Both Mom and I have been receiving unsolicited notices from Asset Recovery Services. My older sister just recently received a notice from one of these companies and she lives over 1,500 miles away. However, Mom has stacks of cluttered mail that she doesn’t bother to deal with. As her primary caregiver, I’ve been forced to help her pay bills and place monthly bills on auto pay. My fear is that she has money in old accounts or through retirement pensions in old accounts or banks.
Has anyone dealt with companies reaching out claiming to have locate funds for your elderly parent(s)? The companies seem legit, but upon agreement, if they locate or recover the assets they’ll charge a fee. If they don’t recover assets, then it is free. Isn’t there a state process to track down these assets without these companies intervening?
Any suggestions would be very helpful.
Check your state. Google unclaimed property.
Paying someone else to do it is unnecessary.
It used to be the State would post the
I cut down on my moms and my junk mail by doing this. Do not buy subscriptions to magazines or join contests. They sell ur address. The only "junk mail" I receive is from local businesses.
The States used to post these outstanding monies in newspapers. I remember Bruce Willis on one of them. He is from NJ. Seems he opened a bank acct up here for when he visited his Dad and forgot about it. My SILs brother was listed. Since his Dad had been an insurance agent, it was probably a policy set up when he was born.
I would to what Fawny has suggested. Don't spend ur hard earned money. When I received my SS I was told when I applied that I had a small pension coming to me when I turned 65. I knew about it but nice SS had that info.