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Unclaimed funds recovery agencies: Are they trustful?

unclaimed funds recovery servicesWe are receiving calls from several agencies that say they have located a dormant/unclaimed cash asset held in our name and can help us to recover it.

And they require to sign an agreement with 10% commission. Is there anyone with similar experience?

Answers

Chris Shumate
Title: Accounting Manager
Company: Dominion Development Group, LLC
LinkedIn Profile
(Accounting Manager, Dominion Development Group, LLC) |

If you have unclaimed property, or think you may, you should be able to check your state's website. Tennessee's Treasury Department has a place that can be searched. You have to do your own work in getting it back. These agencies do it for the fees. Check your state's Treasury website to see if something truly exists. The agency has no claim to your money. So they do not have the unclaimed property, nor can they, unless it is agreed to.

(Agent, JKS Solutions, Inc.) |

Don't pay any commissions to anyone. Check for refunds yourself on your state's website. Each state has a website that is completely free. The site will require you to substantiate or prove you are the company representative.

Its easy, so delegate the work to one of your junior staff.

Mike Doles
Title: Director
Company: Carrier Cost Management, Inc.
(Director, Carrier Cost Management, Inc.) |

We were recently contacted by one of these firms in a letter stating that we had a specific amount of unclaimed funds outstanding with a governmental agency. We had no problem with their collection model as a percentage of funds collected since these funds were over 5 years old and were found monies as far as we were concerned. We didn't have to spend any time at all on this other than to sign a contingency agreement. Further, we were told that we should receive a check in approximately 30 days and that is exactly what occurred. Money well spent or should I say money well gained.

Maria Marsala
Title: Financial Advisor Coach, Speaker, Author
Company: Elevating Your Business
(Financial Advisor Coach, Speaker, Author, Elevating Your Business) |

Below is the first place I'd go. Most often you can to directly to a State's Treasury Department. And sometimes, often, they'll charge you a fee, too!

http://www.stretcher.com/stories/990614a.cfm

Philip Russell
Title: CFO
Company: FCB Homes
(CFO, FCB Homes) |

I would not pay a dime for this service. If they can find it, you can find it.

Ruben Juarez
Title: Financial Solutions Manager
Company: MedAssets, Inc.
(Financial Solutions Manager, MedAssets, Inc.) |

While it is true that if they can find it, so can you, sometimes it may be easier to let them do it. I had one of these services contact us about some funds we had in Canada. I spent so much time getting documentation together and figuring out the Canadian process, that I would have saved money by letting the service do it.

Tammu Rutland
Title: None
Company: None
(None, None) |

Where is my money coming from

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