Entitlement retrieval companies

[jff45]

I've received 2 letters from entirely different companies, who check out as legitimate businesses - one is a chartered accountant on the Melbourne Accountants list, and both claim to have found an entitlement for me of exactly the same amount down to the **57.12.

They want 20% as their fee to recuperate the money. The fee to be deducted after retrieval and the balance sent to me.

I've researched about unclaimed money and tried all the suggested searches and nothing turned up.

Anyone had experience with these types of companies?

[Agronaught]

Check with the ACCC.

Check their ABN is legit, no ABN, no business.

[jff45]

As I mentioned, they check out as legitimate businesses. Aust. Gov. site has an ABN lookup.

[rusty_nail]

As I mentioned, they check out as legitimate businesses. Aust. Gov. site has an ABN lookup.

well i would be ringing them directly and finding out what the go is? dont forget usually if sounds too good to be true its becasue it probably is...

[Gecko17]

Another avenue is to phone your local cop shop and see if they have heard of any scams that sound like this...

[rkinsey]

Hi John,

Its scamming season!

Are you owed any money? Do they mention where the money is coming from or who they are reclaiming the money from?

I'd be careful mate.

If it is a scam, don't handle the letters too much. Keep them in a manila folder or plastic sleeve, the police will want to finger print them.

Cheers,

Rob

[mudski]

They have scam all over them I think. Even though they check out. It could be a scammer just using their letterhead and details. ..
I'd be very wary of this.
Do the research yourself to see if you are owed anything would be the safest bet.

[the evil twin]

Yes, I have had dealings with several and most are legit albeit their fees are a tad high for the work IMHO and Yes, you do need to be a tad wary but Google or a quick couple of phone calls will usually sort out credentials/scams.

My dealings have been on behalf of family members who have been slack over the years about finances.

3 seperate amounts that we recovered were to do with AMP when AMP issued shares or securities to policy holders.
The amounts were held by ASIC so don't show up on any "lost super" searches or similar.
There are millions of dollars held this way when companies demutualise or whatever and policy holders have long forgotten to update addresses.
Because the money is now held in trust/escrow or whatever AMP for example don't even know about it and you can't retrieve it through them, you have to do your proof of identity and claim through ASIC or whoever.

These retrieval companies or indeed anyone can freely access names and amounts.
Thenthey go fishing and look for current addy's off electoral rolls or whatever and send out a letter/s to anyone whose name matches.
If you can sleuth out enough info on who has the money you can get it yourself.
You just need good proof of ID etc and records of some description that you resided at the "old" address.

If the amount is substantial and you cannot suss it out and want use the retrieval company, give them a call and try for a lower commission.
The amount of work they have to do is the same no matter the sum involved and you are the one who has to provide the ID etc anyway.
All they are doing is asking for a finders fee and collating your docs.

[the evil twin]

... should have suggested you give ASIC https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money/unclaimed-money-search a try just because it holds any money from demutualised shares, dividends, old bank accounts etc.
It was several years ago since I was dealing with them but at the time the search engine on their site was pretty good.

We got two hits for family members straight away.

[TimE]

Have you checked this (https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money/unclaimed-money-search) ASIC link

From their website

Been asked to pay for a search?

If you have been asked to pay for an unclaimed money search or received a letter from a private money search company asking you to pay them to find your money, remember, you can use ASIC's Unclaimed Money Search for free, right here (https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money/unclaimed-money-search) on our website. ASIC does not ask people to pay for searches.

[bishbashbosh]

just remember because a business is registered with ABN's and what not it does not mean they are legit - Its pretty easy to do - Before anything i'd call consumer affairs and run this by them first - I have heard that these are scams in the past and you'd not be charged to locate lost super etc.

[jff45]

Clearly, some of you have never heard of Entitlement Retrieval services.
A company of chartered accountants who are registered with ASIC since 1994, have a valid ABN registered since July 2000 - date at which GST commenced - and who include a reply paid envelope back to their registered address so you can supply a copy of a utilities bill to prove connection with your address and proof of identity.
They don't ask for money up front or bank details, etc.

