If You Receive A Letter Saying You Have Unclaimed Assets, Beware! It Could Be A Scam And Could Cost You A Fee.
I remember the day that some friends told me that they saw my name in the newspaper in the 'Unclaimed Property' section. At first I didn't believe them. I called another friend to see if it was really listed, and she said it was! But, still thinking that everyone was pulling a fast-one, I purchased a newspaper at the Get-N-Go, checked the 'Unclaimed Property' section, and sure enough, there was my name!
But South Dakota State Treasurer Rick Sattgast is now warning people that many South Dakotans are receiving a letter from National Claimant Services saying that they have located dormant assets in their name. Sattgast says that National Claimant Services is a legitimate asset locator, however, people looking to retrieve any unclaimed property do not have to pay for this service.
South Dakotans can simply go to the South Dakota treasurers website, search for their name, get the claim form online and then just wait patiently for the owed money to come their way. And the whole process is free!
State Treasurer Sattgast says there are legitimate asset locators available, but those companies can charge anywhere from 15% to 25% of the recovered value, often times with contracts that could last for several years, so the public should first check with the Treasurer’s office before entering into any agreement.
Scams and fees for unclaimed property and assets do exist, so Sattgast says if there are any questions or doubts about something received in the mail, get the contact information for the solicitor and call the State Treasurer’s Unclaimed Property Division before giving out personal information or agreeing to anything.
Personally, I did follow the directions and patiently waited, and I did receive my 'Unclaimed Property' check in the mail! And it didn't cost me anything extra out of my own pocket. (Well, except for the purchase price of that newspaper!)