Whenever you commit a crime with your bank account, you trust the necessary authorities to trace you with your account. Your bank and the relevant agency usually spearhead the process, be it the police, financial crime commission of your country, or other related agencies. That is the case for an active account. But what if you decide to play smart and close your account? Can it still be traced?
If you close your account, it will still be traceable as the bank will have a record of your account and its transactions for reference purposes should any case appear. However, such a record is usually kept for some years before being discarded to make room for new ones.
When opening your bank account, you are required to fill in several details. Some of these details include your full name, SSN, date of birth, address, and a host of other information that makes identifying you easy. This information isn’t gathered for nothing. They are taken the bank can easily identify who you are and locate you should the need arise. The information you provide these banks are used to track you should you get involved in a financial crime. Since banks track active accounts, you may want to know what happens to those that are closed. Can a bank trace an account that you closed?
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If I Close My Bank Account, Can It Be Traced?
People close their accounts for several reasons. For you, it could be because you were fed up with the terrible customer service. For someone else, it could be because the bank’s loan rate is too high. While these reasons are quite common, one of the uncommon reasons people close their account is because they don’t want to be traced. People who do this could be those embroiled in financial issues like fraud, money laundering, etc.
Aside that, there are also those who want to be sure if tracing their account is possible after its closure. For instance, it is ok to believe that an active account can be traced, as it is still operational. However, it may seem illogical to believe that a closed account can be traced as it has been deactivated, and by deactivated.
Regardless of why you closed your account, if you are keen on finding out if a closed account can be traced, this article is designed for you. Below I have provided the answer to such a question. However, to spice up this article, I answered a few related questions.
Let’s progress by understanding what a closed account is.
What Is a Closed Account?
As the name implies, a closed account is an account that has been deactivated or terminated. An account is usually closed by the customer, custodian, or counterparty.
At this point, no extra credits and debts can be included. In the accounting world, a closed account, or closing entry, can be regarded as a yearly process of shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet to begin the new fiscal year with a balance of nothing.
Can Bank Transactions Be Traced?
Recent transactions log on to your bank account online and are sent to the statements section. Call or visit your bank to get extra information on the transaction. The more information you can give the bank, the more info they will provide to you regarding the particular transaction you are trying to trace.
Can Cash Be Tracked?
Cash cannot be tracked. While they are equipped with serial numbers, there is no way to keep close tabs on who owns that bill. This is why criminals, especially those on the run, pay for their transactions using cash as credit cards and bank accounts can be traced.
Can Police Trace Money?
Whenever you lose a huge amount of money, say to thieves or scammers, you might want to leverage the help of the police to trace the money. But, before doing so, it is crucial you ask: can police trace money?
Of course, they can. Police use the marking bills technique to trace and identify money used in illicit acts. The bills’ serial numbers are noted down, and sometimes markings are made on the notes themselves.
Can Stolen Money From ATM Be Tracked?
ATM cashouts are very common. However, some criminals set up front companies to pass the money via the business. Tracing the origin of money in a business with several revenue streams and outgoing expenses is very challenging.
Tracing a Closed Account: Is This Possible?
When you close an account, it becomes deactivated. However, this doesn’t mean that your details have been completely wiped off your bank’s database. So if, for instance, the police decides to trace your account via your bank, the chances that it’ll be successful is high, and this is because banks don’t delete the records of a closed account. Of course, it gets deactivated by them. But, the details regarding the account is stored in their archive.
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Can Police Track a Closed Bank Account?
Thanks to technological innovation, tracing one is possible even with something as simple as his phone number. The same applies to a bank account. If perhaps, you find yourself embroiled in financial issues and then go ahead to shut your account, can it still be traced by the police?
The police can still track a closed bank account with the help of the bank. Though a closed bank account is deactivated, details regarding the account aren’t completely wiped off from the bank’s database. It remains there for some time.
It takes more than closing your bank account to stop police from tracing you. Your bank account, either active or deactivated, leave an ideal footprint that leads straight to you.