Then a 2nd totally unrelated company who also checks out as valid sends the same thing for exactly the same unclaimed amount. Also reply paid envelope, etc..

Please explain where the scam is..

[jff45]

Thanks Evil Twin for the reply I was requesting.
I've searched all the databases I can find but nothing shows up. If it was easy to find these guys wouldn't be sending me letters looking for commission to get it.

I think I'll just ring them and see who'll take the lowest commission..

[rkinsey]

Clearly, some of you have never heard of Entitlement Retrieval services.
A company of chartered accountants who are registered with ASIC since 1994, have a valid ABN registered since July 2000 - date at which GST commenced - and who include a reply paid envelope back to their registered address so you can supply a copy of a utilities bill to prove connection with your address and proof of identity.
They don't ask for money up front or bank details, etc.

Then a 2nd totally unrelated company who also checks out as valid sends the same thing for exactly the same unclaimed amount. Also reply paid envelope, etc..

Please explain where the scam is..

Excuse us...... You may have mentioned that bit of info in the first place........................

[Bloodyaussie]

He pretty much did... John was never asking if legit only if anyone has had experience with this sort of thing.

[BigRAWesty]

Just looked at that government site..
Easy as. Just got the father inlaw a whopping $22

[the evil twin]

Just looked at that government site..
Easy as. Just got the father inlaw a whopping $22

Nah mate... that $22 is made up of;
Commish to you $4.40
GST on commish $0.45
Witholding Tax @ 45 cents $9.90

So he only gets $7.25

[bishbashbosh]

and "clearly" you have never heard of these companies being set up to scam people.

asking if you have had "experience" with something opens it up to peoples "experiences".. which in turn opens it up to people sharing their thoughts..

the OP states that "I've researched about unclaimed money and tried all the suggested searches and nothing turned up. Anyone had experience with these types of companies?"

thus people sharing their thoughts.. but next time i shall not bother and let you piss in the wind!

:tease:

[Agronaught]

I've also been the victim of identity theft and wound up losing ~$50K before it was brought to an end. Now I don't share a thing with companies, cold calls are met with a cold shoulder.

Could be legit, I would make sure they are real with bricks and morter behind them before sharing an address etc.

J.

[mudski]

... should have suggested you give ASIC https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money/unclaimed-money-search a try just because it holds any money from demutualised shares, dividends, old bank accounts etc.
It was several years ago since I was dealing with them but at the time the search engine on their site was pretty good.

We got two hits for family members straight away.

Lol. I just tried that link ET and my wife is owed a massive $5.

[jff45]

and "clearly" you have never heard of these companies being set up to scam people.

asking if you have had "experience" with something opens it up to peoples "experiences".. which in turn opens it up to people sharing their thoughts..

the OP states that "I've researched about unclaimed money and tried all the suggested searches and nothing turned up. Anyone had experience with these types of companies?"

thus people sharing their thoughts.. but next time i shall not bother and let you piss in the wind!

:tease:

As I also wrote, please explain what the scam is!

[jff45]

I've also been the victim of identity theft and wound up losing ~$50K before it was brought to an end. Now I don't share a thing with companies, cold calls are met with a cold shoulder.

Could be legit, I would make sure they are real with bricks and morter behind them before sharing an address etc.

J.

I'm sorry to read about your issues but my name and address have been shared for years in the White Pages directory.

[Clunk]

Jeez, folk are tetchy today hey. Chill pills and hugs all round me thinks

[nissannewby]

Jeez, folk are tetchy today hey. Chill pills and hugs all round me thinks

Bloody oath lol. Time for a beer.

[the evil twin]

Jeez, folk are tetchy today hey. Chill pills and hugs all round me thinks

Have you noticed it has only been since AB took down the link to the Sophie Monk nudie pics.

Coincidence? ... I think not, definitely more research required



Bloody oath lol. Time for a beer.

Your late... and... it's your shout

[Stropp]

Have you noticed it has only been since AB took down the link to the Sophie Monk nudie pics.

