Don't Pay Finder's Fees
Don't pay a fee for someone to locate your unclaimed property.
Tracers are professionals who make a living finding the owners of unclaimed property. They then contact the owners, and offer to help them locate their unclaimed property for a fee. The fees range from 10% of the value of the property to as much as 60%. All you get for the fee is the name and address of the state unclaimed property office that has your property.
If a tracer tells you there's money waiting for you, you can call the state yourself and get the money without having to pay anybody anything. States return abandoned property for free.
If the tracer is unwilling to tell you which state has the unclaimed property, try calling or writing each of the states listed below. Start first with the states in which you've lived, and the states in which your deceased relatives lived. Also try the state in which the tracer is located, since many tracers specialize in tracing their home state's unclaimed property listings. Once you know that there is unclaimed property waiting for you in some state's coffers, it is very easy to file a claim. If all else fails, sending a postcard to each of the state unclaimed property offices will cost you less than most finder fees.
If you come up empty-handed, try waiting a year and trying again. Some tracers buy unclaimed property lists directly from major companies, in order to get a head start on the state unclaimed property office. (A few states have passed laws making it illegal to charge finders fees once the unclaimed property is published on the state's list.)
Of course, you may decide to pay the tracer's fee because it is convenient. If so, try to negotiate the fee down to 20% or less before signing any contract. Also ask for information their guarantees. For example, in some cases you may already know about the property and were just not aware that it had been turned over to the state.
If a tracer asks you to pay money up front, don't pay anything. Reputable tracers always work on a percentage basis and get paid after you receive your money, not before.
You should also beware of outfits which charge a flat fee for nothing more than a list of unclaimed property offices.
