So, if a person has been given a $100,000 bond, then a bail bond company would charge him $10,000 to sign for his release from jail. The company might collect $3,000 up front to cover the cost of the insurance policy and then would allow the client to pay the remaining $7,000 over time. While that is the industry standard, there is nothing in South Carolina law that allows a bonding company to charge a lower fee.
“Have fees been lessened through competition?” Mescia said. “Yes. There are bondsmen out there writing bonds with a fee of 2 to 3 percent.” He went on to say, “I don’t have to charge 10 percent. I can write a policy for whatever amount I want as long as it’s above the $25.”