Coincidence? ... I think not, definitely more research required

bloody AB :)

[the evil twin]

Lol. I just tried that link ET and my wife is owed a massive $5.

Careful mate, to prove you love them, sheilas will usually want the whole $5 and that you pay the Commish, Taxes and GST

I'd forget I saw it, open a beer and kick back with NN and me... Oh, by the way, it's your shout

[bishbashbosh]

As I also wrote, please explain what the scam is!

the scam has been where you receive letters like this and you forward details etc.. identity theft as has already been mentioned.. this is why my ears pricked up..

[jff45]

The poster didn't say how his identity was stolen.

Do you really believe that 2 legit unrelated companies who coincidentally come up with exactly the same amount of money have both set up these companies with ABNs, letterheads, phone fax & email info just to get a photocopy of my drivers licence to try to steal my identity with it?

[Bigcol]

yep, had the same thing once......... except 1 was registered in NZ....... with an Aust ABN.....

thats what gave it away............

also, you didnt say in you varied posts just WHERE did they find your money........?
and how come you couldn't find it????

that would have been the reason for people automatically calling it a scam.......

but, you knew that already probably

[Bigcol]

BTW,
one was a Law firm in Melbourne
and the other was a Accountancy Firm in Brisbane

you guess which one was dodgy

[jff45]

yep, had the same thing once......... except 1 was registered in NZ....... with an Aust ABN.....

thats what gave it away............

also, you didnt say in you varied posts just WHERE did they find your money........?
and how come you couldn't find it????

that would have been the reason for people automatically calling it a scam.......

but, you knew that already probably

They're not likely to tell you where it is knowing that you can claim it yourself without paying them a commission.
It's their business to retrieve these sums for a payment.
If they're sending me letters it's because they know I can't find it in the usual online databases that are available to everyone.

[Bigcol]

in this day and age - EVERYTHING since 1975 and before is on the web somewhere..........
so unless you have a long lost Uncle (in Nigeria perhaps) or relatives in another country who have died, and left the money..... without a will or without know heirs

to me, "me thinks something fishy in Denmark" - or you wouldn't have asked the question on a national forum............

but if you however are sure they are up straight and ridgy didge, then contact them and give them your details or whatever you have been asked for
what have you got to loose????

your gaining a significant sum - or they would not have contacted you - my guess would be $50k or more.......

but I still think is sus myself......
and would be running it past any and ALL authorities I could think of...............

[the evil twin]

The process isn't suss Col.

In the first line of his first post the OP stated he had checked the businesses and he was happy they were legit.
I do the same when we get these letters and haven't had a dodgy one so far.
We found three lots ourselves (ASIC) but used the company for another one and a fifth we couldn't provide sufficient proof as it was too long ago and the amount wasn't worth the hassle in the end

It has become a major business because of Gov't grabs for the billions, yes, billions of bucks that was lying around.
I think the legislation enacted in 2012 or thereabouts gives the Gov't use of unclaimed money after 3 years now or somesuch.

I agree it is on the 'Net but finding the appropriate body or even knowing in the first place is the catch.

An example is a couple of posts on here where people have found "lost" money at ASIC albiet small amounts.
I suggest they probably weren't aware of the ASIC search until this thread.

Bottom line is my experience is Yes, the companies are usually legit and Yes the amounts are correct but you have to prove it is yours otherwise noone gets a cent

[bishbashbosh]

The poster didn't say how his identity was stolen.

Do you really believe that 2 legit unrelated companies who coincidentally come up with exactly the same amount of money have both set up these companies with ABNs, letterheads, phone fax & email info just to get a photocopy of my drivers licence to try to steal my identity with it?

Oh lordie - Im sorry - I seem to have rubbed you up the wrong way. I think you've taken my responses the wrong way..

I was only offering you my thoughts and looking out for you.

To be honest you do what ever you want with these companies and I hope you get what you're owed.. I don't think you'll get jibbed but I was only highlighting the possibility as in this day and age anything can happen..

That's all..

