Someone Contacted You About Unclaimed Money — Is It Legitimate?

You Got a Letter About Unclaimed Money — Now What?

If someone contacted you claiming you have unclaimed property, your first reaction might be skepticism. That's healthy. But in many cases, these contacts are completely legitimate.

How Do They Know About Your Money?

State governments maintain public databases of unclaimed property. These databases contain names, last known addresses, and (in some states) the amounts owed. Anyone can access this information — it's public record.

In California, for example, the State Controller's Office allows anyone to download the entire database in CSV format. Asset locators download these files, filter for high-value entries, and then track down the owners.

Is It a Scam or Legitimate?

Here's how to tell the difference:

Legitimate asset locators:

• Never ask for payment upfront
• Charge a percentage of recovered funds (capped by state law)
• Can provide specific details about the property
• Will give you a written contract
• The state sends the money directly to you, not to them

Red flags for scams:

• Asking for upfront payment or fees
• Requesting your bank account or Social Security number
• Claiming to be from the government
• Pressuring you to act immediately
• Unable to provide specific details

Can You Claim It Yourself?

Yes! You can always search for and claim your unclaimed property for free through:

• MissingMoney.com — Multi-state search
• Your state's official website — Direct search and claim

However, if the locator has already done the research and identified your property, the convenience of their service may be worth the fee (typically 10-15%).

Your Rights

Every state has laws protecting you:

• Fee caps (usually 10-15% of recovered value)
• Written contract requirements
• Cooling-off periods in some states
• The right to claim directly without a locator