People Are Getting Tricked Into Paying Fees To Track Down Their Own Property

Photo: Cash Cube

With an estimated $32 billion of unclaimed property floating around the U.S., millions of consumers leave cash on the table in the form of unclaimed paychecks, stocks, and even bank accounts each year.There are plenty of ways to get ahold of property, but sometimes scammers manage to get in the way.

The Ohio Department of Commerce is warning consumers of an online scam that claims it will help residents recover unclaimed property for a monthly fee.

They’ve filed a cease and desist order against a company called Unclaimed Money LLC, alleging it has been illegally charging consumers fees to help them track down property.

First, they get consumers to sign up for membership fees that range from $49.95 for a month to $79.95 for a year. Then “members” get a hand searching for unclaimed funds in their name and access to a claims form to send to the Department of Commerce.

The only problem was all the forms turned out to be fakes.

“When they signed it and mailed it to the Division, staff recognised the phony forms and that the property ID# belonged to someone else,” the DOC says. 

There’s a reason billions of dollars in unclaimed property are lying around. People simply don’t know where to find it and states struggle to get the message out via social media and the Web. 

To find your property, the best place to start would be NAUPA’s website. It’s free and maintains a massive database of unclaimed property from state to state. If you’re an Ohio resident, you can easily search for yourself for free on Ohio’s website.

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