Can collection agency's find out if you have checking, savings , 401k?

Question

do banks, retirement funds give out this info to collection agencys?

Answer 1

Probably not. Certainly banks and 401k companies can't just give this info out unless there is a court order to do so. Most collection agencies don't pursue matters legally. It of course depends on the debt. The ways you mentioned above, going after a bank account or a 401k would require a judgment from a court. This is costly for debt collection agencies to do. So it really depends on the debt. If the cost to collect it legally (via court judgment or suing) is more than the total amount of the debt they obviously won't do this. On the other hand they may if they stand to collect alot on the debt. Even if they do they generally seek wage garnishments directly from your pay rather than a bank account. Hope some of this info helps, best of luck.

Answer 2

No they don't give them out, however clever collection agencies can find out about them through you actually. One trick is to send you a check for $2 saying its from a rebate company, you think nothing of it because at some point all of us have ordered things with rebates and forgotten about it. So you deposit it, then bang! There goes your checking account!

Answer 3

This is tricky.... because yes they can find out where your bank account is but not directly from the bank.  You do leave trails all over when paying for things.. As for your 401(k) this can NOT be seized or garnished by collection agency.  The only one that can order a payout from these accounts is a family court - Divorce order or child support (and the child support is VERY rare).