1) Why do I have a refund?
Unclaimed money is based on "inactive personal and business accounts", "extended inactivity on a personal and business accounts", or "the inability to find the original owner(s)", of a credited account.
If an account is inactive or has inactivity between 3 to 7 years, and a credit balance remains; the balance will eventually be “escheated” to government, as a “refund” to the original owner.
Also, if a business shows a credit balance within their accounting, for a personal or business account, to the missing original owner, they must “escheat” that credit balance to government, within a certain period of time, as a refund.
If the business doesn't escheat the credit, they will be penalized, financially, by the government. The role of the government, regarding unclaimed property, is to find the original owner(s) and return the money, which is why the government uses; Refund Recovery Specialist, and Heir Finder Investigators.
2. What is a Refund Recovery Specialist?
A Refund Recovery Specialist (Financial Claims Researcher) is authorized by certain government agencies to find people; that are owed a refund by the government. If you received one of our letters, there is a 90% probability that you're the original claimant(s), a family member, or an heir(s) to the original claimant(s), who is owed money. Understand, one cannot operate as a Refund Recovery Specialist, or Heir-Finder, unless you are authorized by the participating government agencies.
3. How did the government get my money?
A check was issued to the "original owner" by the "original holder" of the money; as a refund, a settlement, a payout, or as a credit. After the "original holder" repeatedly "attempted", but unsuccessfully contacted the "original owner" at their "last known address"; the refund check was “escheated” to the government.
The original holder is held to; "Due Diligence Laws", created by the federal government. The original holder mailed your check to the last known address, and evidently the check was returned. Once the check was returned, that fulfilled the original holder obligations to the government and the due diligence laws, or unclaimed property laws.
4. Why didn't the government agency contact me themselves?
Certain government agencies do not have the manpower to directly service the millions and billions of people that are owed money, so they authorize; Refund Recovery Specialist, or Heir-Finder, to find people. Additionally, they may be gaining interest on your money, or covering their budget with your money. There have been "rumors", that the government is trying to pass legislation to keep “all” of the unclaimed money.
5. Where do most people, who have a refund, make their mistakes?
6. Do I need to send you my social security information?
It is not necessary, for you, to send sensitive information to Financial Claim Researcher, but you do need to send all of the required documents to the government agency that is holding the money. We only request 1 to 2 forms; The Claimant Service Agreement, and a Standard Investigator Agreement, which neither one require pertinent information.
7. Can I do the refund myself?
Yes, you can do it yourself, if that is what you want to do, but over 90% of people fail at doing this. Some succeed, but most fail and give up, because it is not as easy as you may think. Not including the frustration of dealing with the government agency and their long wait to reach a customer service representative.
8. Can I go back to the “original holder” and get the money?
The money was escheated to the government. The original holder does not have the money, anymore. They do not even have the original owner's account in their database, anymore.
There is no way that the original holder can give you the money, once it was “escheated” to the government. They may “not” know what government agency it was escheated to. You can only get the refund check from the government agency.
The main reason it was “escheated” is because the original holder could not find you, and by law, they have to turn it over to the government. Don't waste your time calling the original holder of the money. It will be a complete waste of time to call the original holder.
9. What if I'm on Social Security, or on a fixed income?
If you are concerned about your fixed income being affected by an increase of money. You can submit a “Property Relinquish form”, and transfer the money to someone, who you can trust. Once they receive the check, they can give you the cash. You will need to submit all of your information, as well as they would need to submit theirs, also.
There is no penalty to this, by the standard of the government. You're only stating that you want to transfer the money to a family member, instead. You may want to talk to your tax accountant about any additional taxes to the person that receives the check for you.
10. Why are you allowing us to mail our own claim?
With the alarming rate of identity theft, we want our customers to be in complete control of submitting their claim, and protecting their pertinent information. In the over 23 years of doing this business, we have never had an issue with identify fraud, but we understand that it is a major concern in our society, and with our potential new customers.
Now, you can submit your own claim, and be in complete control of your submission. We will never see your pertinent information. Only the government agency will have access to your pertinent information. We will only receive basic information.
