Trade Practices Alert
Unclaimed Property Recovery Offers
The Administrator of the Unclaimed Property Program of the N.C. Department
of State Treasurer is urging caution with respect to commercial offers
to help consumers locate and recover unclaimed or lost property, payments
or refunds. These offers are being made to seniors and other consumers
via the Internet, over the phone and through the mail. They require payment
of a fee or a percentage of the recovered funds.
North Carolina and other states have programs whereby abandoned or unclaimed
funds, deposits, accounts, etc., must be turned over to the Escheat Fund of the
state treasury. Each year, banks, corporations, landlords and others turn millions
over to these escheat funds. The states hold the unclaimed property until the
owners can be located. In North Carolina, interest from the fund supports education
programs.
The offers which are the subject of this Trade Practices Alert often
begin with enticing representations such as, "You have unclaimed money waiting for you." The
caller I.D. for one of the companies reportedly reads "Unclaimed Cash."
Most states, however, strive to locate the owners of these funds and require
no payment at all.
In North Carolina, consumers can determine whether property or funds are being
held in their name by checking the Department of State Treasurer's website http://www.treasurer.state.nc.us/.
********End of Alert********
July 12, 2002
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NC Senior Consumer
Fraud Task Force
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