The TRAP Behind Websites With INSTANT Searches for Unclaimed Money

There is no questioning that the amount of unclaimed money or property being held by both State and Federal agencies is staggering and growing each year ? current estimate is believed to be in excess of $40 BILLION.

On the prowl for new sources of revenue, cash-strapped States are pouncing on UNCLAIMED PROPERTY by shortening the 'dormancy' period of most abandoned property and strictly enforcing their statues for holders or companies to transfer over these funds to the State's custody. If a state audit discovers the company has been laxed or under reported these funds face stiff fines. As a result in the past few years, millions of unclaimed accounts worth over a $ billion are transferred to the States each year.

With all that said, the emergence of Unclaimed Money web sites have appeared on the Internet hoping to gain from such. Some are legit and do offer a valuable service and information to assist one in locating an unclaimed or lost asset. However, many offer a useless, misleading and costly service especially those that market themselves as "FREE" and "INSTANT" searches.

Here is the 3-prong trap and how it works:

There is NO National database for unclaimed accounts. Every State has its own Unclaimed Property Division and each Federal agency handles its own unclaimed accounts. All of the former and many of the latter have online databases for one to search.

The web sites have collected a few millions names with unclaimed accounts from States' online databases that can be readily done with software that converts the online information into their own database. With more than maybe over 100 million unclaimed accounts nationwide, processing only 5 million accounts, their database will likely have 90%+ of all American last/surnames.

One is asked to insert your name into their search box?and the "Instant' result says there is i.e.) $25,000 of unclaimed money in your name. Well, there can be many/hundreds of others with your name and their software generates varies spellings or numerous first initials to inflate the dollar amount. I.e.) if your name was Cathy Stevens, the dollar amount would include ? C. Stevens, Kathy Stevens, K. Stevens etc. trying to lure you into subscribing.

The 2nd tier of the trap is more serious. They purport that they normally charge i.e.) $29.95 for a single search, but a special promotion allows unlimited searches for 30 days for only $12.95 ? a deal right?! First of all, to conduct a thorough search, one needs to be checking regularly to find any lost asset. Their database is maybe 5% of all accounts and likely never refreshed ? too timely and expensive. And no incentive, they have 90% of all surnames.

It gets better/worse. If one does not read the terms and conditions, you will be charged $29.95 at the end of the 30 day period if you do not cancel the subscription. Based on one's credit card billing cycle, one may not see the second charge (assuming you forgot to cancel) in your statement until still another $29.95 is charged to your credit card.

Last, some of these services purport a 100% money back guarantee. One gets his subscription back if the State says the unclaimed account found in their database is not yours? Their database information was lifted from the State's database. The information that accompanies the unclaimed account will definitely tell one if it is yours. One only gets a refund if the State refuses to return your rightful account. That is not legally possible. The guarantee is worthless. Plus any written correspondence to the State could take 4-6 months to confirm that the unclaimed account was never yours.

Here are the sites that offer such services. They mask themselves under various URLs, but appear to be the same according to 'Whois'.

www.cashunclaimed |
www.cashclaim |
www.Lost-Money.CashClaim.com |
www.USunclaimed.com |
www.Unclaimed-Prop.CashClaim.com |

There are sites out here that offer a valuable service for assisting one in locating unclaimed or lost assets just be cautious of these common and costly traps. The only thorough way to locate one's unclaimed property is to regularly check with all databases for the States in which one has ever lived or worked in, as well as, other Federal databases.

Thomas Tuke is the CEO of American Refund Services specializing in assisting others locate their unclaimed accounts without paying a Finder's Fee.

http://www.Unclaimed-Databases.com


Free Quran in All Languages

Free Tafsir Books

Residual Income - 3 Ideas for Long Term Profits

A residual income is one that comes in no matter... Read More

Mastering Your Money

One of the things most of us have old ideas... Read More

Don?t Work for Your Money, Make it Work for You!

Well, the New Year is around the corner and so... Read More

The One Important Secret of Making More Money Easily

If you're reading this article, it means you are a... Read More

Four Pillars of Creating Wealth

Some people in this world are thinking that their poor... Read More

You Deserve To Retire Early

The fact is that most people continue to work for... Read More

Ben Franklin Didnt Quite Get it Right

When Ben Franklin said "a penny saved is a penny... Read More

Business Ownership, Cash in Your Pocket - Today!

Yesterday we learned that 74% of all wealth is created... Read More

The Underlying Belief System

Many of us do not consider the underlying belief system... Read More

The Difference Between Wants & Needs

So you want to become wealthy? While there is no... Read More

What it Means to be Rich

Many people have a false understanding of what it actually... Read More

Trustee Fees: How Much is Enough and How Much is Too Much?

I am often amused by the ads and offers I... Read More

The Morphing of Thought and Cash

Here are some thoughts about the morphing of thought and... Read More

Lesson 2 - The Commodity Of Kings!

What is "The Commodity of Kings""Power is simply "the ability... Read More

Start A Cashflow Club

The cashflow board games, Cashflow 101, Cashflow 202, and Cashflow... Read More

Its High Time for Lifetime Savings Accounts

I'm constantly reading articles on the internet and in financial... Read More

Still Using Federal Reserve Notes?(How to Beat Inflation)

"My people are destroyed for lack of knowledge." Hosea 4:6... Read More

Understanding the Three Different Types of Income

Part of learning to become financially free is to begin... Read More

Lesson 1 - Why Arent You Wealthy?

We will start the Financial Fitness System with the assumption... Read More

How To Get Investors And Bankers To Part With Their Money For Your Business

Time and time again entrepreneurs are losing out on getting... Read More

Online Retirement Opportunity: Freelance Copywriting

For most of us, the idea of retiring simply on... Read More

Re-discovering the Fundamentals of Financial Planning

To lose weight in the 80's, we went on low-calorie... Read More

6 Proven Wealth Building Strategies

Building wealth is as simple as saving a little bit... Read More

The Top 10 Steps to Becoming a Millionaire

There is perhaps no more important decision than to take... Read More

Generate Savings with Smart Use of Electricity!

No matter what income level you are currently at, generating... Read More