Washington

You can charge 5% as a Washington Unclaimed Money Finder.

This can have its good points and its bad points.  On the one hand, 5% doesn’t sound like much.  Just because you live in Washington doesn’t mean you can only look for unclaimed money in Washington.  You can look in any state you want as long as you meet the requirements for that state.

On the other hand, maybe the 5% maximum locators fee discourages people from looking for unclaimed money in Washington and there are more opportunities to find people.  What you lack in high fee percentage you can make up in volume.
The below information is summarized from the Department of Revenue Washington State Unclaimed Money page.

What is an Unclaimed Money Finder?

Unclaimed Money Finders help reunite owners with their property for a fee. Consumer protection agencies advise that legitimate businesses do not expect payment until the property is returned to the owner. Be suspicious of anyone who tries to charge a fee before you receive your property or tries to charge a fee other than a percentage of the money to be returned to you. No one may charge a fee greater than five percent for property reported to the state of Washington. This fee limit applies to all services conducted by the locator.
Agent Information

The following conditions apply to Unclaimed Money Finders:

1. Obtain a Unified Business Identifier (UBI) from the Department of Licensing and complete any licensing requirements that may apply.
2. When filing a claim provide a notarized affidavit signed by the unclaimed property owner authorizing the agent to act as the owner’s representative. A statement must be included on the affidavit that it is unlawful for any person to receive a fee or compensation in excess of five percent of the value of recovered property and that the owner is aware of such limitations.
3. The agent understands that the Department will send funds directly to the owner and that the agent is responsible for collecting their fee from the owner.

NOTE:  The Federal Freedom of Information Act does not apply to State government.

Frequently Asked Questions About Washington Unclaimed Money

Q. How much can a Washington unclaimed money finder charge?

A. Washington limits unclaimed money finder and heir finder fees to a maximum of 5% of the recovered property value.

Q. Do all states impose a five-percent finder’s fee?

A. No. Most states allow a higher maximum finder’s fee than Washington.

Q. Does Washington sell unclaimed property lists?

A. No. Washington does not sell or distribute unclaimed property owner lists for commercial purposes. RCW 42.56.070 prohibits the Department from giving or selling lists of individuals when they will be used for commercial purposes.

Q. Are hard copies of the unclaimed property listings available?

A. No. Hard copies are not available. Washington provides its owner listing through an online Internet search only.

Q. Does Washington disclose unclaimed property values?

A. No. Washington law prohibits the Department from disclosing unclaimed property values to anyone other than the owner or the owner’s authorized representative.

Q. Can heir finders or asset locators charge expenses above the five-percent limit?

A. No. Washington law prohibits heir finders or asset locators from charging fees or expenses in excess of the statutory five-percent limit.

Q. Can I search Washington unclaimed property for free?

A. Yes. Washington provides a free online database where owners can search for unclaimed property in their name.

Q. How does Washington attempt to contact owners?

A. Washington attempts to contact owners through its online unclaimed property database, mailed notices to last known addresses, newspaper advertising, and other public outreach efforts including television, radio, and online publicity.

Q. Will the Department research owners’ property for heir finders?

A. The Department will provide additional information only if you furnish authorization from the legal owner.

Q. Does Washington require a business license for unclaimed money finders?

A. Washington requires finders to obtain a Unified Business Identifier (UBI) and comply with any licensing requirements that may apply.

Q. Will the Department pay the heir finder’s fee?

A. No. The Department will only pay the legal owner of the funds. Heir finders are responsible for collecting their fee directly from the owner.

Q. What if the owner will not pay the heir finder’s fee?

A. Your contract with the owner may permit legal action to recover your fee, but you would need to initiate that action yourself.

Q. How long does it take to get a claim paid?

A. Washington states that monetary claims may take up to 60 days to process. Stock claims may take approximately 30 days longer.

Q. Can heirs claim Washington unclaimed property?

A. Yes. Heirs and estate representatives may be able to claim unclaimed property belonging to deceased owners if they provide the required documentation.

Q. Is Washington unclaimed property legitimate?

A. Yes. Washington’s unclaimed property program is administered by the Washington State Department of Revenue and is an official state program.

Q. Can you furnish addresses for other states’ unclaimed property offices?

A. Yes. You can visit the state unclaimed money page on this site for links and contact information for other state unclaimed property offices.

 

 

 

If you are interested in becoming an Unclaimed Money Finder please click here