The primary reason that people use a bail bond company is that they don’t have the bail money on hand to post bail. If it weren’t for bail bond companies, they (or their friend or loved one) would be stuck in jail until the trial, which might be months. During that time they’re away from their family and job, which could lead to a downward spiral. When they are able to get bail money that they wouldn’t normally have access to, they’re able to retain some normalcy in their lives while they await trial.
But it’s not only people who can’t afford bail money who end up using a bondsman service. We also see quite a few upper-middle-class and even very well off people coming in to take advantage of our bond agency’s offerings. Why? Because people from every walk of life need the help of a bondsman. Let’s take a look at why people who make good money still use a bail bond company.
A Quick Reminder of How Bail Works
Before we start talking about why people can’t come up with bail money, it’s probably a good idea to answer the question how does bail work? Answering this will show why people’s options are limited and why so many people, even those who might seem rich, might choose to work with a bail bond agent.
After a person is arrested, a judge will set bail. Let’s say that the judge sets the bail at $5,000, and if that money is turned over to the court then the arrested person can go free until trial. If the arrested person has access to $5,000, then they don’t necessarily have to make use of a bail bond company. They can turn over the $5,000 to the court and get that entire amount back after the trial (minus small administrative fees taken by the legal system).
If a person cannot come up with the $5,000 (again, this is a “for example” amount), then they can enlist the help of a bail bond agency. The bail bond agency will pay the court the $5,000 in order to secure the release, and the fee that the bondsman takes is 10-percent. That means a person will need to pay $500 to the bondsman, and once the accused shows up in court then the bondsman reclaims his or her $5,000 from the court. The $500 fee is kept by the bondsman whether a person is found innocent or guilty.
Well-Off People Might Not Have The Cash On Hand
While some might say the economy is doing great, it doesn’t change the fact that more than half the country can’t come up with just $400 in an emergency. That means that if bail is set at $2,500 then they aren’t even close to being able to let the court hold their money as bail. Most can, however, cover the $250 fee to a bail bond agent. But what about middle- and upper-middle-class citizens of O’ahu? Surely they can just pay the court out of pocket.
How many people do you know who just have $3,000 sitting around as cash? For that matter, most people don’t even have $3,000 in their savings or checking account. Even people who are considered well-off don’t keep cash on hand. Once they get a certain amount of money, the often switch it over to a different account that’s not connected to their savings. That creates another reason people choose to work with a bail bondsman, because…
Cash Takes Time
Cash just isn’t as important as it once was, whether you’re talking about physical cash or that found in checking accounts. Because checking and savings accounts typically earn between 0-percent and 0-percent interest, once people get a certain amount of cash in their checking or savings then they move it into a CD or other investment option, meaning that the cash is simply not very liquid.
When they need $5,000 for bail money, they’re not able to access it quickly and aren’t about to have their loved one languish in jail. They want to have them released now, which means that a bail bond agent might be their only option. $500 is a small price to pay to get someone released, and working with a friendly bail bond company such as Wanna Get Out Bail Bonds is worth it.
Credit Might Be Maxed
Like most modern institutions, courts take credit cards. They’re really not interested how they get their money, just that they do. So if you have a $10,000 bail to pay, you can whip out your credit card and they’ll charge you. You’ll still be paying interest on that money while they have it and they’ll be charging some nominal court fees as well, but it’s covered.
But you won’t be surprised to know that many people who have a big house, a fancy car, and a lot of other possessions are living beyond their means. Sure, they might have a lot of credit, but their credit limits have mostly been reached. They might have a $20,000 credit limit, but if they carry a balance of $18,000 then there’s no way for them to pay the court directly.
That’s why they’ll approach a bail bond agent. We also take credit cards, but on a $10,000 bond they’ll only be needing $1,000 to cover it. Many people can access a $1,000 in credit when they’d never dream of being able to get $10,000.
It Might Simply Be More Than They Have
It’s unlikely that you or a loved one will have a $3 billion bail set for them by the court, but bails can get high for a person charged with particular crimes. Bails of $100,000 aren’t uncommon, and there isn’t a high percentage of people in Honolulu or O’ahu who can easily cover that. Even those that most people would consider “rich” would have a hard time finding liquid funds in just a few hours. For those big bails, nearly everyone will need the help of a Hawaii bail bond agent. After all, $10,000 might not be easy to find, but it’s 10 times easier than finding $100,000!
Do You Need The Help of a Bail Bond Company?
No matter your income, know that you’re in good company when it comes to needing bail bonds on O’ahu. When you need help with how to post bail, we can probably find a way to make it happen. Contact Wanna Get Out Bail Bonds today!