Got Me Money! Unclaimed Property Websites: Are They Legit?

Every year, billions of dollars in unclaimed property go unclaimed in the United States. This property includes forgotten bank accounts, uncashed checks, and abandoned stocks, bonds, and mutual funds. While some individuals may be searching for this lost wealth on their own, many are turning to unclaimed property websites in hopes of finding a windfall. But are these websites reputable, or are they just scams waiting to part individuals from their hard-earned cash?

In an effort to uncover the truth, this article examines the legitimacy of unclaimed property websites and provides information on how individuals can safely and effectively search for lost property.

What is Unclaimed Property?

Unclaimed property refers to assets that have been abandoned by their rightful owners, often due to a lack of communication from the owner or the asset's current custodian. This property can include:

Bank accounts

Uncashed checks

Abandoned stocks, bonds, and mutual funds

Life insurance policies

Retirement accounts

Gift cards

Safe deposit boxes

When an individual's unclaimed property has been turned over to the state for safekeeping, it is listed on the state's unclaimed property database. This database is typically managed by the state's treasurer or comptroller's office, and it contains a complete list of all property that has been turned over to the state.

How Unclaimed Property Websites Operate

Unclaimed property websites operate by allowing individuals to search the state's database for unclaimed property. These websites typically work in one of two ways:

1. They provide a statewide search service, matching the user's search criteria with unclaimed property listings from multiple states.

2. They partner with individual states to provide direct access to that state's unclaimed property database.

The process of searching for unclaimed property typically involves the following steps:

Visiting an unclaimed property website
Entering the individual's name and/or other relevant identifying information
Viewing the search results and identifying any potential matches
Claiming any found property and following the instructions provided by the website

Some websites also provide additional features, such as:

Checking credit report listings for potential unclaimed property matches

Getting $5-$25 cash rewards for referring friends to the website

Offering premium services like in-depth background checks

Red Flags to Watch Out For:

While many unclaimed property websites are reputable, there are some red flags to be aware of:

1. Costly fees for Search Services

Some unclaimed property websites charge a fee for search services, which can range from a few dollars to $100 or more. These fees may seem like a small price to pay, but when coupled with the potential costs of claiming property (more on this below), they can add up quickly.

2. Aggressive Sales Tactics

Be wary of websites that use high-pressure sales tactics to convince you to pay for services or to sign up for premium memberships. These tactics can be designed to part you from your cash, rather than actually helping you find unclaimed property.

3. Lack of Transparency about State Partnerships

Some unclaimed property websites may claim to partner with states, but fail to provide clear information about the nature of these partnerships or the fees associated with them. Always read the fine print and ask questions before committing to any service.

4. Exaggerated Claims about Customer Returns5. Poor Customer Service

Be cautious of websites with subpar customer service, such as unresponsive support teams or ineffective claim processing. This can indicate a lack of professionalism and a disregard for customers.

6. Unverified Claims about 'Free' Services

Watch out for websites that promise 'free' services, but then charge you hidden fees down the line. These bait-and-switch tactics can lead to financial losses, especially if you're not paying close attention to the fine print.

7. Lack of Transparent Referral Fees

Some unclaimed property websites may offer referrals or commissions to promoters or affiliates. Be wary of these types of schemes, as they can create a conflict of interest and skew the results of your search.

Claiming Unclaimed Property: What to Expect

Once you've identified a potential match, the process of claiming the unclaimed property typically involves:

Verifying ownership of the property

This may involve providing identification documents, such as a driver's license or Social Security number, or proof of account ownership.

Filling out a claim form

Most states provide a standardized claim form that must be completed and submitted to the state treasurer or comptroller's office.

Waiting for processing and payment

Processing times vary between states, but most claimants can expect to receive their payment within a few weeks or months. In some cases, the payment may be delayed or even lost in the mail.

How to Search Safe and Effectively

Searching for unclaimed property can be a straightforward process if you follow these best practices:

1. Use reputable websites

Look for websites that are well-established, user-friendly, and transparent about their fees and services.

2. Be cautious of costly search services

Unless absolutely necessary, avoid websites that charge exorbitant fees for search services.

3. Use free resources first

4. Verify your information

5. Read and understand the fine print

6. Seek help from a professional (if needed)

Conclusion

Searching for unclaimed property can be a great way to find lost wealth, but it's crucial to be aware of the potential pitfalls and scams that exist in this space. By following best practices, using reputable websites, and being cautious of costly deceptive services, you can safely and effectively search for unclaimed property and avoid financial losses. Always remember to verify your information, read the fine print, and be cautious of aggressive sales tactics or exaggerated claims. With patience, diligence, and a clear head, you may be able to claim your rightful inheritance and enjoy the benefits of unclaimed property.