As I surf the web in search of accurate and truthful information in regards to unclaimed funds, I come to the conclusion that there is no site that provides people with all of the information they need.
It seems to me that the people writing unclaimed funds blogs are definitely not well informed on the subject of outstanding funds.
Every website and every blog talks that talks about unclaimed funds advertises: "Find your unclaimed fundsfor free!!" "Do not pay an heir finder!!" "Your money is good forever!!" But what is the truth and why is everybody avoiding it? The truth is this...
These websites are very correct when they say you can find unclaimed funds on your own.
But, there is a big difference in Unclaimed and Outstanding Funds.
The unclaimed money that people can easily locate on their own is being held by the Department of the State Treasurer.
Any on of us can search the unclaimed databases just by googling unclaimed funds.
But what about the rest of the money that is not being held by the State Treasurer? What about the funds being held by all of the other government entities and departments? These are what we check hunters call Outstanding Funds.
These funds are very rarely listed on the internet and are quite often subject to forfeiture and permanent loss.
How can it be you are probably wondering? Due to the fact that our government entities are not subject to the same escheatment laws that corporations must abide by, it is up to each individual government agency to set their own escheatment guidelines.
Therefore, the statute of limitations on how long the outstanding funds will be held by each entity and whether or not the entity has to send those funds to the Sate Treasurer, varies greatly within the different government departments.
Some departments forfeit their unclaimed /outstanding money in as little as two years while others may keep them for 40.
There is no consistency with in the various government agencies on the laws of outstanding checks.
And this is where we check hunters come in.
As an asset recovery agent I personally do not deal with Unclaimed Funds.
To me they are a huge headache and I would prefer not to charge people for information that they can easily find online with the click of a button! Most of the money I locate is considered outstanding funds and is often subject to forfeiture and permanent loss.
When an asset locator sends you a letter that clearly states that these funds are due to forfeiture and permanent loss they are not lying, nor are they trying to use "scare tactics".
This is very straight forward, real and easy to understand...
this money is going to forfeit! So next time you get a formal letter from an asset locator firm please give it the attention it deserves! If you are unsure about the authenticity of the contract please take it to a professional who can help you.
It seems to me that the people writing unclaimed funds blogs are definitely not well informed on the subject of outstanding funds.
Every website and every blog talks that talks about unclaimed funds advertises: "Find your unclaimed fundsfor free!!" "Do not pay an heir finder!!" "Your money is good forever!!" But what is the truth and why is everybody avoiding it? The truth is this...
These websites are very correct when they say you can find unclaimed funds on your own.
But, there is a big difference in Unclaimed and Outstanding Funds.
The unclaimed money that people can easily locate on their own is being held by the Department of the State Treasurer.
Any on of us can search the unclaimed databases just by googling unclaimed funds.
But what about the rest of the money that is not being held by the State Treasurer? What about the funds being held by all of the other government entities and departments? These are what we check hunters call Outstanding Funds.
These funds are very rarely listed on the internet and are quite often subject to forfeiture and permanent loss.
How can it be you are probably wondering? Due to the fact that our government entities are not subject to the same escheatment laws that corporations must abide by, it is up to each individual government agency to set their own escheatment guidelines.
Therefore, the statute of limitations on how long the outstanding funds will be held by each entity and whether or not the entity has to send those funds to the Sate Treasurer, varies greatly within the different government departments.
Some departments forfeit their unclaimed /outstanding money in as little as two years while others may keep them for 40.
There is no consistency with in the various government agencies on the laws of outstanding checks.
And this is where we check hunters come in.
As an asset recovery agent I personally do not deal with Unclaimed Funds.
To me they are a huge headache and I would prefer not to charge people for information that they can easily find online with the click of a button! Most of the money I locate is considered outstanding funds and is often subject to forfeiture and permanent loss.
When an asset locator sends you a letter that clearly states that these funds are due to forfeiture and permanent loss they are not lying, nor are they trying to use "scare tactics".
This is very straight forward, real and easy to understand...
this money is going to forfeit! So next time you get a formal letter from an asset locator firm please give it the attention it deserves! If you are unsure about the authenticity of the contract please take it to a professional who can help you.