If a loved one calls you frantically from jail and needs some cash for bail, then you may be a little bit uneasy about using your hard earned savings. Providing bail for a friend or family member puts you at risk of losing your money if they do not return to court when they are supposed to. If this makes you nervous, then you can use a bail bond service instead. However, bail bond services are often misunderstood, especially if you have never had the cause to use the service before. You may inadvertently believe some myths about paying for the services. Keep reading to learn about the truth behind a few myths.
Myth - Your Payment For The Bond Is Repaid Eventually
A bail bond company will ask you to pay a percentage of the bond amount before the total bond is paid and your loved one is released. This amount may vary, and the fee is set by the state you live in. This means that the bail bond company cannot charge you exorbitant fees. Also, the bail bond company will not be able to give you any special discounts. For most states, the fee is typically 10% of the total bail. This means that you will need to come up with $10,000 if the total bail amount is $100,000. The bail bondsman will put up the other $90,000.
Since bail is paid back when your loved one goes to court and legal matters are resolved, you may think that you will get your fee back as well. However, this is not the case. The bond fee you pay is kept by the bail bondsman. This is the fee that is charged to you, because the business will need to take a serious financial risk to put up bail. However, if your loved one decides not to go to court, then you will not be on the hook for any more costs or fees. The bail bond business and their insurance company will take the brunt of the loss.
Myth - You Must Pay The Fee In Cash
Once you understand that you will need to pay a non-refundable fee for bail services, you may start trying to gather as much cash as you can to pay the bondsman. Since most bail fees are quite high, bail bond companies often accept a variety of different payments. Credit cards, checks, and even monthly payment plans are offered.
In some cases, the bail bondsman may also take collateral so you have time to secure the fee. For example, if you contact the business at 10 PM on a Friday night, you may not be able to secure the cash from a bank until Monday morning. Vehicle titles, jewelry, and property liens may all be used as collateral until you can pay the total bond fee. Contact a company like STAT Bail Bonds LLC for more information.