Now, I’m on the record as saying that for MOST unclaimed money searches, you do not need to hire professional help at all. Just go to MissingMoney.com and unclaimed.org and conduct your own search for free. BUT in the course of doing this show, I’ve met some finders who persuaded me that in certain situations you do want and need their help: namely really tricky searches or searches for long lost ancestors.
And now, I’ve just read a Consumer Reports article that gives one more instance when you might pay a FInder. The magazine says some states release brand new unclaimed money information to Finders before they release it to the public. (I don’t agree with this practice, but there it is.) Usually this early heads up would be about unclaimed money that is on its way from banks and other financial firms TO the state. Fresh meat, so to speak. If you hear from a Finder about this sort of unclaimed money and you are in a pressing financial situation where you could really use that money ASAP, then maybe you work with the Finder to locate and claim it.
BUT here’s the point I’ve been working my way toward: don’t just go with whatever commission deal the Finder offers you. Many Finders will ask for 30 to 40 percent of your money in exchange for telling you where it is and maybe helping you claim it. Bogus! That is way too much. First, press them to tell you how much money of yours is out there. Then negotiate a commission of 10 percent or less, depending on the size of the pot you’re talking about. Put it in writing and include a clause that says you pay nothing until the unclaimed money check is safely deposited —and clears— your bank. Think about it: They get NOTHING without you, so you have tremendous leverage to negotiate a better deal.
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