Release of Financial Information for Subpoena

Question:

What is the minimum amount of identifying information that the issuer of the subpoena must supply to the bank in order for the bank to be legally able to release financial information? Is it a matter of bank policy or federal regulation?

Answer:

There is no explicit legal standard that indicates when a bank can be certain that its customer is the individual described in a subpoena. If you are not certain, go back to the party demanding the records and ask for any additional identifiers they may have. Also, please note that (other than grand subpoenas and national security letters) the customer is notified of the demand for information and could be expected to protest if he's not the appropriate person.Do not assert "bank policy" in response to a judicial subpoena.

First published on BankersOnline.com 1/9/12