BBB warns of unclaimed property scam

Daily News Staff Report

The Better Business Bureau (BBB) Lake Charles office is warning citizens to beware of unclaimed property scams.Unclaimed property describes accounts in financial institutions and companies that have had no activity or account holder contact for one year or more, according to a press release from BBB. This can include savings or checking accounts, refunds, customer overpayments, contents of safe deposit boxes, etc.

To begin searching for lost property, check legitimate sites like missingmoney.com, which is endorsed by the National Association of Unclaimed Property Administrators (NAUPA), the release stated. This site has official records of unclaimed property from every state and most U.S. territories, plus Alberta, British Columbia and Quebec in Canada. Check for property in every jurisdiction in which you have resided. It is free to search; however, you may have to pay a small fee to obtain the property. According to NAUPA, there are many businesses (sometimes called finders or locators) that find legitimate lost property for owners and inform them how to obtain it for a fee, usually a percentage of the total (some states limit the fee to 10 percent), the release stated. Sometimes, companies will hire these firms to find you before they turn the funds over to the state. Ultimately the finder will ask you to sign a contract.

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Posted by on May 4 2013. Filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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