Once a document is signed, initialed, filled out, or notarized, you put them in the mailing envelope yourself, seal the envelope, and mail it off. A pre-addressed envelope will be given to you, with the name and address of the government agency on it. A tracking number will be provided to you.
11. What is an allotted Percentage?
Allotted percentage are based on entitlement. If the money was originally in a parent's name, but both parents are deceased, the money will automatically go to the children. If there are 4 children, each child is granted an allotted percentage of the refund. If the refund is $2000.00. Each child will receive $500.00, as their allotted percentage.
12. Why do I have to pay you a percentage?
The percentage is mandated by the government agencies. It covers the cost in locating the original owner(s) or heir(s), and the cost of helping you process your claim. When you think about it, isn't it worth the percentage to be reconciled with your money in an expeditious manner?
13. How can I verify if your company is real?
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14. Do I have to pay taxes on this money?
Please consult with your tax professional.
15. Will I receive any interest on my money?
The government no longer pays interest to the original owner(s) or the heirs of the money, but they are collecting interest from your money. As long as your money remains unclaimed, they can hold your money, collect interest, and never pay you any interest. Submit for your money and collect your own interest, buy a car, go on a vacation, pay a college tuition, or donate it.
16. Is the check made out to your company, or to me?
All payouts will be made out to the "claimant", which can be the original owner(s), the heir(s), a beneficiary, a conservator, a guardian, a custodian, or a trustee. The original owner's spouse and children are considered the most entitled claimants, unless otherwise specified, and will have first rights, if the original owner is deceased.
A separate check will be made out to; Financial Claims Researcher, for the agreed upon percentage, by the government. We don't get paid until; you do. The check, for the claimant, will be mailed directly to the address on file.
17. My claim has more than one name on it. I don't know the other person or people, or I'm not associated with that person anymore, what can I do?
If you don't know the other person or persons, then more than likely, it was a personal or business transaction that involved you and other people. In most cases, it applies to a real estate transaction, escrow issues, car accidents, insurance claim, or some type of transaction that involved the payout or transfer of funds or property. You do not need to find the other person to claim the money.
Depending on the claim, the government agency will divide the money based on the allotted and entitled percentages. For example; You are not married to your ex-wife anymore, but your claim is based on an insurance policy that you both purchased 10 years ago.
You are unable to contact your ex-wife. You can submit the claim on your own, and collect your percentage of the claim. If there are only two people on the claim, you will receive 50% of the claim. If there are four people on the claim, you will only receive 25% of the claim, and so on.
The outcome of these types of claims will vary. In some cases, there will be two names on a claim, because the beneficiary was a minor at the time, and the custodian was managing the minor's account.
If the minor is legally an adult, the minor is entitled to 100% of the money, regardless if there are two names on the claim. If all of the original owners are in the same household, then you all can sign the same form. If one original owner or heir is in one state and other is in another state; Financial Claims Researcher can send separate forms to each person.
18. Can I release my money to a relative, or charity?
Yes, you can fill out a; "Property Relinquish Form", and transfer all funds to a designated person, charity, or relative. Any person that you transfer your money to; will need to submit their personal, or business information, along with yours. This is also good if you're on a fixed income, and you don't want Social Security or Uncle Sam to find out that you received extra money this year.
19. Can non-family or distant family members claim the money?
20. What if I changed my name?
If the refund was originally in your maiden name, or a completely different name, then you will need to provide proof of name change, like a marriage certificate, proof of name change, adoption paper, court-appointed documents, or a birth certificate.
Occasionally, we will run into people, who were born with one name, but “unofficially” took on the name of a “step” parent. If that is the case, you are still under your original legal name, and you may not be entitled, because you didn't make your name change, official.
21. What are my chances of receiving the money?
If you are next in line to be entitled, there is a 99.9% chance of receiving the original owner’s portion. The current spouse, of the original owner, is always entitled first, then the children, unless otherwise specified.
22. How long will it take to get the money?
With a “Letter of Hardship”, 1 to 2 months. Without a “Letter of Hardship”, 6 to 8 months. Please place the “Letter of Hardship” on top of all of your paperwork and claim form, if submitting. If you don't place it on top, your claim forms will be thrown in with the 6 to 8 month pile.
