3 Differences Between Cash And Surety Bonds
Posted on: 27 January 2023
Whenever a person is arrested, he or she must post bail in order to get released from jail. A judge will determine the required portion of the bail that must be posted. This amount is referred to as a bond.
There are a few ways that a person can pay their bond, including a cash bond or a surety bond. It's important that you know the major differences between the two so that you can determine which is your best option if you need to bail yourself out of jail in the future.
1. Source of the Money
The first difference between a cash bond and a surety bond is the source of the money itself.
With a cash bond, the person who is in jail must come up with the full bond amount in cash. If the incarcerated individual can't produce the cash, a close friend or family member can post the cash on their behalf.
A surety bond does not involve the transfer of cash. Instead, a surety bond is a loan given to an individual by a bail bondsman. Surety bonds can be a valuable resource when you don't have the cash reserves available to post bail.
2. Responsible Party
Another major difference between cash bonds and surety bonds is the person responsible for making sure the defendant shows up in court. If you or a family member post a cash bond, you are responsible for appearing in court after you have been released.
With a surety bond, the bail bondsman issuing the bond is the responsible party. The court only returns the bond money to the responsible party if the defendant makes a scheduled court appearance.
If you don't show up for a scheduled court appearance, the bondsman will lose his or her money. A bounty hunter could be sent to find you so that the bondsman can recoup their investment.
Posting a cash bond doesn't require that you pay any additional fees. Only the actual bond amount is required to be paid to the court with a cash bond.
When you use a surety bond, you will be required to pay a fee to the bail bondsman. The maximum allowable fee that bail bond companies can charge is set by law, and this fee can vary by state.
Individual bail bondsmen can choose how much they charge their customers as long as the fee doesn't exceed the state maximum.
To learn more about surety bail bonds, reach out to a bail bond company near you.Share