Written by our Subject Matter Experts, on Sept. 23, 2019
In rare cases, $1 million dollar bail is set – we look into how much a $1 million dollar bail bond would cost someone, the types of million dollar crimes, and what it really means to have $1,000,000 bail set.
Cost of a $1 Million Dollar Bail Bond
The premium is typically 10-15% in most states. This is the base fee that every bail bonds company will require you to pay. For a $1 million bail bond, this means $100,000 to $150,000 in costs that you need to pay if you want to use a bail bondsman. This amount is non-refundable and you will not be able to get this money back no matter what the outcome of the case is (dismissed, innocent, etc.).
The challenge with a million dollar bond is that you need collateral up to the full $1 million. This will need to be personal collateral or someone else willing to co-sign on the bond.
Not many bail companies are able to finance a $1,000,000 bail out. It takes a lot of coordination and paperwork to align the resources and collateral needed to make something like this happen.
$1 Million Dollar Crimes
There is no bail for murder under certain circumstances. Other murder arrests have a $1 million dollar bail that is typically set. Such cases are reviewed closely and can vary in amount due to the threat and risk the person possesses if they were to make bail. Accessory to murder in the 1st degree has slightly lower bail set $500,000 bail amount while 2nd degree is set to $250,000.
Other $1,000,000 bail crimes besides murder often involve significant white collar crimes, or people of high net-worth. The bail amount set can take into account net-worth of the person – the goal is for the bail to be set at a painful enough point for the person to want to come back to court to recoup the money, or at least not risk being responsible for the full bail amount.
What does a $1 million dollar bond mean?
It means the judge deems the person extremely violent, a risk to the safety of others, or simply a flight risk. It can also mean the person has significant wealth and has committed serious financial or white collar crimes. Murder and other violent crimes often come with a “no bail” ruling which means the person cannot be freed no matter what financial resources they have. This is to protect the public.
When bail is set at $1 million, the judge typically feels the person will not cause immediate danger to those around them. The bail is set high to limit flight risk and to generally cause monetary discomfort and provide incentive for the person to attend all court dates.
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Our Team of Subject Matter Experts
We dedicate ourselves to providing information that is accurate and expertly written in order to assist individuals through a difficult time. Our staff at Bail Bonds Network is highly educated, having obtained prestigious degrees in law, business, accounting, and finance. Our editorial staff includes professional lawyers, bail bondsmen, and lending experts who understand local jurisdictions and intricacies of legal matters dealing with bail bonds.