U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 09-03-2013, 03:22 PM
 
Location: SE Michigan
6,192 posts, read 6,751,096 times
Reputation: 9886
Default Apparently I have "unclaimed" $1,117 in an escrow account.

My BS detector is set very low but I think this is actually legit. If I am wrong, hopefully someone here will tell me before I proceed!

I got a letter from a firm called Joseph Richards & Associates stating that a certain bank was unsuccessful in getting hold of me and that they had monies that were owed me, so they put it in a third-party escrow account. The bank name was unfamiliar to me but I looked them up online and, under a previous name, they were a mortgage lender and I did indeed have a mortgage with them about 15 years ago. I sold that house in 2001. I have no clue why I would have any money coming back to me after so long, though.

So I assume the company that contacted me by mail somehow acquires unclaimed monies, tracks down the putative recipient, then gets the money for them, for a 15 percent fee of course.

Find Your Unclaimed Property - JRFirm.com

I called them and was told:
You fill out the forms we sent, or fill them out online.
We get the money released to you and send it to you.
Once you've received the money, we then bill you for 15 percent and you mail us a check.
The phone rep stressed that they do not get any payment until after receipt of the money.

None of their forms ask for anything suspicious. Just contact info and a signature.

Can anyone shed any more light on this? I'm going to call the bank/mortgage lender in question tomorrow and see what they say.

Thanks!
Quick reply to this message

 
Old 09-03-2013, 06:21 PM
 
Location: home state of Myrtle Beach!
5,509 posts, read 10,129,948 times
Reputation: 2596
Doesn't the bank have to turn that unclaimed money into the state after 7 years? Hmmm...thinking scam here! Check your states "found money" site direct or go to missingmoney.com. My bet is with your signature they get the money and don't turn it over to you!
Quick reply to this message
 
Old 09-03-2013, 06:37 PM
 
Location: SE Michigan
6,192 posts, read 6,751,096 times
Reputation: 9886
Quote:
Originally Posted by myrc60 View Post
Doesn't the bank have to turn that unclaimed money into the state after 7 years? Hmmm...thinking scam here! Check your states "found money" site direct or go to missingmoney.com. My bet is with your signature they get the money and don't turn it over to you!
Good thinking I did just check on the missing money site and the state site as well and found a record of "over $100" listed under my name with that bank...but I need to call the state treasury dept apparently to get full details.

Thanks! Maybe my BS detector was actually set too low this time. )
Quick reply to this message
 
Old 09-03-2013, 06:46 PM
 
Location: home state of Myrtle Beach!
5,509 posts, read 10,129,948 times
Reputation: 2596
Quote:
Originally Posted by chiroptera View Post
Good thinking I did just check on the missing money site and the state site as well and found a record of "over $100" listed under my name with that bank...but I need to call the state treasury dept apparently to get full details.

Thanks! Maybe my BS detector was actually set too low this time. )
You're welcome!

Basically, the firm that contacted you, got the info from the state and tracked you down! They maybe legit but you shouldn't have to pay money to claim what is due you!

I always hope my name will come up with something, but so far nothing! You are lucky some states haven't joined the missingmoney clearinghouse.
Quick reply to this message
 
Old 09-03-2013, 06:53 PM
 
Location: SE Michigan
6,192 posts, read 6,751,096 times
Reputation: 9886
Quote:
Originally Posted by myrc60 View Post
You're welcome!

Basically, the firm that contacted you, got the info from the state and tracked you down! They maybe legit but you shouldn't have to pay money to claim what is due you!

I always hope my name will come up with something, but so far nothing! You are lucky some states haven't joined the missingmoney clearinghouse.
Thanks!

I'm in Michigan now but used to live in Colorado. The missingmoney site led me to a link at colorado.gov where a search on my name an old address showed "unclaimed money" in excess of $100 per the state treasurer. I'm calling them, and the bank in question, tomorrow.

Jeez now I feel like an eedjit for posting the OP because I suppose it was scammier than I thought. I should have searched more diligently first.
Quick reply to this message
 
Old 09-03-2013, 07:24 PM
Status: "Extra blanket?? It's Fall!" (set 7 days ago)
 
Location: Verde Valley AZ
4,952 posts, read 3,621,090 times
Reputation: 4784
Quote:
Originally Posted by myrc60 View Post
Doesn't the bank have to turn that unclaimed money into the state after 7 years? Hmmm...thinking scam here! Check your states "found money" site direct or go to missingmoney.com. My bet is with your signature they get the money and don't turn it over to you!
I was checking out family names on one of the state sites and found both my stepdad's and brother's name as having money owed them. I believe it was over $100 on both. They are both passed away and I was wondering if my brothers sons could claim one or both? I guess I should inform them of this and let them investigate, if they want to. But I have wondered about that.
Quick reply to this message
 
Old 09-03-2013, 09:03 PM
 
Location: home state of Myrtle Beach!
5,509 posts, read 10,129,948 times
Reputation: 2596
Quote:
Originally Posted by AZDesertBrat View Post
I was checking out family names on one of the state sites and found both my stepdad's and brother's name as having money owed them. I believe it was over $100 on both. They are both passed away and I was wondering if my brothers sons could claim one or both? I guess I should inform them of this and let them investigate, if they want to. But I have wondered about that.
I would imagine that a good portion of "found" money was due people that have since passed away. In this case, the estate should be able to request the money be returned according to any will or probate order.
Quick reply to this message
 
Old 09-04-2013, 06:42 AM
 
4,132 posts, read 1,710,833 times
Reputation: 3041
Quote:
Originally Posted by chiroptera View Post
Jeez now I feel like an eedjit for posting the OP because I suppose it was scammier than I thought. I should have searched more diligently first.
No way, it's always the right (and smartest) thing to do to check!

There are so many fishing attempts out there it's hard to know what's legit.
Quick reply to this message
 
Old 09-04-2013, 08:51 AM
Status: "Extra blanket?? It's Fall!" (set 7 days ago)
 
Location: Verde Valley AZ
4,952 posts, read 3,621,090 times
Reputation: 4784
Quote:
Originally Posted by myrc60 View Post
I would imagine that a good portion of "found" money was due people that have since passed away. In this case, the estate should be able to request the money be returned according to any will or probate order.
Thanks! I'll tell my nephews about this and they can do what they want about it.
Quick reply to this message
 
Old 09-04-2013, 10:50 AM
 
328 posts, read 212,951 times
Reputation: 354
Always remember nobody ever calls you to give you money unless somebody died and left you money. Banks are happy to let it sit in their accounts forever because that means they get to use it.

There are, however, sometimes non-profit groups that search the records and contact people about these accounts but they never ask for information, they just tell you to contact whoever is holding your money. This is actually how my Dad found out he has a couple thousand dollars of unclaimed money that originated from a school award back in the 60s (they used to give students cash awards in the form of a college fund).
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top