You can charge 5% as a Washington Unclaimed Money Finder.
This can have it’s good points and its bad points. On the one hand, 5% doesn’t sound like much. Just because you live in Washington doesn’t mean you can only look for unclaimed money in Washington. You can look in any state you want as long as you meet the requirements for that state.
On the other hand, maybe the 5% maximum locators fee discourages people from looking for unclaimed money in Washington and there are more opportunities to find people. What you lack in high fee percentage you can make up in volume.
The below information is summarized from the Department of Revenue Washington State Unclaimed Money page.
What is an Unclaimed Money Finder?
Unclaimed Money Finders help reunite owners with their property for a fee. Consumer protection agencies advise that legitimate businesses do not expect payment until the property is returned to the owner. Be suspicious of anyone who tries to charge a fee before you receive your property, or tries to charge a fee other than a percentage of the money to be returned to you. No one may charge a fee greater than five percent for property reported to the state of Washington. This fee limit applies to all services conducted by the locator.
Agent Information
The following conditions apply to Unclaimed Money Finders:
- Obtain a Unified Business Identifier (UBI) from the Department of Licensing and complete any licensing requirements that may apply.
- When filing a claim provide a notarized affidavit signed by the unclaimed property owner authorizing the agent to act as the owner’s representative. A statement must be included on the affidavit that it is unlawful for any person to receive a fee or compensation in excess of five percent of the value of recovered property and that the owner is aware of such limitations.
- The agent understands that the Department will send funds directly to the owner and that the agent is responsible for collecting their fee from the owner.
NOTE: The Federal Freedom of Information Act does not apply to State government.
Q. Does the Department sell the unclaimed property listing?
A. You may search the owner listing on the Internet.
RCW 42.56.070 prohibits the Department from giving or selling lists of individuals when it will be used for commercial purposes.
Q. Will the Department discloses the property values?
A. No. RCW 63.29.380 prohibits the Department from disclosing the unclaimed property values to anyone other than the owner or their representative.
Q. Can heir finders or assetlocators charge for expenses in excess of the five-percent limit?
A. No. Section=63.29.350 prohibits this.
Q. How does the state attempt to contact the owners?
A. The Unclaimed Property Database is available on the Internet. Annual advertising in newspapers. Notices are mailed to owners at their last known address. Publicity on the television, radio, and in newspapers.
The Department also has a full-time employee who acts as an owner locator who utilizes internet databases to locate owners.
They’ve got one employee looking for people! Can you see why this is such a great business? Thousands of people owed money and one person looking for them!!!
Q. Will the Department pay the heir finder’s fee?
A. No. The Department will only pay the legal owner of the Funds. Heir finders are responsible for collecting their fee from the owners.
Q. Do all states impose a five-percent finder’s fee?
A. No. Most states have a higher limit.
Q. Will the Department research owner’s property for heir finders?
A. The Department will provide you with the information only if you furnish authorization from the legal owner.
Q. What if the owner will not pay the heir finder’s fee?
A. The contract you have with the owner may permit legal actions, but you must initiate it.
Q. Can you furnish addresses for other state’s unclaimed property offices?
A. Yes, you can go to the state unclaimed money page on this site.
Q. Are hard copies of the Unclaimed Property listings available? A. No, copies are not available. We provide our owner listing for search over the Internet. RCW 42.56.070 prohibits the Department from giving or selling lists of individuals when it will be used for commercial purposes.
Q. How long does it take to get a claim paid?
A. It takes up to 60 days for monetary claims. Stock claims usually take up to 30 days longer.
If you are interested in becoming an Unclaimed Money Finder please click here
Leave a Reply