What Is Involved in a Bank Account Search During an Asset Search

By Hampton Pigott Staff
Posted on 3-1-2025

While spring usually makes people think about growth and rebirth, some things like marriages just don’t recover after a break. As a result, assets must be divided amongst the two parties involved. A bank account search is a crucial part of a comprehensive asset search, often conducted for legal, financial, and investigative purposes. Whether you’re trying to collect a judgment, handle divorce proceedings, or recover debts, identifying hidden or undisclosed bank accounts can provide valuable insights into a person’s financial standing. But what exactly goes into a bank account search during an asset search? Let’s break it down.

The Purpose of a Bank Account Search

Bank account searches are conducted to locate and verify financial assets held by an individual or business. Common reasons for performing a bank account search include:

• Judgment collection: Identifying funds to satisfy court-ordered financial obligations.
• Divorce proceedings: Ensuring full financial disclosure of assets during settlements.
• Probate cases: Identifying the financial holdings of a deceased individual.
• Debt recovery: Locating assets to satisfy outstanding debts.
• Fraud investigations: Tracking hidden funds that may have been unlawfully concealed.

Information Needed to Conduct a Bank Account Search

To initiate a bank account search, investigators typically require key details about the individual or business being investigated, such as:

• Full name (including any aliases)
• Social Security Number (SSN) or Employer Identification Number (EIN)
• Current and past addresses
• Known banking institutions
• Date of birth

Even with minimal information, skilled investigators can leverage various resources to uncover financial data.

Methods Used in a Bank Account Search

Professionals conducting bank account searches use several legal and ethical methods to track down financial assets:

• Database Research: Specialized databases aggregate financial and personal information, helping to pinpoint associated bank accounts.
• Public Records Search: Court filings, tax records, and business registrations may contain clues about financial institutions.
• Financial Affiliation Tracing: Investigators analyze patterns and past associations to uncover potential banking relationships.
• Surveillance and Interviews: Conversations with associates, former employers, or business partners may provide valuable leads.
• Skip Tracing Techniques: Advanced investigative methods are used to locate individuals and their financial assets.

Legal Considerations and Compliance

Bank account searches must comply with various state and federal regulations to protect individual privacy. Investigators are required to follow laws such as:

• The Fair Credit Reporting Act (FCRA): Governing access to consumer financial information.
• Gramm-Leach-Bliley Act (GLBA): Prohibiting unauthorized access to personal financial records.
• Right to Financial Privacy Act (RFPA): Protecting account holders from unauthorized disclosure of financial information.

Professional asset investigators ensure they operate within these legal boundaries while gathering accurate and actionable data.

Challenges in Conducting a Bank Account Search

Identifying hidden financial assets can be challenging due to various tactics used to conceal funds, such as:

• Use of multiple financial institutions across different states or countries.
• Transferring funds to offshore accounts.
• Holding assets in the names of family members or business partners.
• Converting cash into non-traceable assets such as cryptocurrencies or real estate.

Despite these challenges, professional investigators utilize advanced tools and techniques to uncover hidden assets legally.

What Happens After Locating Bank Accounts?

Once an account is located, further legal action may be necessary to gain access to the funds. Depending on the circumstances, this could involve:

• Court Orders: In cases like divorce settlements or debt recovery, legal authorization is required to access or freeze funds.
• Garnishments or Liens: Creditors may initiate garnishment proceedings to recover outstanding debts from identified accounts.
• Settlement Negotiations: Located assets can provide leverage for negotiating settlements outside of court.

Ensuring a Comprehensive Asset Search

A bank account search is just one piece of the puzzle in a thorough asset search. Combining it with searches for property records, business holdings, and other financial assets provides a complete picture of an individual's or business's wealth. Working with Hampton and Pigott as experienced professionals ensures accuracy, compliance, and actionable results.