Finder services find your name by requesting government lists of unclaimed money and matching a name to a current address. A finder service, also called a locator or asset finder, is a private company that locates owners for a fee.
The U.S. Department of the Treasury says locator services use Freedom of Information Act requests to obtain lists of uncashed government checks in TreasuryDirect's unclaimed-money FAQs. They then match a name on those lists to a person and offer to collect the money for a fee.
Table of Contents
- Where do federal finder lists come from?
- How do finders use state Treasury databases?
- Why is your name in a Treasury database at all?
- Can you claim the money yourself?
Where do federal finder lists come from?
Locator firms file Freedom of Information Act requests with federal, state, and local agencies. Those requests seek lists of uncashed checks the agencies still hold. A payee name, agency, and amount often appear on the list.
Staff then work through the list name by name. They use address records, phone directories, and heir records to find the owner or heirs. Contact usually comes by mail or phone with a fee-based offer.
How do finders use state Treasury databases?
For state-held property, finders use state public-records laws to request owner information from unclaimed-property programs. The National Association of Unclaimed Property Administrators describes this as a common finder method. Finders can also use the same public search you can use.
The Wyoming State Treasurer's Office says asset finders search its public unclaimed-property database by owner name in its asset-finder guidance. When they find a likely match, they try to locate the owner. They then ask the owner to sign a notarized limited power of attorney for the claim.
Why is your name in a Treasury database at all?
Banks, insurers, and businesses must report dormant accounts and turn over the funds to the state. The Kentucky State Treasury explains that holders do this each year after about three years of inactivity in its unclaimed-property FAQs. The state treasurer then holds the assets as custodian until claimed.
There is no single government-wide unclaimed-money database. USA.gov directs searchers to separate databases by money type, and state offices hold most funds. Many states also withhold complete owner records from finder firms to protect privacy, the National Association of Unclaimed Property Administrators reports, so public lists give finders only partial data.
Can you claim the money yourself?
Yes. Owners and heirs can search state unclaimed-property offices and MissingMoney.com and file directly for free. A finder does not hold exclusive access to the public database.
Use these steps before signing anything: Fees can be steep, and some states limit them. The Wisconsin Department of Revenue notes that Wisconsin caps locator fees at 10% in its heir-finder FAQs. Wisconsin also voids finder agreements for property held less than 24 months.
- Search your state treasurer or unclaimed-property office by current and prior names.
- Check MissingMoney.com for other states where you lived or worked.
- Compare the finder fee against filing yourself for free.
- Read the contract term, fee percentage, and power of attorney before signing.