Understanding Some Facts About Bail Bond Fees
If a loved one calls you and is in need of assistance due to an arrest, then the family member may need help with bail. This is a common request, but you may have an issue if you do not specifically have the funds available to you. This is where a bail bond comes in. The bail bond allows you to come up with the bail without actually furnishing it yourself. However, you will need to pay a fee for this service. Keep reading to learn about a few of the common questions and answers regarding the fees.
Why Do I Need To Pay A Fee?
A bail bond is like any other type of bond. The person or business who puts up the money for it will act as the surety. The surety is the person who pledges the cash to ensure that the individual, your loved one, appears in court. This is why the bail bond is sometimes referred to as a court appearance bond.
Bonds have a variety of fees associated with them. For example, a construction bond will require a fee of about 1% to 15% of the initial bond amount. In fact, most types of bonds require you to provide the surety with a certain percentage of the bond. When it comes to bail bonds, you will most often need to pay 10%. The bond fee is higher than a traditional bond for a few reasons. The risk that the surety must take is higher in the case of bail bonds, and there is not an extremely stringent application process like there commonly is with construction and other types of bonds.
While the percentage may see high, most states will regulate the amount. In other words, the bail bond company does not have a choice in regard to how much is charged for the service.
Do I Get The Fee Back?
Many people will have trouble coming up with 10% of the bail amount. This is understandable and you may want to know if you get the money back. The answer is no, you do not. Fees are nonrefundable and are basically the premium you pay so that the bail bondsman takes the risk. The bond company will lose the bail if your loved one shows up to court, so the fee helps the business recoup a portion of its money.
If you cannot pay the bail bond fee in cash, then you can often provide a type of collateral instead. Some bond companies allow you to make payments as well, so speak with a business in your area to see what kind of options they have. You may need to provide a significant down payment before a payment agreement can be arranged, so keep this in mind.
Contact a company like Absolute Bail Bonds for more help with bail bonds.