If you are or are thinking about becoming a money finder, you’re probably more than a little bummed out about the 5-15% finder fee caps imposed by almost every state unclaimed funds department. There’s so much money out there and so many people that will probably never hear about it without the aid of a professional money finder, that really, you’re right to feel a little peeved about that. You deserve a larger cut for the work you do.
Ready for some good news? Due to a loophole not many people know about, certain funds are exempted from these laws: funds that are held outside of the state unclaimed funds department. This means you can legally charge 30-50% (or more, depending on the complexity of the case) for locating and recovering people’s missing money. The big loophole, again: funds held outside the state unclaimed funds department are generally not subject to finder fee caps.
Not familiar with money finders? They’re professionals that locate funds being held by government agencies that are due to ordinary citizens, that for whatever reason remain unclaimed by their rightful recipients. These funds can come from tax and mortgage foreclosure overages and missing heir type situations, and well as countless other sources. What they all have in common is that if they aren’t claimed in time, the government gets to keep them – which means money finders are desperately needed, especially in the current economy.
If you’re already a money finder, or want to be become one, bypass state unclaimed funds. They’re too public, too easy to find, and there’s too many people already working those cases – and of course, they’re subject to those finder fee caps mentioned above. Go after the funds that are floating around outside the state unclaimed funds division – tax sale overages, mortgage foreclosure overages, dated checks, and unclaimed inheritances. These funds are almost never advertised publicly on a website, and almost always are due to recipients that have no clue they’re due the money.