Is Bond Premium Refundable?
“It can be hard to know all the ins and outs of the bail bond process. A question commonly asked is about the bail bond premium and if it can be refunded. Though some money can be refunded, there are not a lot of times where the premium is refundable.“
What is a bail bond premium?
After you call your Colorado bail bond service provider for the release of your loved one, they will get paperwork ready to take to the jail. The paperwork is a bond. It promises the court that the person arrested will go to court and follow through with what is asked by the court until that case is closed. The premium is usually about 10-15% of the total bond amount. This money is what secures the release by the bail bondsman. The bail bond service provider earns that money when your loved one is officially released from the detention center.
There is only one way that the premium is refundable. It is if your Colorado Springs bail bond service provider revokes the bond. The bail bondsman has two weeks to revoke the bond for any reason once the bond is placed. The matter of refunding the bond then goes to the court.
What can be refunded?
There is only one way that you can get money refunded to you. Usually it will not be from the premium, but any other money that was put down as collateral. The reason why the premium is not refundable is because the money is technically earned once the person is released from jail.
This is where it becomes important to make sure that your loved one finishes the court process. If there was money put down for collateral, the only way to get that money or asset back is with a bond release. A bond release comes from the court, once the court process is completed. After you get the bond release, it is up to you to give that court document to your Colorado bail bond service provider. They then have two weeks to refund that collateral.
Keeping in touch
Remember that you have to give the bail bondsman a copy of the bond release to get your collateral back fast. It is important during this process to keep in touch with your bail bondsman to make the process smoother. Your bondsman is a great lifeline for any questions you may have.
There are times when a bond is posted for an individual, and then that person is run for a database for release to find out if there is a warrant in their name or if they are cleared to be released. If there is a warrant under their name, the bail bondsman can either place a second bond for the warrant or advise what can be done next. There are some warrants that are either cash bond only or have a hold until seen by a judge.
Cash only warrants can only be paid with cash, or same-as-cash payments. A same-as-cash payment is either a cashier’s check or a money order. In the event of a no bond warrant or the warrant states to be held until seen by a judge, the bondsman is unable to post a bail but can let you know what the next step is.
Being arrested can lead to a lot of steps and questions. It is important to keep in touch with your Colorado Springs 24 hour bail bond service provider. This will ensure that there are no complications during those steps. If you have questions or are in need of a bail bonds service provider, call Angels and Outlaws Bail Bond at (719) 696-9088 or go to our website at angelsoutlawsbb.com