Posting bail is a way to secure your freedom while awaiting trial. In general, you have two main options: Surety Bond or Cash Bond. While both options serve the same purpose, there are significant differences between them. In this article, we will provide a detailed comparison of the two bail types and highlight their unique features, advantages, and disadvantages.
What is a Surety Bond?
A Surety Bond is a contract between three parties: the person who needs to post bail (known as the principal), the bail bond company (known as the surety), and the court. The purpose of the bond is to ensure that the principal attends all court hearings related to their case.
To obtain a surety bond, the principal pays a fee to the bail bond company, which is usually 10% of the total bail amount. The bail bond company guarantees the court that the principal will show up for all scheduled hearings, and if the principal fails to do so, the bail bond company will pay the full bail amount to the court.
What is a Cash Bond?
A Cash Bond, on the other hand, is a type of bail that requires the full bail amount to be paid in cash to the court. The cash bond is held by the court until the conclusion of the trial, and it is refunded to the person who posted it, minus any fees or fines.
Surety Bond vs Cash Bond: Key Differences
Definition
The primary difference between Surety Bonds and Cash Bonds is the way they are defined. A Surety Bond is a contract between the principal, the surety, and the court, while a Cash Bond is simply a payment made to the court.
Payment
To obtain a Surety Bond, the principal pays a fee to the bail bond company, which is usually 10% of the total bail amount. In contrast, a Cash Bond requires the full bail amount to be paid in cash to the court.
Collateral
Another difference between Surety Bond and Cash Bond is the collateral required. A Surety Bond requires collateral in the form of property, such as a car or house, which is used to secure the bond. A Cash Bond, on the other hand, does not require collateral.
Refund
If the principal appears at all scheduled hearings, they will receive a refund of their cash bond, minus any fees or fines. In contrast, the fee paid for a Surety Bond is non-refundable, even if the principal attends all court hearings.
Benefits of Surety Bond
One of the main benefits of a Surety Bond is that it allows the principal to secure their release without having to pay the full bail amount. This can be especially helpful if the bail amount is high.
Surety Bond can also be beneficial for those who don’t have the financial means to pay the full bail amount upfront. Additionally, Surety Bonds can be obtained quickly and easily, as long as the principal meets the eligibility requirements set by the bail bond company.
Benefits of Cash Bond
A Cash Bond is beneficial because it eliminates the need for a third party, such as a bail bond company, to be involved. This can save the principal money in the long run since they won’t have to pay any fees to the bail bond company. Additionally, since the full bail amount is paid upfront, there is no need to worry about the principal failing to appear in court and the bail bond company having to pay the full amount.
Which Option is Better?
The decision of which option to choose ultimately depends on the individual’s financial situation and personal preferences. If the principal has the financial means to pay the full bail amount upfront, a Cash Bond may be the best option. However, if they cannot afford to pay the full amount upfront or don’t want to tie up their funds, a Surety Bond may be a better choice.
How to Obtain Surety Bond or Cash Bond
To obtain a Surety Bond, the principal must contact a licensed bail bond company and provide them with the necessary information, such as their full name, booking number, and bail amount. The bail bond company will then verify the information and determine if the principal is eligible for a bond. Once the fee is paid, the bail bond company will post the bond on behalf of the principal.
To obtain a Cash Bond, the principal must pay the full bail amount in cash to the court. The court will hold the money until the conclusion of the trial, at which point it will be refunded to the principal, minus any fees or fines.
Surety Bond vs Cash Bond: FAQs
- Can I switch from one type of bail to another after it has been posted?
- In most cases, no. Once bail has been posted, it cannot be changed or transferred to another type.
- What happens if the principal fails to appear in court?
- If the principal fails to appear in court, the bail bond company will be responsible for paying the full bail amount to the court. In the case of a Cash Bond, the money posted will be forfeited to the court.
- Are Surety Bonds only available to certain individuals?
- No, Surety Bonds are available to anyone who meets the eligibility requirements set by the bail bond company.
- Can I get a refund of the fee paid for a Surety Bond?
- No, the fee paid for a Surety Bond is non-refundable, even if the principal attends all court hearings.
- What happens to the collateral used to secure a Surety Bond?
- If the principal attends all court hearings, the collateral used to secure the bond will be returned to them. If they fail to appear in court, the collateral may be forfeited to the bail bond company.
Conclusion
In summary, both Surety Bond and Cash Bond serve the same purpose of securing a defendant’s release until their trial. However, there are significant differences between the two options that should be considered before making a decision. Ultimately, the choice of which option to choose will depend on the individual’s financial situation and personal preferences.
