Bank Account Searches
What Are Bank Account Searches, and Why Are They Important?
Answer: A bank search is a complex search conducted by an experienced private investigator to see if someone has a checking, savings, or other types of bank accounts.
Asset searches are necessary because they help attorneys and others determine someone’s financial strength or weakness for legal reasons.
These lawful reasons include the collection of a debt or judgment, divorce matters, child support matters, and pre-litigation discovery to see if a person is worth suing.
The good news is that you can hire a professional to conduct a financial institution account search.
Liquid assets (money) are the primary way most attorneys want to collect on judgments.
It is the fastest and easiest way to satisfy a judgment. It also should be your direct way if you hold a legal judgment against someone or an entity.
Industry experts report that 80 percent of all judgments go uncollected.
This should come as no surprise, as a civil judgment is nothing more than a piece of paper.
No court order forces the defendant to pay you immediately after winning the judgment.
Bank searches are the key to satisfying a lawsuit.
Also, a search of financial institutions is essential to due diligence in any business acquisition.
Types of Bank Account Searches?
Answer: An experienced investigator can search for a single bank, all banks statewide, or all banks nationwide.
Also, a bank search can be performed on individuals or businesses.
Accounts can be held in the following ways:
- Personal Name
- Sole Proprietorship
- Limited Liability Company
- General Partnership
- Family Trust
Are Bank Accounts Public Record?
Answer: No. Banking information is NOT public record. Also, no database, either paid or subscription, provides bank account information. Public records can be used to obtain various other types of information, but not financial information.
How to Conduct a Search
Answer: A bank account search is not something the average person can perform independently.
There are no internet databases or paid databases that will provide banking information.
Most private investigators are unable to find banking information. Beware of fly-by-night private investigators who obtain information by false pretenses.
It is always best to hire an experienced investigator specializing in asset investigations.
A professional asset investigator will also recommend the best type of bank search that will accomplish your goals.
Is a Bank Account Search or Other Type of Asset Search Legal?
Answer: Yes, some laws allow for the legal discovery of assets in the United States.
Asset searches are mandated by federal regulations known as The Fair Credit Reporting Act (FCRA) and the Gramm Leach Bliley Act (GLBA). The Fair Debt Collection Practices Act (FDCPA) is followed in all our services. The subject of the investigation is never contacted and we do not obtain information using false pretenses.
Links to these acts are listed below:
The following purposes are authorized under those laws:
– Debt Collection & Judgment Recovery
– Legal and or Litigation Purposes
– Insurance (Approval and Investigations)
– Fraud Prevention or Detection
How Long Does it Take To Conduct a Bank Account Search?
Answer: Our average turnaround time is 7 – 15 business days depending on the search type.
We do not provide RUSH investigations. All investigations are conducted diligently and thoroughly thus we are unable to provide RUSH service.
Do Bank Searches Alert the Subject of the Investigation?
Answer: No. The subject is never contacted per The Fair Debt Collection Practices Act (FDCPA). All asset searches are conducted utilizing discreet sources, and the subject of the investigation will not be alerted.
Do You Provide Judgment Recovery Services?
Answer: No. We only locate assets. We can refer you to a company that offers judgment recovery services in your area.
How Long Does a Bank Keep Bank Account Records?
Answer: By law, banks must maintain records for five years. Banks are not required to maintain banking records past seven years.
Banks at one time held and stored bank records on microfiche. However, with modern technology and massive cloud storage, some banks may now be able to keep records for extended periods.
How to Search the Bank Accounts of Deceased Individuals?
Answer: Through various legal techniques and sources, a good asset search investigator can locate the accounts of deceased individuals. This information is helpful during probate matters.
However, bank searches should be conducted within a year of death.
Bank Account Information by Social Security Number?
Answer: All asset searches are conducted by first identifying the subject and obtaining a social security number and date of birth.
Searching by name only is ineffective and will lead to investigating the wrong person.
Can I Search for Bank Accounts in My Name?
Answer: Yes, accounts can be searched in your name. But the likelihood of an unknown active account in your name is slim.
There is a better chance of finding a deposit account in your name that has gone dormant.
Bank accounts and other types of unknown money go unclaimed every year. These types of accounts are sent to the state controller’s office.
Each state has an office for unclaimed property. Read this article to learn how to search for unclaimed property in your name.
When searching for assets on your subject, it is essential to do your research to find the best service for your needs.
Many different asset searches are available, each with advantages and disadvantages.
Bank account information can help you find the right solution to your collection needs quickly.
Be sure to also compare rates and fees between different asset locate companies.
In short, you need an experienced asset investigation company to obtain quality financial information.
The owner of Intelligence West is a licensed private investigator and has conducted asset searches since 1991. Please feel free to contact us if you have any additional questions regarding any type of asset search.