not charge extra for late ISF Filing and service can be started online fast and easy. Importers who need to file their ISF can visti our website www.turboisf.com to file your ISF.