Unclaimed funds also known as unclaimed money is a real thing and there are government websites you can search to find and claim yours, but I have an important warning this week if you receive a letter in the mail from a company who claims they want to help reunite you with your money and charge a percentage of the funds recovered!
Here’s the thing. There are unclaimed funds out there.
I believe every state in the US has an unclaimed funds office. It can be hidden in commerce or the Secretary of State’s office. But somewhere, it’s there. And most, if not all, are searchable online.
Here’s what happens. Companies or individuals find people who are owed money and they track down the person. It’s kind of a skip tracing really. Then they send a letter that says, “We found this money that you’re owed. It’s unclaimed funds. We’d like to help you recover it.”
This is DIY!
They don’t tell the person where the funds are because it’s so easy to go get the money yourself!
You just contact the unclaimed funds office, and do whatever they require. Show your driver’s license, or whatever it might be to collect your money.
The company is offering to act as an intermediary, saying they know the secret place your money is and they found you so they can put you together with your money. Of course, they want a a percentage of what you collect.
I don’t have a problem with the concept. It’s a legitimate service.
Anybody who’s done skip tracing knows that they may look at a hundred unclaimed funds accounts and put the time, energy, and money into trying to find the people who belong to them and may have a relatively small success rate, depending on their skip tracking and how much they want to invest in it. They’ve still got to compensate themselves for the attempted and failed skip trace on the majority of people. I get it. They gotta charge for their service. However…
I’ve spoken about this before. The company is asking for a piece of the money. One company I know of request a fee equal to fifteen percent of the amount actually recovered.
The contract they have you sign is quick to say, “I understand that if no funds are recovered, there is no fee payable” to the company. This is a contract you’re signing. They’re asking you to sign this contract to agree to the fifteen percent.
Okay. Maybe that’s a fair amount. Maybe it’s not. I don’t know. I mean, it legitimately seems like a fair amount to me. However, in my state, that’s more than what’s allowed by law. In my state – the last time I looked – ten percent was the maximum that they could collect.
The last line in the contract you sign says, “I will not authorize any other firm to represent me in this matter.”
There you run into problems. Because once you sign this and return it to them, they’ve got you.
Whatever hoops they want you to jump through, whatever they say you need to do, you’ve got to do.
You can’t go to someone else. Your trapped!
I suppose you could hire a lawyer. But then you’re talking about money out of your pocket. The recovery company has got you. You’ve agreed you’re not going to use any other service.
I find that a little scummy and questionable at best.
Jim Rohn had this great idea. People would ask him, “Do you read a book on nutrition and follow it?” He says, “No! You read two books on nutrition and you make a decision. Don’t be a follower. Be a student.”
Take the information I’ve shared with you here and use it with information from other experts, maybe talk to a professional in your area about this type of thing then make a decision.
Contact the Unclaimed Funds Office in your state if you get a letter like that. See if the they Unclaimed Funds Office can help you for free!
In the meantime, remember: Do the right thing, even if it’s the hard thing.
Committed to your success,
Larry Kaye, P.I.
P.S. – Want more solid info like this? Then don’t miss my special report titled… If You Want To be a Private Investigator Give Up… Unless You Do These Three Things. You can get it right here…