According to the Association of Certified Fraud Examiners manual, the Right to Financial Privacy Act prohibits financial institutions from disclosing bank records or account information about individual customers to governmental agencies without: 1) the customer’s consent, 2) a court order, 3) subpoena, 4) search warrant, or 5) other formal demand, with limited exceptions.
Even though the statute is limited in scope and only applies to demands specifically by government agencies, most financial institutions will not release information without one of the above listed authorizations.
Even with law enforcement agencies, the most effective way to get bank records or account information is with the customer’s consent.
There are many private investigators who claim that they have the ability to obtain bank records, accountinformation, account details and other financial information.
While this may be true, the fact of the matter remains – obtaining banking or financial details without specific authority is against federal and state statutes.
How does a “rogue” investigator get bank records?
The two most common ways that investigators obtain bank records or account information is through a source in the banking industry or through pretexting.[To save you the Google search onpretexting, it’s loosely defined as the practice of getting your personal information under false pretenses.]
Although pretexting does have legitimate and legal uses [which is a story for another post], the use of pretexting to obtain financial information about another person is protected under the The Gramm-Leach Bliley Act, passed in 1999, which imposed strict penalties for individuals who obtain information about a third party account through pretext or deceit.
Word of Caution
After reading this, you may be thinking, “if I hire an investigator to get banking records, it’s the investigators problem, not mine.” Consider this though – if you are ever asked to testify as to how the information was obtained, not only will the evidence be thrown out, but there may be legal implications against you and the investigator.
There are several instances investigators conducting a “banking sweep” only to later find that the information was fake. For example, in 2009, a Toronto private investigator charged his client $60,000 for a “banking sweep.” The investigator reportedly identified $2.6 million in the Cayman Islands and the Bahamas, but the information was later found to be bogus.
Are there legal ways to get bank information?
There are legal ways to identify bank accounts such as this case study where weidentified bank accounts in a divorce filing.
But what you really need to figure out is what you are trying to do? Are you really trying to conduct anasset investigation,find assetsorlocate hidden assets?
Final Thought
Information obtained from “inside” sources can be extremely valuable for any investigator, but when the informationobtainedis byunlawfulmeans, there can be serious legal implications.
FAQs
Private investigators can find bank accounts California by accessing databases. They may also look through public records such as property filings, tax returns, and other papers.
Who can access your bank records? ›
RFPA's Provisions
- the customer authorizes access;
- there is an appropriate administrative subpoena or summons;
- there is a qualified search warrant;
- there is an appropriate judicial subpoena; or.
- there is an appropriate written request from an authorized government authority.
Private detectives and investigators typically do the following: Interview people to gather information. Search online, public, and court records for civil judgments, criminal history, and other evidence. Conduct surveillance.
Can someone else request my bank statement? ›
No one can check your bank statement without your permission. Unless you give out your account number, banks do not release information regarding your bank statement to unknown third parties without your consent.
Can a pi get bank statements? ›
Private investigators can access financial information, but must adhere to strict legal guidelines. Typically, they are not permitted to retrieve financial records without a legitimate reason, in line with the standards set by the Right to Financial Privacy Act.
Are bank records privileged? ›
No financial institution, or officer, employees, or agent of a financial institution, may provide to any Government authority access to or copies of, or the information contained in, the financial records of any customer except in accordance with the provisions of this chapter.
How do private investigators locate bank accounts? ›
Private investigators use various online resources to search for hidden bank accounts. They can use social media, search engines, restricted databases, and public records to locate bank account information.
Can someone subpoena my bank records without my knowledge? ›
Without your consent, a Federal agency that wants to see your financial records may do so ordinarily only by means of a lawful subpoena, summons, formal written request,or search warrant for that purpose.
How far back can bank records be subpoenaed? ›
Open Accounts: For open accounts, you can typically subpoena bank statements going back around seven years, as this is the standard record-keeping period for most banks. However, it's essential to check with the specific bank in question, as their policies may vary.
What database do private investigators use? ›
The most common database a private investigator will use is the tracers database. The tracers database is fairly accurate and doesn't cost too much so that a small investigation firm can afford it.
However, it's essential to understand that they operate within legal and ethical constraints. Contrary to popular belief, PIs cannot read text messages, listen to phone calls, or hack into social media accounts.
How discreet are private investigators? ›
Professional Training
Private investigators undergo extensive training to refine their skills. This training includes methods to evade detection and to handle confrontational situations should they arise. These skills are essential for remaining hidden while on the job.
How to get bank records? ›
Ask the bank if they can provide the requested statements, and whether it will be via postal mail, email, or online download. There may be fees involved for retrieving and sending old statements. Ask for fee details and make sure to get any estimates in writing. Fees typically range from $5 to $50 per statement.
Can anyone check how many bank accounts I have? ›
Bank secrecy laws protect the privacy of bank account holders, making it difficult to obtain information about these accounts without the account holder's consent.
Can anyone verify bank statements? ›
Third parties, such as lenders and underwriters, property owners, rental agencies, or government officials can review bank statements and other financial information as part of the application process to assess the risk of the person applying for a loan or other service.
How to find out where someone has bank accounts? ›
There are several methods to find hidden bank accounts, such as:
- Conducting online asset searches.
- Hiring a private investigator.
- Making legal requests for financial information.
- Utilizing state-sponsored websites and resources.
You can obtain these records by preparing and serving a subpoena. You will only need to subpoena bank records if the bank is not a party to the lawsuit. If the bank is a part of the lawsuit, these documents will be produced during discovery.
Can a private investigator run a credit report? ›
Private Investigators have access to extensive databases that house such information and have the authority to use them to assist in their case. There are certain limitations, however, such as a Private Investigator may not run a credit report with a person's written consent.
