Home
>
Wealth Building
>
The TRAP Behind Websites With INSTANT Searches for Unclaimed Money

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'.

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

Ashton group transportation logistics management ..

In The News:

The Land Aircraft Carrier combines an all-terrain, six-wheeled vehicle with a two-seat aircraft, which features electric vertical takeoff and landing.

The European Union has sent TikTok a "request for information" on the video sharing platform's newest app, TikTok Lite, under the Digital Services Act, with the aim to clean up social media.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

The FBI is warning the public about a recent phishing scam via text that claims its targets owe money in Pennsylvania for unpaid road toll charges.

Your Apple Music settings may be revealing to your contacts what you're listening to. Kurt "CyberGuy" Knutsson explains the process to change those settings.

Learn how to secure social media accounts, implement legacy contacts, and create a digital estate plan to protect your online assets from 'ghost hackers' after your death.

A ported phone number scam is leading to more people having their identities stolen by sophisticated scammers. Kurt “CyberGuy" Knutsson tells you what you need to know.

The Great Pacific Garbage Patch, a vast marine debris vortex, is being tackled by The Ocean Cleanup’s innovative technologies. Kurt “CyberGuy" Knutsson explains.

Discover easy solutions to tame autocorrect frustration on iOS and Android devices. Turn off, customize and add personal touches to your typing experience.

Kurt “CyberGuy" Knutsson reveals the six top things to do right now before it’s too late: Tech and life choices that can keep your safer on and offline.

Kurt “CyberGuy" Knutsson shows you some simple steps to discreetly hide apps or an entire app page on your iPhone for decluttering or confidentiality.

The ambient light sensors on smartphones may be turned into cameras, according to researches at MIT. This could pose a threat to people's privacy.

The Autonomous Road Repair System from tech firm Robotiz3d uses artificial intelligence technology to locate potholes and promptly seal them.

Scammers have stooped to using artificial intelligence to scan obituary websites to create fake obituary websites to target the grieving.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

A Mercedes-Benz Manufacturing factory in Hungary is using humanoid robots to help with human staffing shortages on the factory floor.

Some video games act like unregulated banks, according to CFPB, which has begun monitoring the situation. The agency says children may be most at risk.

Ascender the robot is capable of climbing stairs with heights up to 8.7 inches, and it can give every corner of your home a deep cleaning.

Tax-return scams are on the rise, and one tax expert from a cybersecurity firm says filing your taxes on time is one way to avoid tax scams.

The innovative XPENG Robot Unicorn is inspired by the mythical unicorn, and you may forget the robot is not actually a living creature.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

The Federal Trade Commission, the federal agency to report scams to, is being impersonated as part of a new sophisticated phone scam.

Eatrenalin is a restaurant in Germany with a Floating Chair innovation that makes the 17,000-square-foot venue feel like an amusement park.

U.S. Air Force Secretary Frank Kendall met with the Senate Appropriations Committee on Tuesday and said he plans to ride in an autonomously-operated aircraft this Spring.

Kurt “CyberGuy" Knutsson reveals advice from a reader who files debit card fraud claims all day. Here are eight do's and don'ts to prevent debit card fraud.

The TRAP Behind Websites With INSTANT Searches for Unclaimed Money

Wealth Building