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3 Reasons to Use a Bail Bond Instead of Your Own Cash

Bail Bond
If you cannot afford to post bail using your own financial resources, a bail bond is an option that significantly decreases the amount of cash or collateral you have to come up with to get out of jail.

However, even if you have the assets to post your own bail, there are advantages to utilizing a bail bond. Check out a few factors you should consider when deciding whether to use your own money or contact a bail bondsman. 

1. You May Have Other Expenses Related to Your Arrest.

One of the top advantages of using a bail bond instead of your own cash to post your bail is that it ties up the bail bondsman's funds instead of your own. Even though you will eventually get back the cash that you post for your bail, it will remain inaccessible until you make your court appearance.

In the meantime, you may have a slew of arrest-related expenses that you need to pay.

Most defendants hire some type of legal representation to improve the outcome of their court cases. Having an attorney in your corner can help you obtain a desirable plea bargain or potentially reduce the severity of your charges.

The exact cost for an attorney varies based on your case and its details, but legal costs quickly add up. For example, if the authorities arrest you on suspicion of a DUI, the average attorney expense for this type of case is $1,900. 

Potential attorney fees are just one component of your arrest-related expenses. You may also have to pay fees, fines, or restitution. If you must take unpaid time off work to meet with your lawyer or appear in court, this will decrease your paycheck.

With so many potential costs, it is a smart decision to keep your cash accessible. Otherwise, you may have to turn to expensive sources of debt, such as a credit card. As of early 2018, the average credit card interest rate was a whopping 16.38 percent. Such a high interest rate rapidly adds interest expenses to your arrest-related costs.

2. Utilizing a Bail Bond Can Help You Get Out of Jail Faster.

Most individuals want to spend as little time in jail as possible. Even if you have enough assets to cover your bail, you have to make sure that you can access your funds. It typically takes time to move money from one account to another, which is additional time you will have to spend in jail.

For example, imagine that you keep your savings in an investment account. To use these funds for your bail, you will have to sell some of your holdings and transfer the funds to your bank account. In the bestcase scenario, the transfer may take 24 hours. However, it may take as long as two or three days.

While you wait for your transfer, you will remain in jail. If you use a bail bond, you will likely be out jail within a few hours. 

3. There Are Expenses Associated With Using Your Own Money.

Some people avoid bail bonds due to the non-refundable fee (usually 10 percent of the bond amount). However, you must remember that there are costs for using your own money as well.

When selling investments or withdrawing funds from your savings, you may have to pay a fee for the transaction. Many mutual funds charge transaction and transfer fees when you sell and move holdings.

If the money you want to use for your bond is in a certificate of deposit (CD), you will have to forfeit a large amount of interest for the ability to access your money before the CD's maturity date.

You also have to examine potential wire transfer fees. A wire transfer is one of the fastest, safest ways to move money - for many defendants using their own cash, steep wire transfer fees are a necessity. 

Need to help a loved one get out of jail? Contact Albert Ramirez Bail Bonds day or night to start the bail bond process.