One of the biggest battles is getting people to actually conduct a search for their money, even though it only takes 5 minutes and 1 in 10 of us has unclaimed money out there. So a smart unclaimed money entrepreneur decided to go where the people are: on their phones! Please welcome Nick Anderson, CEO of Ironwood Recovery back to Easy Money.
Nick, you joined me on Episode 51 to talk about the tricky unclaimed money cases you tackle for people. And you were super polite and waited until the very end to mention that you had a new app coming out that helps people locate their unclaimed money. The app is called iRecovery. How long has it been available, Nick?
OK, so I’m going to have you walk us through the app, to show people how simple it makes it to find and claim your money. First off, what does it take to create an account? Anything complicated or sensitive?
No, we make it really easy and just ask for a name, email address and for you to create a password.
Next, you click the “Discover” button and what information do you have to put in to do the actual search?
iRecovery asks you for your first and last name and your city and state.
And I noticed, you can leave the city box blank and the app will still search for you. Why might that be an advantage?
Yes, that way, if you’ve lived in lots of different cities in one state, iRecovery will search ALL of them for you.
Fortunately, California has the biggest population of any state and many people more there for a little while in search of some fun in the sun. So back to the app. If iRecovery finds something for you, what do you do next?
You click on the unclaimed money account listed, and it opens up to tell you more about it. You’ll see the street address the account is associated with, so you’ll immediately have a good idea whether it’s yours or not. You’ll see which company reported the unclaimed money. And California is one of the few states that tells you, right online, how much unclaimed money you have waiting. So our app is able to tell you that too.
How do you and Ironwood get paid?
WE CHARGE A MINIMAL PROCESSING FEE THAT IS CONTINGENT ON THE PAYMENT OF YOUR CLAIM. IF YOU DON’T RECEIVE ANYTHING, NEITHER DO WE.