Bill considers finder fees for unclaimed cash

March 17, 2008 2:15:30 PM PDT
Illinois lawmakers are considering a bill to protect consumers from big fees to recover unclaimed cash.Forgotten bank accounts, stocks and security deposits would fall under the bill.

Finder or tracer firms will help people recover that money, but some charge as much as 50-percent to return it to the rightful owner.

The legislation would:

  • require these firms to tell consumers where that money is being held;
  • allow firms to charge just 10-percent to return this money to the owner;
  • require finder firms to let consumers know that the treasurer's office doesn't charge any fee to return unclaimed property.
  • "Illinois consumers shouldn't have to spend their own money to find what's already rightfully theirs. This bill is nothing more than a commonsense measure designed to close a loophole that is quickly becoming a money pit," said Alexi Giannoulias, State Treasurer.

    The bill would also alert consumers who mistakenly overpay their property taxes.


    Load Comments