"Slaps forehead"

[Agronaught]

Dude,

You don't want peoples advice, don't bloody ask for it. You have made multiple posts in this thread that could be interpreted as hostile, the first time I've seen it on this forum.

Good luck.

[taslucas]

...............!

[jff45]

Dude,

You don't want peoples advice, don't bloody ask for it. You have made multiple posts in this thread that could be interpreted as hostile, the first time I've seen it on this forum.

Good luck.


No hostile intent whatsoever.

Please go back and read my 1st post. I clearly state that I have checked the companies and found them legit. I didn't ask for any advice on whether people thought they were scammers because I had determined that they were not.

I did ask if anyone had had experience with these types of companies i.e. Entitlement retrieval services.
Clearly, only one person had that experience and kindly shared it.

Might I suggest that you take a look at the other threads that I've started on this forum and tell me whether you think I've tried to be a productive member or not..

Edit: Your post was the 1st reply and you suggested I check with the ACCC. I immediately replied to remind you that I had checked them out to be legitimate businesses.
Could I have made it clearer using other words?

[Drewboyaus]

I wouldn't be using these services. I got a similar letter a while ago and instead went to the State Trustees office website in Vic and was able to locate all my money.
That is all they are doing but will charge you 20% for the privilege. The businesses are legitimate.

Sent from my iPhone using Forum Runner

[jff45]

I wouldn't be using these services. I got a similar letter a while ago and instead went to the State Trustees office website in Vic and was able to locate all my money.
That is all they are doing but will charge you 20% for the privilege. The businesses are legitimate.

Sent from my iPhone using Forum Runner

Thanks for sharing your experience. I did all the possible publicly available searches before posting here.
If you don't use their service and you can't find it yourself then you simply lose out.. 80% of a couple of thousand you weren't expecting is better than nothing.

Of course they're legitimate. I've been trying to explain that across several posts..

[Clunk]

My finders fee is only 18%

[nissannewby]

I still haven't had a beer :(

[the evil twin]

I still haven't had a beer :(

and I'm nearly out of Popcorn


My finders fee is only 18%

Mine is 17.5% but seeing as you make more than me... it's your shout

[nissannewby]

I'll do it for 10%

[Clunk]

bloody undercutting bastards, how's a man supposed to earn a honest living

[Winnie]

I'll do it for 10%

Yeah but you get what you pay for. Why can't somebody mail me with thousands of dollars?

[Drewboyaus]

Thanks for sharing your experience.
No probs.

State Trustees website is specifically set up to do those searches. You just enter your name, initials, surname, former addresses, etc and it will throw up a heap of possible left over cash, dividend cheques etc. Not all will be yours but you identify what is yours, fill out the claim form, post it in and in a month or so you'll have a nice cheque in your letterbox.
Sounds like you'll have some New Years spending money....sweet!

Sent from my iPhone using Forum Runner

[the evil twin]

What he said ^^^^

If you or other family have resided in different States then check each Trustee Office or equiv.

Forgot about it earlier but we also found some in the late wifes name in the NT from a part time job she had there.
It turned out to be money lodged with the Gov't Insurer as part of a small workers comp claim and we had moved addresses so the Cheques had never caught us up.

[jff45]

Just thought I'd post the final result on this.
Received a cheque in the mail this morning for $1790 odd. The retrieval company took $260 and I'm ok with that.
Apparently it was an uncashed cheque from MBF (now BUPA), where we have our private health insurance. I have no idea why MBF would have sent me a cheque.
Going to buy myself a new 8x5 galvanised box trailer.. :)

[Hodge]

Good outcome mate. One can only wish of a surprise cheque turning up from Tatts with several nice figures on it.

[the evil twin]

Just thought I'd post the final result on this.
Received a cheque in the mail this morning for $1790 odd. The retrieval company took $260 and I'm ok with that.
Apparently it was an uncashed cheque from MBF (now BUPA), where we have our private health insurance. I have no idea why MBF would have sent me a cheque.
Going to buy myself a new 8x5 galvanised box trailer.. :)

Score... :-)