Bank Account Searches
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Why is it Important to Conduct a Bank Account Locator Search Before a Lawsuit?
Answer: 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 to locate hidden bank accounts. Conducting a bank account locator search before a lawsuit is crucial because it ensures there are assets available to collect. This proactive step prevents you from wasting time and money in court pursuing a judgment that you may never be able to collect on.
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 preferred way if you hold a legal judgment against someone. 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. There is no court order that forces the defendant to pay you immediately after winning the judgment.
Bank searches are the key to satisfying a lawsuit, providing the essential information needed to make informed legal decisions. By ensuring assets are identified and accessible, these searches lay the groundwork for a successful collection process, allowing you to avoid the frustration of an unenforceable judgment.
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
- Corporation
- LLC
- General Partnership
- Family Trust
Looking for an Affordable Search on a Tight Budget?
A simple Single Bank Search is our most affordable search and can provide lots of answers.
Email us to get pricing.
Emails are more efficient than phone calls, allowing me to promptly reply with my pricing details. Don’t worry, there will be no follow-up calls or spam emails to you.
These are our various bank search options:
- Single Bank Search
- Statewide Bank Search
- Nationwide Bank Search
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.
What Methods are Used to Locate Bank Accounts and Financial Assets?
Answer: The average person cannot perform a bank account search independently.
There are no Internet databases or paid databases that will provide banking information.
Financial investigations are conducted by experts utilizing tried and true investigative techniques. These methods often involve examining public records such as UCC filings, real estate records, and vehicle ownership documents to trace payment methods. Court records, including divorce and bankruptcy filings, can also reveal crucial financial details.
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. Professionals in this field collaborate with collection centers and payment processors to gather data on individuals’ banking activities legally.
A professional asset investigator will also recommend the best type of bank search that will accomplish your goals. They use proprietary software with sophisticated algorithms to track transactions. This technology utilizes key transaction data to identify originating and receiving banks, without directly using account numbers, ensuring compliance with legal standards.
For more detailed information, investigators may rely on legal provisions, such as those specified under certain acts, to gather additional data when the case meets specific legal criteria.
By leveraging these methods, a qualified investigator can effectively and legally uncover financial assets, providing a comprehensive understanding of an individual’s financial footprint.
Is a Bank Account Search or Other Type of Asset Search Legal?
Answer: 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.
To legally obtain bank account information, several techniques are employed, all compliant with the Gramm-Leach-Bliley Act. These methods do not involve any pretexting or misleading actions towards financial institutions or customers. Instead, the process involves:
- Researching Public Records: This includes examining Uniform Commercial Code (UCC) filings, real estate records, and vehicle or boat ownership documents.
- Reviewing Court Records: Accessing divorce filings, bankruptcy records, and other legal documents to trace financial transactions.
- Investigating Payments: Identifying payments made to public entities like county tax collectors or company filings, as well as to creditors such as utility or loan companies.
- Utilizing Client-Provided Information: Gathering data that clients may offer to further bolster the search.
By combining these diverse methods, we ensure that the asset search is both comprehensive and legally sound, adhering strictly to the regulatory framework set forth by relevant acts.
Links to these acts are listed below:
The Fair Credit Reporting Act (FCRA)
The Fair Debt Collection Practices Act (FDCPA)
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 10–15 business days, depending on the search type. We also offer Comprehensive Asset Reports that typically take 10-15 business days.
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 for best results.
Bank Account Information by Social Security Number?
Answer: All asset searches begin with properly 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.
Can a Bank Search be Conducted on a Neighbor Out of Curiosity?
If you’re wondering whether you can conduct a bank search on a neighbor out of sheer curiosity, the answer is no. Bank searches are typically reserved for specific legal or business contexts. These include scenarios like preparing for litigation, enforcing judgments, handling divorce settlements, managing probate cases, and navigating investments or corporate mergers and acquisitions.
Organizations that perform these searches do so under strict guidelines to ensure privacy and compliance with legal standards. They’re meant to be used for serious purposes that usually involve legal obligations or business interests.
Simply put, conducting such a search purely to satisfy personal curiosity about your neighbor would not be permissible. Privacy laws and ethical standards in most jurisdictions prevent the misuse of bank search services in such personal matters.
Is a Bank Account Number Search Available?
Answer: No, we do not search for bank account numbers, nor do we provide account numbers with our search results. Bank account numbers are not required to recover assets from a financial institution.
What Methods Prevent the Misuse of Asset Searches Under FCRA Regulations?
Preventing Misuse of Asset Searches Under FCRA Regulations
The Fair Credit Reporting Act (FCRA) sets distinct boundaries to prevent the misuse of asset searches. These guidelines ensure that asset information isn’t used for inappropriate purposes, such as evaluating someone’s suitability for credit, insurance, or employment.
To keep asset searches aligned with FCRA standards:
- Purpose Limitation: Asset details can only be accessed by individuals or entities with a legitimate legal or financial interest linked to the consumer. This ensures that information isn’t exploited for unrelated activities.
- Fraud Prevention: The data can be utilized to identify and prevent actual fraud, unauthorized transactions, and potential liabilities. This criterion is crucial in safeguarding both businesses and consumers from deceitful practices.
- Restricted Use Scenarios: The FCRA explicitly bars the use of asset searches for decision-making in credit issuance, insurance coverage qualifications, and employment offers, protecting consumer privacy and preventing unfair judgments.
By adhering to these measures, organizations ensure compliance with the FCRA, thus protecting consumer rights and maintaining data integrity.
Does Intelligence West Work on a Contingency Basis for Asset Searches?
No, the service provider does not operate on a contingency basis for asset searches. Instead, they offer these services at a predetermined flat rate. This pricing structure reflects the substantial effort and resources that are required to conduct thorough asset searches.
Why a Flat Rate?
- Predictable Costs: Clients know the exact expense upfront, avoiding any surprises.
- Comprehensive Effort: Asset searches can be complex and resource-intensive, necessitating a fair assessment of the work required.
- Quality Assurance: A flat rate ensures that the focus remains on delivering thorough and accurate results rather than on the outcome’s financial implications.
This structured approach guarantees transparency and consistency in service delivery, affirming commitment to high-quality work without the uncertainties of contingency-based pricing.
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 also to 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.