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July 20, 2017 By Carina Yturbe Leave a Comment

4 Asset Search Myths Debunked

asset search myths

Asset searches are extremely popular and beneficial, yet there are many misconceptions as to what information is obtained, and the permissibility of such evidence.

Some of these misconceptions are as follows:

1. You can obtain account numbers.

This is false! The Gramm-Leach Bliley Act prohibits any financial institutions from sharing account numbers or similar access numbers.

The prohibition applies to disclosures of any account numbers for an individual’s credit card account, deposit account, or “transaction account” to any nonaffiliated third party.

Our reports provide the name and location of the financial institution and a description of the accounts (checking/savings) with either the most recent balance or the average balance over the past thirty days depending on the individual institutions reporting procedures.

In some cases, a subject may have an opt-out agreement with the bank or a private banker. In those circumstances we may only be able to provide the financial institution and type of account but no balance information; however we will NEVER provide any account number.

2. When you send a subpoena for a bank account you should list the specific account number only.

Despite the writ/sheriff requesting them, account numbers are not necessary.

The best way to obtain as much information as possible is to provide the social security number of the individual and their full name, including any alternate names (i.e. alias or maiden names the individual may go by).  If you are requesting information on a business, you must include the companies FEIN (Federal Employer Identification Number), the name of the company (provide any d/b/a or trading names) and known principals of the company.

The above information is mandatory in order for the bank to effectuate the levy on the account(s).  By not providing account numbers, you now have access to all accounts held at the institution, so it is in your best interest to not include them.

3. A good investigator should be able to find 100% of accounts.

 The best investigator in the world will never be able to guarantee 100% location of accounts.

This is simply because individuals that are trying to hide their money are working just as hard to hide it as the investigator is working to locate it. If we have the correct names, alias names, social security number and date of birth, we should be able to locate majority of the accounts. However, we still can’t ensure 100% location!.

Bank accounts are very easy to open and we find that many individuals open bank accounts using another person’s social security number. Our firm ensures 87% location of all accounts, providing that the information for the individual provided by our client is accurate.

4. You can perform an asset search for any reason.

Again this is false. In order to remain compliant with the GLBA and FCRA, On The Lookout and all credible investigators require a permissible purpose to run an asset search for the consumer’s protection. Otherwise you run the risk of performing a search which violates the laws and acts put into place for the consumer’s protection.

Some examples for permissible purpose are:

  • a court order
  • federal grand jury subpoena
  • permission by the consumer himself (in writing)
  • employment purposes (again with consumer permission)
  • debt or judgment collection
  • authorized matrimonial investigation
  • settlement purposes
  • authorized estate purposes (must be requested by personal representative or executor).

In other words, you need a legitimate reason to get access to someone’s bank and asset information.

Here at OTLO, you never have to worry.  Our investigators are thoroughly trained to follow all of the laws constituted by the Gramm-Leach Bliley Act, and we promise to NEVER pretext.

We’ve located over $5 million in assets for our clients. Want to know how we can help you too? Feel free to get in touch.

Filed Under: asset searches

February 24, 2016 By Amanda Sexton Leave a Comment

Asset Searches When Someone Owes You Money

asset searches

Does someone owe you money? In this economic climate, the answer is most likely yes.

Asset searches are a valuable tool for attorneys, investors, companies, and individual litigants.  When conducted by an experienced investigator with the understanding of applicable laws, you will not only know where assets are located, but what liabilities, bankruptcies, liens, and lawsuits are against the opposing party.

Do you know what the permissible purposes are to look for bank and brokerage assets?

As private investigators, we often find that many people don’t what the permissible purposes are.

If you’re an attorney, did you know that if you obtain information from your investigator that was illegally obtained, you can be held liable?

Whenever an asset search is being conducted, it’s important to make sure the investigator is following all State and Federal privacy laws which include the Gramm-Leach-Bliley Act, the Fair Credit Reporting Act, and the Fair Debt Collection Practices Act. Most importantly that they DO NOT USE PRETEXT to obtain this information.

So what are the permissible purposes? Viable reasons for conducting a bank search and/or investment/brokerage search are:

  • Debt or Judgment Collection: for use in the collection of an existing debt/judgment that is owed by, or is the financial responsibility of the search subject.
  • Authorized Matrimonial Investigation:  Only can be conducted with a Court Order.  Divorce Judgment is not permissible.
  • Authorized Estate Investigation:  Investigation for use in administration of the estate of a decedent, or a person adjudged to be incompetent, which will identify assets.  This type of search has to be requested by the executor or personal representative of the decedent or incompetent individual. Authorized estate investigations also require a copy of all applicable documents for verification, including a death certificate.
  • Tort Settlement:  for use in assessing a business transaction, such as an offer to settle a claim for injuries, damages, costs, or other expenses arising from a tort (wrongful act).  The purpose of the investigation is to assist in the determination of the economic viability of the settlement offer made by the search subject.
  •  Written permission from the subject of the search (yes, this happens as rarely as you think it does)

When looking for assets, look beyond property and motor vehicles.  These can be difficult to collect on. Look for bank, brokerage, stock, IRA’s, and retirement accounts.  Bank searches can be conducted statewide or nationwide.

How about looking for current employment so that you can garnish wages?  Or safe deposit boxes for decedents?

Whether you are looking to locate assets on a business or individual, our investigators are trained to track down assets and here to help.

 

Filed Under: asset searches Tagged With: asset searches, bank search, litigation, permissible purposes

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Phone: 973-867-3070
Fax: 973-867-3090
Email: investigations@otlollc.com
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