If you’ve secured a judgment and are eager to resolve and collect, one crucial step is uncovering the assets of the debtor. While assets can manifest in various forms—vehicles, real estate, or corporate holdings—bank accounts often take precedence. In this video transcript, we’ll delve into the five distinct methods that can help you trace bank accounts for effective judgment enforcement.

The Importance of Asset Discovery

Before delving into the methods, it’s essential to acknowledge that successful judgment recoveries often involve assets beyond bank accounts. While this discussion centers on bank accounts, remember that diversifying your search across various assets can enhance your chances of recovery.

Methods of Bank Account Discovery

1. Swift Code System

The Swift Code System involves financial institutions utilizing a third-party platform named Swift to generate activity codes for every transaction. Accessing these codes can unveil information about account holders, financial institutions, and recent activities. This method is effective in identifying active and closed accounts, providing insights into balances and recent transactions.

2. Public Records

Contrary to common beliefs, public records are a goldmine for discovering bank accounts. Every activity, from vehicle registration to business operations, generates a public record with references to specific banks and accounts. While tedious, searching these records often reveals hidden assets that may not appear through other methods.

3. Check Verification System

Commonly found in retail settings, the Check Verification System validates checks through access to the banking system. It offers a unique perspective, potentially revealing accounts not captured by other methods. However, legal and ethical considerations must be adhered to while performing inquiries.

4. Account Vetting Process

When individuals open new bank accounts, financial institutions employ a vetting process to assess their financial responsibility. This process, performed by third-party platforms, can be accessed to identify deposit accounts. Results from this inquiry might differ from those obtained through other methods, highlighting the importance of comprehensive searches.

5. E-Discovery Subpoena Records

In legal proceedings, a court-issued subpoena or order for discovery can be employed to obtain banking records. While this method requires legal involvement, it can offer a comprehensive view of a debtor’s financial activities. Opting for a full bank statement during this process is advisable for a more detailed understanding.

Choosing the Right Approach

The efficacy of each method varies, and the completeness of your search can impact the recovery process. It’s crucial to understand which methods are being employed if you opt for a third-party service. Additionally, consider the significance of obtaining a full account statement for a more comprehensive overview.

While the journey to recover judgments can be challenging, employing thorough and diverse methods to discover bank accounts enhances your chances of success. Remember, assets can be cleverly hidden, and a comprehensive search ensures that no stone is left unturned. Whether you decide to undertake the search yourself or engage a professional investigator, prioritize a methodical and detailed approach to secure the rightful recovery of your funds.