A letter in the mail with the promise of helping you claim forgotten goods or cash. Sounds great, but is it legitimate?
Let ABC15 Know viewer Aleta asked that question after receiving a letter from a company. The letter stated she had unclaimed property in Arizona. It asked her to send personal information by a set deadline. If she didn't respond, the letter stated the property would be turned over to the state.
The Let ABC15 Know team got to work verifying the letter.
"There are businesses who are third-party locators. These are businesses that will say they will find unclaimed property for you," Rebecca Wilder explained. Wilder is the Communications Director for the Arizona Department of Revenue, the department that handles unclaimed property in the state. Wilder says these third-party companies can be legitimate, but they are not really necessary.
"It is free for anybody to search for unclaimed property on their own," Wilder said.
Unclaimed property is recorded in a publicly searchable database. That means third parties can search the list and contact consumers regarding unclaimed property. But Wilder warns that companies often charge a fee or ask for a percentage of the value of the property for their services.
Let ABC15 Know viewer Sandra says she received multiple letters stating she had unclaimed property. She says the letters stated the unclaimed property was a reimbursement she was due for purchased appliance insurance she never used.
That could be a warning sign. Wilder says specifics about property - like what it is and the value - are not disclosed until a claim is made.
"For a company to tell you that they necessarily know what the property is that is waiting for you, or the value of it, or certainly to ask for any payment in advance, that would be a red flag," warns Wilder.
Unclaimed property can be a variety of things - an uncashed check, an abandoned banking account, a forgotten safe deposit box, a security deposit from an old apartment, or goods from a deceased relative. It all adds up, too! Right now, the state of Arizona is trying to find the rightful owners of more than $2.2 billion worth of unclaimed property.
"If we're unable to find the rightful owner, we do continue to maintain custody of that property for up to 35 years. If it's physical property, say from a safe deposit box, we'll hold on to that for about three years," Wilder explained.
Every year, the state holds an unclaimed property auction. Items like jewelry, sports memorabilia, and heirlooms are often featured. If an item is auctioned off, the state will still hold on to the proceeds from the auction so the rightful owner can claim it at a later date.
Searching for unclaimed property is easy! Consumers can search the state's database online, or go to MissingMoney.com and search a national database. Once there, type in your name and the state where you lived or currently live. Consumers can begin the claim process right there if they find a match. Consumers will need to fill out forms and verify their identity during the process.
Wilder suggests searching for unclaimed property at least every few years. Good luck!
