Is Anderson a legitimate company?

Yes, Anderson is registered with the State Controller's Office (SCO) and recognized as an escheatment investigator.
Anderson has experience working with business owners to return unclaimed property to their business and personal accounts.

You can find all the rules and regulations for investigators on the SCO website: www.sco.ca.gov/upd_form_investigator.html.

Where can I search for my unclaimed property?

You can search the SCO's database at claimit.ca.gov or https://www.sco.ca.gov/search_upd.html (they redirect to the same website). Claimants can compare their proposals from Anderson to the results they find on the SCO website. You can also search the databases of multiple jurisdictions at www.MissingMoney.com.

What are signs of consumer fraud?

The State Controller's Office warns consumers about illegitimate and illegal companies posing as professional investigators. Often, fraudulent investigators

• pretend to be associated or employed by the State Controller's Office;

• require claimants to pay upfront and/or send money directly;

• ask for an investigator's fee greater than 10 percent of the amount recovered.

State law prohibits all of these tactics (for example, CPP 1532 and SB 1096). You have the right to obtain your unclaimed property with the support of a professional investigator of your choice or by working directly with the State Controller’s Office staff.

How does the SCO get unclaimed property?

Every state - including California - has laws that require businesses (known as "holders" or "reporters") to annually report and deliver unclaimed property if

• there has been no activity on the account  or no contact from the owner for a specified period of time (usually three years) and

• a reasonable effort has been made to return the property to the owner.

Examples of unclaimed property include

• securities in brokerage accounts like Robinhood;

• money left in online banking accounts, retirement accounts, and unused gift cards;

• abandoned safe deposit boxes;

• uncashed cashier's checks;

• and more.

Usually, the property is lost or forgotten because the holder has the owner's incorrect contact information or the owner forgets that the account exists.

What is an investigator?

Investigators (sometimes called "asset locators" or "heir finders") are individuals or companies that offer to search unclaimed property and file claims on behalf of owners and heirs. They have experience with the filing requirements of the SCO and make knowledgeable decisions about how to separate and sequence claims with easy-to-collect and difficult-to-collect properties. For example, if the holder reported the exact and correct contact information for the owner, then the claim process may be very simple. However, other properties may require additional information or documentation to prove the property belongs to the claimant/owner. In this case, the investigator may submit two separate claims, so as to avoid delaying the disbursement of the easy-to-collect property.

What is the commission (a.k.a. "finder's fee" or "investigator's fee")?

Investigators are paid by the SCO a percentage of the amount returned to each owner. It is against the law for investigators to charge a fee greater than 10 percent of the amount returned to owners.

The owner will never pay the investigator directly. For example, if the SCO receives a legitimate claim for $100, the SCO will send out two checks: one for $90.00 to the owner and one for $10.00 to the investigator.

The investigator must be paid no more than 10 percent for the entire claim process. For example, it is unlawful for the investigator to say, "The ten percent fee only covered the base cost - incidentals such as USPS Certified Mail® are an additional cost." The 10-percent fee covers all costs associated with that claim.

Do any other California government agencies have custody of unclaimed property?

Yes, some agencies other than the SCO keep unclaimed property.

Some examples include

• the California State Teachers' Retirement System (CalSTRS), which keeps money that is left in unclaimed retirement accounts for public school teachers in California; and

• the California Department of Corrections and Rehabilitation (CDCR), which keeps unclaimed restitution to victims.

If you would like Anderson to search additional databases for you, do not hesitate to reach out via our Contact page.