INTRODUCTION
When arrested, they may be required to pay bail to be released before their trial. Bail is a payment to the court to ensure the person returns for their hearings. There are two common ways to pay bail: cash bonds and surety bonds. Understanding the differences between these options is important for making the right choice.
A cash bond means paying the full bail amount directly to the court. A surety bond, on the other hand, involves a bail bond company, which guarantees payment if the defendant fails to appear in court. Each option has its pros and cons, and choosing the right one can have financial impacts on defendants and their families. Get started by evaluating your options and understanding how each choice affects your situation.
WHAT IS A CASH BOND?
A cash bond requires the defendant or their family to pay the entire bail upfront. For example, if bail is set at $10,000, the full $10,000 must be paid to the court. If the defendant follows all court requirements, the money is refunded at the end of the case, minus any court fees.
Cash bonds ensure that defendants have a financial reason to return to court. However, they can be difficult for many people to afford. Large bail amounts can strain finances, requiring families to borrow money or sell assets. If the defendant fails to appear in court, the full amount is forfeited.
WHAT IS A SURETY BOND?
A surety bond allows a defendant to be released without paying the full bail amount upfront. Instead, a bail bond company steps in as a guarantor. The defendant or their family pays the bail bondsman a non-refundable fee, usually 10-15% of the total bail amount.
In some cases, collateral, such as property or valuables, may be required. If the defendant does not appear in court, the bail bond company is responsible for paying the full bail amount, and they may seize the collateral to recover their losses.
KEY DIFFERENCES BETWEEN CASH AND SURETY BONDS
- Payment – A cash bond requires full payment upfront, while a surety bond requires only a percentage as a fee.
- Refundability – Cash bonds are refundable if all court dates are attended, but surety bond fees are non-refundable.
- Financial Impact – Cash bonds can be a financial burden, whereas surety bonds provide a more affordable alternative.
- Involvement of a Third Party – A surety bond involves a bail bondsman, while a cash bond is handled directly by the court.
WHICH BOND TO CHOOSE?
A cash bond is best for those who can afford to pay the full bail amount and want their money back later. A surety bond is a better option for those who do not have immediate access to large sums of money.
CONCLUSION
Both cash and surety bonds provide a way for defendants to secure their release before trial. Cash bonds require full payment but are refundable, while surety bonds involve lower upfront costs but include a non-refundable fee. Understanding these options can help defendants and their families make the best financial decision in a stressful situation.