Asset Searches and Bank Accounts. What is Legal and What is Not
Do you have questions about Asset Searches on bank accounts? Here are some guidelines for what is legal and what is not. If you are expecting to get a bank account number from an asset search, that is not possible. There are restrictive laws governing the privacy of banking information and this applies to all consumer account information as well as to asset searches.
The Financial Modernization Act of 1999, also known as the Gramm-Leach-Bliley ACT (GLBA). (The GLBA applies to individual consumers or customers only, not to business or commercial accounts.) There are two primary privacy requirements in the act which prevent banks or financial institutions from releasing any individual account information. The first is the Financial Privacy Rule and the second is the Pretexting Provisions and the Safeguards rule. This rule is about maintaining records and would not be relevant to obtaining bank information.
The Financial Privacy Rule
This is the part of the GLBA which outlines the kinds of protections a bank or financial institution must provide to keep their consumers’ bank account and information safe. One of the provisions is that a bank or financial institution must never give out a bank account number of a bank checking, savings or brokerage account.
The Financial Privacy Rule also outlines when it is permissible or legal for a bank to release some of the information about an individual’s account. Here are some of the reasons when it is ok for a bank to give out that information.
To protect against fraud, (actual or potential fraud), unauthorized transactions, claims or liability. Applies to individuals or companies who are contemplating doing business with someone and want to assure themselves that what is being represented to them is accurate and not fraudulent.
Required institutional risk control. Information can be obtained when a business is
contemplating doing business with another business or when a business is contemplating litigation against a consumer.
As necessary to effect, administer or enforce a transaction requested or authorized by the consumer. This provision applies when one party is attempting to collect debts incurred by the consumer (enforce a transaction requested or authorized by the consumer but subsequently defaulted on.)
Persons with a legal or beneficial interest re: consumer. Provision applies when they are seeking banking information for someone who already has a judgment (legal interest) and is trying to collect on that judgment.
Pretexting Provisions of GLBA
In the pretexting provision of GLBA, it makes it expressly illegal to utilize a consumer’s personal identifying information in order to represent oneself to a financial institution as being that person.
For example, when an asset search report is given on financial information an account number can never be provided. You can get the name of the bank or institution, the location of the bank, and the account balances.
Choosing the Right Asset Search Company
When looking to conduct an asset search, it is important to carefully choose a qualified asset search company to assist you. The internet has become second nature for the majority, making it easy for someone to create a website that could potentially scam you or provide invaluable information. Therefore, it is important to research the company that you are using to make sure it will give you the results you are seeking.
The time that a company has been in business can tell you a lot about their experience. More likely than not, a company that has been in business for 10+ years will have already learned the do’s and don’ts regarding how the business functions, as opposed to a company that has just started. You should be sure to ask any potential asset search provider this question.
It is also important to choose a company that is knowledgeable in more than just providing the results, but giving you advice on how to interpret and implement them. Companies with attorneys on board can give you a basic roadmap as to how to go about using the report that you are given, whether it be to satisfy a judgment, recover unpaid child support or validate a party’s financial statement.
Convenience is another key point to consider. A company with an easy to use website, helpful customer service, and a small turnaround time is beneficial when trying to get results quickly. They should be able to accommodate you if you do not have access to a computer.
Finally, you should ask yourself these questions before choosing an asset search company:
1.) Does the company only use “legal” and reliable sources and methods to conduct their searches?
2.) Do they stand behind the quality of their work?
3.) Does all work remain confidential?
4.) Do they provide a professional looking report that you will be eager to read or share with your client?
If the company that you are considering meets these expectations, it is safe to say that you have made a great choice.
Where can Asset Searches be helpful without bank account searches?
Any attorney that handles personal injury cases will be the first to tell you how important it is to conduct an asset search before settling a case for the insured’s policy limits, especially when the damages or injuries to the client exceed that amount. If the attorney fails to conduct the asset search on behalf of their client or fails to at least ask the client if they are willing to pay to conduct the asset search, the attorney or law firm could be on the hook if the client discovers additional assets that their attorney could have or should have attached in addition to any recover from an insurance company that was obtained, to “fully” make their client whole.
For as little as $ 185.00 per individual, an attorney can order an asset search online and receive the results in one to two business days by email. All that is needed to conduct an asset search is the subject’s name and last known address. The asset search reports will deliver a treasure trove of information on the subject searched, including, but not limited to, any real estate that the subject may own or recently transferred, mortgage information, boats, aircraft, motor vehicles, patents, professional licenses, trusts, liens, bankruptcies, other lawsuits involving that subject, criminal records, sexual offender information and any associated businesses with the subject, and more.
If the subject owns a business or trust or other corporate entity, a business asset search can also be conducted to identify assets held under the name of the business on behalf of the subject. The average cost for a business asset search is $ 165.00. All that is needed to conduct the business asset search is the name of the business and last known address of the subject or city and state of the business. Again, the results of the search are returned in a few days.
For additional information, please contact us at 1(800)290-1012, or at firstname.lastname@example.org or www.assetsearchesplus.com.
By conducting an asset search, you can find out the necessary information to make important business and legal decisions quickly and affordably.
At Asset Searches Plus, Inc., we will help you uncover a wide range of valuable information for $185.00 and the detailed report will be emailed to you within one to two (1-2) business days.
For more information on conducting an asset search, please call us at 1(800)290-1012 or visit our site at www.assetsearchesplus.com. You can also download our free eBook on conducting an asset search by clicking http://www.assetsearchesplus.com/download-our-free-ebook/