Are you interested in hiring a private investigator to gather bank account information? This is one of the services private detectives are frequently called on to perform for their clients. However, there is some misconception about what kind of information a PI can actually obtain regarding bank accounts. Read on to find out the truth:
More often than not, private investigators do not have the legal authority to access bank or investment account information. So what can a private detective find out for you? A seasoned PI may be able to identify accounts linked to a business or individual through interviews, public records searches, or other legitimate investigative techniques. Once these accounts are found, however, it is nearly impossible to obtain highly specific account information without a court order or the consent of the account holder.
You may come across private investigators who claim they have the ability to obtain specific bank account information or other financial information. While this can be true, getting this information without specific authority is against federal and state statutes. It is essential to be careful, as a client and private investigator, to avoid crossing legal lines. Gaining bank account information through an inside source in the banking industry or via pretexting (gaining personal information under false pretenses) is a Federal crime protected under the Gramm-Leach-Billy Act.
The Right to Financial Privacy Act also prohibits financial institutions from disclosing bank records or account information about individual customers without customer consent, a court order, subpoena, a search warrant or other formal demand. Though the statute is technically limited in scope, most financial institutions will not release information without one of these authorizations. Customer consent remains the most effective way to acquire bank account information.
It is important that both clients and private investigators are aware of the boundaries of the law and can set expectations early in an investigation. Identifying the existence of accounts is still useful information to obtain during an asset search and can be done legally by a seasoned private detective.