Finding the truth in unclaimed property

Finding the truth in unclaimed property

 

How does the promise of free or unclaimed money sound? To most this would seem appealing, and the good news is that, in some cases, the promise of free money can be legitimate.  But, the Indiana Attorney General’s Office warns unclaimed property seekers to be cautious of sales pitches that promise you unclaimed property for a fee. 

 

While there are a lot of people with unclaimed money, there are also scammers waiting to prey on the most vulnerable. Here are some tips from the Attorney General’s Office to help with the claims process and to avoid being scammed:

 

• Each state has an unclaimed property division where money from forgotten bank accounts, investments, payroll, etc. is turned over. This forgotten money can be claimed by the owner or an heir to the owner. This is a free service provided by the state; 

 

• There are individual companies, known as finders, who seek out owners of unclaimed property.  Finders are legal, but generally charge a fee for their service.  According to Indiana law a finder can charge up to 10 percent of unclaimed money for payment of their services;

 

• Never pay anyone in advance for doing a search for your unclaimed funds.  A free search can be done by visiting www.indianaunclaimed.com or www.unclaimed.org for other states.  Many scammers will promise unclaimed property in your name and ask for your money up front to cover taxes or a percentage of the funds for their services. Then, once you have paid, they are unable to show you the unclaimed property in your name; and

 

•  If you are contacted by a finder run a quick online search on them to see if they are a legitimate company or if others have been scammed by the company.

The bottom line is you can obtain your unclaimed property for free and without going through a finder service. Visit www.indianaunclaimed.com or www.unclaimed.org for more information.