How to Become an Unclaimed Funds Finder

The ongoing economic recession has resulted in foreclosure of home mortgages, defaulted loans, etc. Banks and other financial institutions recover their dues by auctioning properties. Overage from these auctions is retained by the organizations for a certain period after which they are returned to the treasury office of the respective state government. The owner can claim unclaimed money anytime by furnishing substantial evidence. Considering the billions of dollars lying unclaimed with the United States federal and state governments, it is monetarily lucrative to become an unclaimed funds finder.

Instructions

1. Inquire with the local county office about any legal regulations to fulfill to become an unclaimed funds finder. Most states in the U.S. do not require any license or registration, but it would be prudent to make an inquiry as it involves offering a service for monetary gain.

2. Contact the local treasury office of the state government that maintains a list of unclaimed funds. You can also browse the website to view information.

3. Study the law governing unclaimed property thoroughly. Claims regarding ownership of funds/property should be made within a certain dormancy period. Dormancy periods differ in each state and are generally above 10 years after which the property is escheated to the state treasury.

4. Enroll as a member of the Quick Response Program (QRP) states unclaimed property monitoring service, which will keep you informed about reporting requirements and the latest changes.

5. Search Missingmoney.com. That is a website endorsed by the National Association of Unclaimed Property Administrators (NAUPA). NAUPA has a huge database of unclaimed property maintained state-wise.

6. Develop contacts within various government bodies, banks, and financial institutions. This will enable you to know details of unclaimed funds that are not reported to the government.

7. Find out ways of contacting the owner or legal heir of the unclaimed property/funds and his current address. There are books and websites that teach you techniques of finding out the current address of owners of unclaimed property. Retired government officials can also give you valuable information pertaining to unclaimed funds.

8. Inform the owner about his unclaimed property/funds over telephone and in written form. States like New York require a written finder agreement signed and acknowledged by the rightful owner permitting you to represent him. Do mention the fees charged (capped at a maximum of 15 percent of the funds recovered) in the agreement.

9. Send a letter to the office of state unclaimed property division making a claim with details of the property and contact information of the owner as mentioned originally. Do mention the current contact details of the owner.

Tips & Warnings

• Always communicate with the owner and treasury office in written form and maintain duplicate copies of all correspondence.

• Certain cases do not have a cap on the fee chargeable. You can choose to work on a contingency basis in such cases.

References

• NAUPA: Unclaimed property
• Office of the State Comptroller: Unclaimed funds
• Unclaimed Money Finder: Wyoming