Money Money Everywhere, But Beware

BBB is receiving calls from consumers concerning a business that is sending out letters telling them they have unclaimed funds being held by a government agency.  The business will assist in the recovery of the unclaimed funds.  Then, once the funds have been recovered, consumers are asked to pay a fee, usually a percentage of the fund.

Under Ohio law, persons engaged in activity for the purpose of locating, delivering, recovering or assisting in the recovery of unclaimed funds, on behalf of another person, in exchange for a fee, compensation, commission or other remuneration, must hold a valid Certificate of Registration from the Department of Commerce.  Further, it is illegal for finders to operate without the required license and is not permitted to charge more than 10% of the total amount claimed.

You can claim your funds from the Ohio Division of Unclaimed Funds on your own, without hiring a finder or paying a fee.  Anyone can claim unclaimed funds by submitting to the Division a claim form, along with the required proof of ownership and authority to recover the funds.

Finally, before entering into a contract with any finder, contact the Ohio Division of Unclaimed Funds to make sure the finder is registered in Ohio.

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About Christine Hayley

I started with BBB|Cincinnati in 1997 as a Co-Op. Today I am the Dispute Resolution Director.