Common Misconceptions about Unclaimed Property

Misconception #1: States’ current efforts to notify owners of unclaimed property and the free resources that states offer are sufficient

If this were true, the national return rate of 32% would be closer to 50%, as is the case in Florida. In Florida, 25% of all unclaimed property returned to owners was with the assistance of a reclamation service company, like Choice Plus, LLC. States’ resources are not sufficient and additional assistance from reclamation service companies is highly effective. If you have unclaimed money visit unclaimed property california.

It’s apparent that many owners need more assistance and resources than states can offer to reclaim their property.

Misconception #2: Preventing unwanted solicitations from reclamation service companies is good for the public

Nationally, approximately 60% of unclaimed property is recovered by the owner, without the help of a reclamation service company. However, states are under serving the other 40%. That 40% represents individuals who do not know that they were entitled to the property, or who are not able to recover the money on their own, or who just want someone to take care of their claim for them.

This staggering number of owners across the United States are losing out on the use and enjoyment of their property, and Choice Plus, LLC is proposing changes to reclamation guidelines, which the ULC would encourage states to adopt.

Misconception #3: Owners of unclaimed property lack the capacity to strike a fair bargain for services they need or want

This is simply not true. An owner who receives an offer for services is under no obligation to accept the offer. Many owners receive multiple offers and bargain among the service providers to their advantage. Competition favors the interests of the owner.

Misconception #4: One-size-fits-all fee cap for reclamation services is beneficial for owners

State administrators know how challenging and costly it can be for an owner to prove their entitlement to unclaimed property, yet administrators support a one-size-fits-all fee cap for reclamation service companies, like Choice Plus, LLC.

When the fee cap is too low to cover the costs to prove entitlement for a particular owner’s case, that owner cannot gain access to professional reclamation services and may, in turn, lose their ability to regain their unclaimed property.

Choice Plus, LLC advocates for revisions to reclamation procedures that give owners greater control over their property and the recovery process

A hearing of the ULC (Uniform Law Commission) will be held on November 7th and 8th, and Choice Plus,LLC will be present to encourage legislators and policymakers of the importance of revisions to national reclamation policy standards.

States should not price or impose restrictions that ensure that owners will not have access to reclamation service companies, like Choice Plus, LLC.

Join with us in advocating for the public’s right to comprehensive account information, access to professionals, and personal decision-making when it comes to recovering their california unclaimed property.

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