What Is A Bail Bond Agent?
Is There A Living To Be Made?
The first Bail Bond Agency in the United States was established in 1898 and the industry has been developing and going strong ever since. When a crime is committed, depending on the nature and severity of the infraction, the perpetrator may await trial in or out of jail. This is decided upon by the court’s presiding judge. If the crime is considered to be not too severe in nature and the perpetrator is not regarded as a flight risk, the judge has the authority and option to assign bail, usually a preset amount depending on the nature of the crime, which can be considered a “get out of jail” card, but it most certainly is not free.
Bail may be paid in the form of cash, bond or property and is provided to the court in order to ensure that the defendant will show up for trial as ordered. If all goes as expected, the bail amount will be returned in full to the bail provider, regardless of the end result of the trial. If, however, the defendant fails to show up for court as scheduled, bail will not be returned and the defendant will be subject to arrest.
What Is A Bail Bond Agent?
If the defendant is unable to meet the bail amount, they may utilize the services of a Bail Bond Agent. There are more than 25,000 bail bond companies in the United States. These companies make an agreement with the court to pay the full amount of the bail, should the defendant fail to show up as promised. The Bail Bond Agents are backed by insurance companies that cover the risk involved. Bail Bond Agents charge a fee for their services.
How Much Money Can A Bail Bond Agent Make?
The fee charged by the Bail Bond Agent generally comes to approximately 10% of the bail amount for a state charge and 15% for a federal charge. Regardless of the end result of the trial, that is, whether or not there is a win or lose verdict and whether or not the defendant actually shows up for court as ordered, the Bail Bond Agent will keep their fee, as it is almost always non-refundable. This is how Bail Bond Agents make their money. As of 2019, Bail Bond Agents earned an annual income of between $18,050 and $88,500, the average annual income being approximately $36,000.
Guaranteed Job Insurance
A gargantuan sum of $14 billion is paid out in bail bonds every single year, with a consistent profit of $1.4 to $2.4 billion in each of those years. Can you make money as a Bail Bond Agent? The figures don’t lie. If you put in the time and effort required, you are bound to make a very good living. In addition, not all jobs and careers can guarantee job insurance, but as far as the Bail Bond Industry goes, you can rest assured knowing that as long as crime exists, there will always be a need for Bail Bonds Agents.
Joyce Hope is a writer who specializes in merchant accounts. She has worked for First Card Payments since 2017.