Unclaimed Money Scams: How to Claim Safely and Never Pay a Fee

What is unclaimed money?

Unclaimed property is money or assets that rightfully belong to you but you haven't claimed. It includes things like:

• Forgotten bank accounts
• Uncashed checks
• Deposits from rental agreements
• Insurance payouts
• Stock dividends

Each state holds onto this money. You can search for and claim it at no cost.

How scammers target you

Scammers know unclaimed money exists and that many people don't know how to find it. They use this to their advantage. Here's what to watch for:

• Upfront fees: They ask you to pay money before they help you claim. Legitimate government agencies never do this.
• Too-good-to-be-true guarantees: They promise they'll definitely find money for you or that you'll get a specific amount. No one can guarantee this.
• Pressure to act fast: They create fake urgency by saying deadlines are approaching or that money will expire.
• Requests for personal information: They ask for your Social Security number, bank account details, or passwords before you've verified they're legitimate.
• Premium search services: They charge extra for "advanced searches" that aren't real.

Red flags to watch for

Be suspicious of any company or person who:

• Contacts you out of the blue saying they found money for you
• Charges a percentage of the money you claim (often 10% to 50%)
• Asks for payment through gift cards, wire transfers, or cryptocurrency
• Won't give you direct contact information
• Has poor spelling or grammar on their website or emails
• Doesn't have a physical address you can verify
• Promises results they can't deliver

How to safely search for unclaimed money

Step 1: Use the official free database

Go to unclaimed.org, the official site for the National Association of Unclaimed Property Administrators (NAUPA). This is completely free and connects you to every state's unclaimed property program.

Step 2: Search by state

You can search in any state where you've lived or worked. Enter your name and search. Many states let you search multiple times for free.

Step 3: Verify the results

If you find a match, the website tells you which state holds your money and how to claim it. The information comes directly from that state's treasury office.

Step 4: Claim your money directly

Contact your state treasurer's office directly using contact information from the unclaimed.org website. They will guide you through the claim process at no cost. You may need to:

• Fill out a claim form
• Provide proof of ownership (like ID)
• Submit supporting documents

Step 5: Be patient

Processing times vary by state, usually taking [VERIFY: typical processing timeframe]. You'll get your money directly from the state. Never let a third party handle the money for you.

Why you should never use a paid service

Even if a service seems helpful, paying someone to find or claim unclaimed money is almost always a bad deal for you. Here's why:

• You can do it yourself for free: The unclaimed.org database is free and easy to use. You don't need anyone's help to search.
• Fees eat your money: If you claim $500 and pay a 25% fee, you only get $375. Why give away money that's already yours?
• Scammers disappear: Some never actually claim your money. They just take your payment and vanish.
• Legitimate services still aren't worth it: Even honest third-party services charge fees you don't need to pay.

What to do if you've been scammed

If you've already paid a scammer for unclaimed money help:

• Stop all communication with them immediately
• Do not send them any more money
• Report the scam to the Federal Trade Commission (FTC) at reportfraud.ftc.gov
• Report it to your state attorney general's office
• If you paid by credit card, contact your card issuer to dispute the charge
• Monitor your accounts for suspicious activity, especially if you shared personal information

Key reminders

• Searching for unclaimed money is always free
• Claiming unclaimed money is always free
• Your state treasurer's office will never charge you a fee
• You can do this yourself in minutes using unclaimed.org
• If someone asks for money upfront, it's a scam