State treasurer warns of scams and fees - KOTA Territory News

State treasurer warns of scams and fees

Posted:
PIERRE, S.D. – State Treasurer Rich Sattgast is warning the public to check with his office before replying to anyone claiming they can assist in returning unclaimed property. While there are legitimate companies known as asset locators or finders who provide this service for a fee, others are scams.

Many South Dakotans are receiving letters from National Claimant Services stating that they have located dormant assets in their name.

“National Claimant Services is a legitimate asset locator,” says Sattgast, “but to avoid the fees associated with their service the public can contact my office directly free of charge.”

Most legitimate locators charge anywhere from 15 to 25 percent of the recovered value with contracts that last for several years, so the public should first check with the Treasurer’s office before entering any agreement.

There are solicitors who are trying to scam you out of your money. If you have any doubts, get the contact information for the solicitor and call the State Treasurer’s Unclaimed Property Division before giving out personal information or agreeing to anything.

Every state has an unclaimed property division and provides the service for free. The easiest way to check if you're owed money from the state is at http://www.sdtreasurer.gov/unclaimed-property/. You can search for your name or a business and receive a claim form online or call the South Dakota State Treasurer’s office at 605-773-3379.

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