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  • Writer's pictureSteve Navarrete

A private company will collect unclaimed funds for you for a fee but is it worth it?

"One in five Floridians has unclaimed funds from a forgotten financial account" per the website of the Florida Chief Financial Officer for unclaimed funds. In Florida, individuals are entitled to claim any unclaimed funds that belong to them without the assistance of a private company. The Florida Department of Financial Services provides a free service for searching for and claiming unclaimed property, and individuals can complete the process on their own without paying a fee.

However, some private companies may offer to help individuals claim their unclaimed funds for a fee of up to 30% of the value of the unclaimed fund. Florida law allows Florida licensed private investigators, CPAs, and attorneys to register as claimant's representatives. While these agencies may have the expertise and resources to assist in the claim process, it's important to consider whether the cost of their services is worth the potential benefit. Ultimately, the decision to use a private investigative agency or to claim unclaimed funds on your own is a personal one and should be based on your individual circumstances and needs.

If you have been contacted by a "recovery company" or a "locator company" don't sign any recovery agreement until you find out for yourself how easy it is to collect your unclaimed funds yourself by logging on to the cleverly named website, and start your own treasure hunt.

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