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-...d-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 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 on our website. ASIC does not ask people to pay for searches.