Action Line: Be cautious about 'unclaimed funds' services
| Friday, Jun 19 2009 01:11 PM
Last Updated Friday, Jun 19 2009 01:20 PM
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Editor's note: Action Line is a weekly column from the Better Business Bureau answering consumers' questions and concerns about money and business issues.
Dear Action Line:
A Sacramento company recently notified me it had located more than $19,000 in unclaimed funds for me. They said they needed my permission to collect the money and I would only be charged a service fee if they actually collected money for me. I have heard that I can look for this money myself, but I don't know how to do it.
The sum they mentioned sounds like something left over from when my construction company went out of business five years ago, but I can't find anything specific in my old files. I asked the company how much their fee was and all they would tell me was it was based on how much money was collected for me. I don't want to just throw money away but I don't want to fall for a slick pitch either. Any suggestions?
Dear Reader:
I don't blame you for being curious. I would love it if someone found several thousand dollars for me. But like you, I don't want to pay someone for finding my own money.
Unclaimed money amounts to billions of dollars each year throughout the United States. Common forms of unclaimed property include savings or checking accounts (I found $32.86 from my pre-teen savings account in Carmichael!), stocks, uncashed dividends or payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments and contents of safe deposit boxes.
There are companies that do nothing but search state records to find unclaimed assets and then try to "sell" your money back to you. You can check for yourself at the state controller's Web site in the state(s) you think might have money for you, for example, www.sco.ca.gov/ucp.html in California. This is a site where you can search for funds and claim them by filing the proper paperwork (which can include notarized documents, proof of former address and/or death certificates if claiming the funds of a deceased relative).
There are many other "teaser" sites out there in cyberland that will help you find missing funds, but they will all ask for some sort of payment before giving you enough information to actually claim the money. Two of the largest sites are unclaimedassets.com and unclaimedmoney.net. Both let you put in the name you are searching for and both will let you know if they have a match for that name. You then need to pay a fee to find out the particulars and what is needed to claim the funds.
One word of caution if you decide to use the services of an unclaimed asset search company. Check them out with the BBB before providing any personal financial information.
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Last week I responded to an inquiry about painting addresses on curbs. Perhaps I worded my message too strongly. Curb addresses are useful -- I guess my thought was you can't see them if cars park in front of them (as my neighbor does when he parks his truck nose-to-nose with my driveway) or they are faded beyond reading. Keep reading for some sage words from a reliable source: Tim Lynch, a battalion chief with the Bakersfield Fire Department.
"I agree that addresses should be displayed appropriately on the home with large numbers. However, as a firefighter with 31 years of experience, I have responded to thousands of calls and have found that numbers on houses are often placed in inconsistent places, are too small, covered by trees or bushes, or are non-existent. More times than not, we rely on the numbers painted on the curb to find an address. They are easy to find and easy to read. I, too, thought the numbers on the curb were not needed until I actually had to find an address in the dark in a life or death situation. Now I have the numbers painted on my curb whenever I have the chance.
Just a comment from a person who actually uses these curb markers."
Thank you, Chief Lynch, for the update. I appreciate your input and the time you took to share it. Have a comment? Please feel free to share. I enjoy hearing from readers.
Vickie Sanders is assistant director of business services for the Better Business Bureau serving Central California. Send your consumer concerns, questions and problems to Action Line at the Better Business Bureau, 1601 H St., Suite 101, Bakersfield, CA 93301 or vickie@bbbcencal.org.
