[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 55 KB, 314x230, 3513[1].jpg [View same] [iqdb] [saucenao] [google]
795651 No.795651 [Reply] [Original]

Unclaimed money business

There are millions of dollars in every state that are unclaimed by their owners. These could be refunds, over payments or rebates from companies.

My business idea is to front a check to an individual that has unclaimed money for a percentage of the full amount that they owe (or fee, not sure which as I think some states prohibit a percentage fee) and claim it for them.

For example, someone has $1000 in unclaimed money and I front them a check for $700 and they do nothing or deal with having to get the money from the government. I keep the $300 for my services.

They are essentially paying me to deal with collecting the money while they sit back and do nothing, yet get money they might have not known existed. They're paying me for convenience.

I know there are companies that do this already but the question is, do you guys believe they are profitable or might be able to point me in the right direction? Thanks.

>> No.795662

Just got one of these recently in Florida.

Some lawyer offering to get your money in exchange for a 20% fee. Problem is he can't see how much it is, and it literally took 5 minutes to do without his help.

>> No.795670
File: 8 KB, 200x198, images..jpg [View same] [iqdb] [saucenao] [google]
795670

Ffs, this idea is brilliant.

>> No.795674

>>795662

Anyone can do this for free. People would pay for the convenience to get their money quickly. A lot of old people aren't very computer savvy and the whole process is automated online.

In California, it actually tells you the amount.

>> No.795684

>>795674
>California
You're apparently not aware that this is a regulated industry. For example, in California, it is against the law to charge a fee greater than 10% of the value of the unclaimed property (so your example above is completely illegal).

There are also stringent notice requirements. You basically have to inform people that they can get their property/money for free and that they're not required to hire you. That's going to cut down your acceptance rate dramatically, I would assume.

Lastly, if the state receives an application from you and from the original owner, the state will pay the original owner. Any of your "clients" who change their mind (or who simply want to fuck you over) can easily submit their own form and stop you from getting any money. Which is why you would NEVER front the money; that would be monumentally stupid IMHO.

>> No.795699

>>795651
What's to stop me from claiming someone else's money who has the same name as me?

>> No.795702

This must already exist, I swear I've heard if companies that do this.