If you are or are considering becoming a money finder, you are probably more than a little put off by the 5-15% finder fee limits imposed by almost all unclaimed funds departments in the state. There is so much money out there and so many people that you will probably never find out without the help of a professional money finder, that really, you are right to be a bit upset about it. You deserve a bigger cut for the work you do.
Ready for good news? Due to a loophole that not many people know about, certain funds are exempt from these laws – funds that are kept outside of the state’s department of unclaimed funds. This means that you can legally charge between 30% and 50% (or more, depending on the complexity of the case) to locate and recover people’s lost money. The great lagoon, again: funds held outside the state’s department of unclaimed funds are generally not subject to search fee limits.
Not familiar with money seekers? They are professionals who locate funds held by government agencies that are owed to ordinary citizens and that, for whatever reason, are not claimed by their legitimate recipients. These funds can come from tax overages and foreclosures and lost heirs situations, and countless other sources as well. What they all have in common is that if they are not claimed on time, the government stays with them, which means money seekers are desperately needed, especially in today’s economy.
If you are already a money seeker, or want to become one, avoid unclaimed state funds. They are too public, too easy to find and there are too many people already working on those cases and of course they are subject to the search fee limits mentioned above. Look for funds that are floating outside of the state’s unclaimed funds division: tax sales surplus, foreclosure surplus, dated checks, and unclaimed inheritances. These funds are almost never publicly advertised on a website, and they are almost always due to recipients who have no idea that the money is owed to them.