How do finder firms operate?
Finder firms vary depending on the type of property they aim to return. Pre-escheat finders obtain customer lists from potential unclaimed property holders such as banks or insurance companies. These finders track down the customers with large holdings and offer to help locate property for them for a fee. Generally the fee is based on a percentage of the asset’s value. Heir finders or tracers concentrate on tracking down lost heirs owed portions of estates. Again, the fee arrangement is generally based upon a percentage of assets the heirs will be able to claim. Still other finders appear to concentrate on property held by other governmental entities, which would not necessarily come to the Illinois State Treasurer’s Office as unclaimed property. For example, we have received numerous questions about a firm that identifies property tax overpayments held by the Cook County Treasurer’s Office. The firms do not disclose the location of funds until a fee agreement is in place giving them a
