Difference Between a Cash and Surety Bond

Difference Between a Cash and Surety BondCash bonds and surety bonds are not one and the same. Though many people assume all bonds are fairly similar, the truth is that there are substantive differences between each type. Let’s take a look at how cash bonds differ from surety bonds.

Cash Bonds

Cash bonds are paid in cash to the judicial system. The payment of a cash bond bails the individual in question out of jail. However, this payment will likely be retained by the court unless the defendant returns to court on the scheduled date and time. Cash bonds are typically paid in person or on the web through actual tangible cash, a credit card, or a debit card.

Surety Bonds

Surety bonds are a bit more complicated than those of the cash variety. Three separate parties are involved in obtaining a surety bond. A family member or friend of the charged party can help pay the surety bond. This individual usually helps to coordinate the surety bond arrangements. The bail bonds specialist and surety bond company are also involved. The bondsman covers the cost of the bond on behalf of the charged party in order to free that individual until the scheduled trial or hearing date. The surety business and bail bondsman work with one another to obtain the funds necessary to post bail on behalf of the jailed individual.

Similar to cash bonds, surety bonds provide the court with reassurance that the jailed individual will honor his or her commitment to return to jail. However, the manner in which this money is provided to the court is not the same with each type of bond. Instead of paying the entirety of the bond in cash, the surety bond requires that the individual cover a percentage of the bail in cash, typically around 10%.

The remainder of the bond is guaranteed through collateral. This collateral can take the shape of real estate property deeds, jewelry, or other items of value. The bail bondsman and surety company obtain the remainder of the money. The surety company covers the additional funds necessary to secure the freedom of the defendant. This option is beneficial to the jailed party as he or she only pays a small percentage of the money necessary to obtain release from jail.

Atlantic Bail Bonding Is on Your Side

Our bail bonding professionals are here to help after you are arrested. Contact us right away for assistance, and we will do everything in our power to restore your freedom as quickly as possible. You can contact Atlantic Bail Bonding by phone at [phone].