Are you searching for Raleigh bail bonds? Raleigh, NC, is home to a number of bail bond companies that finding one will not be difficult. The challenge may come from finding the right company that suits your needs.
Bail bond companies are very reliable when no other source of fund for posting bail is available. But what really are bail bond companies? How does such business work?
How They Operate
A bail bond company is a business that sells surety bond to those accused of a crime but not able to post bail on their own. The surety bond serves as an insurance that the accused will appear in court when asked to do so.
The surety bond is normally a percentage of the total amount of the bail, which is about 10 percent. Bail bond companies may also ask for collateral to protect the bond. It could be anything that is liquid enough like a house, a car, or other valuable assets.
If the collateral is secured, the company sends an agent to pay the portion of the bail to the court with the guarantee to pay the rest of the bail the moment the accused skips a court appearance. If the accused do skip court dates, the company has the authority to locate and surrender him to the court.
Aside from bonding, these companies also perform other services. They do process serving, wherein they personally bring legal documents to the court.
They also do private investigations. Both supplementary duties are, however, regulated by state law. For a bail bond company to do them, it must have a license for each duty.
How They Earn
A bail bond company earns money as an insurance company would. And this is through the cost of the bond. The portion the client (or accused) pays, the 10-percent cut, which is not returned, is actually the fee for the bond.
Pricing of the surety bond is an outcome of supply and demand factors. Earning from that bond is the company’s only source of profit. The risk faced by bail bond companies of an accused running away to leave the company paying for the rest of the bond is a source of that pricing differential.
Also, the fact that they are ordinarily the lender of last resort for many clients who cannot find any funds for their bail, their prices, (i.e., 10 percent of the bail amount) are that high. With less demand, bond prices are higher.
Bail bond companies essentially serve as a third-party contributor to the legal process. Beyond being a financial surety firm, they operate in ways that assist the accused, the court, and the lawyers, supporting key junctures of the life of an active case.
When you are looking for a bail bond company, make sure it is the only option left for you as the bond may be too expensive to pay for. More so, it is recommendable to find a licensed and experienced bail bond company as you will expect quality and reliable service from them.