You may have received a letter from a company called Payne Richards & Associates stating you have unclaimed funds owed to you, but be cautious before responding. Many red flags indicate this is likely a scam.
Overview of Payne Richards & Associates Deceptive Unclaimed Funds Letter
Payne Richards & Associates sends letters to people about having unclaimed property or funds in their name. The letters offer to help retrieve this money for a fee, typically 10-15% of the funds. The company states they search databases to match individuals with unclaimed assets.
However, numerous reviews and complaints call into question Payne Richards’ legitimacy. Most people say their services are unnecessary and predatory. The consensus is that Payne Richards uses public information to profit off a process that consumers can easily do themselves for free.
How the Payne Richards Unethical Process Works
If you receive a letter from Payne Richards, it will list an amount of unclaimed money they say is owed to you. They offer to handle submitting the paperwork to retrieve this money in exchange for keeping a percentage as their fee.
You are required to provide personal information like your social security number upfront before they will give any specifics about the potential unclaimed assets. This raises privacy concerns given their questionable reputation.
Many people who have used Payne Richards describe excessively long waits to receive their funds after paying 10-20% upfront fees. Some never see any money at all. Communication with the company is reportedly poor.
What To Do if You Receive the Letter
If you get a letter from Payne Richards & Associates, the best advice is to not respond and instead search your state’s unclaimed property site, which allows you to find and claim owed funds for free.
Go to google and search for “[state] unclaimed property” or “unclaimed funds [state]”. You’ll find a [state].gov site. Then, Submit your information directly to the state to retrieve any money at no cost without this company’s involvement.
How To Search Unclaimed Property Databases
Every state has an unclaimed property office that holds funds from dormant accounts and inactive assets. Searching here should show if you truly have unclaimed money.
Also look into whether you have any funds owed to you from past employers, insurance policies, government agencies like the IRS or FDIC, and more. Each has their own process for finding and claiming unclaimed property.
Identifying Unclaimed Asset Scams
Signs a letter offering to find you unclaimed money is a scam:
- Requests personal information immediately
- Charges fees that are not justified
- Vague about source of unclaimed assets
- Poor online reviews and reputation
A legitimate search site will clearly explain where the funds are held, have good contact info, and won’t require you to pay unnecessary fees before receiving details.
What To Do if You Fall Victim
If you already paid fees to Payne Richards but have not received funds or communication, contact your state consumer protection office to file a complaint and potentially get compensation. Also alert the FTC about this predatory business practice harming consumers.
Going forward, learn how to find unclaimed property for free using official state databases so no misleading company can take advantage of the situation again. Knowledge is your best defense.
Staying vigilant against financial scams seeking to capitalize on money owed to you is key. If an offer raises any doubts or you find conflicting information from public sources, avoid engaging with them. Protect your personal and financial information by only using reputable government websites.
