Expert: David McArthur - 4/7/2009

Question
Hello Mr. McArthur,

I wonder how, exactly, creditors are able to find any bank accounts a person might have?

Do they merely search for a person's social security #, or name, or both? Do they request information from every single banking institution in the country - or mostly the larger banks in the same state?

I have been told different things, and am curious what your experience is.


Answer
Hi Kim,

I don't know the exact process that they use.  My guess is it would have to do with your soc# and possible the 1099 interest statements that banks submit on each account holder.

What I can tell you is that I worked at CitiBank for two years and I saw people come in all the time that had accounts garnished to their surprise.

David