Is Abandoned Property Advisors legit ? Abandoned Property Advisors (APA) says they help people and businesses find unclaimed or abandoned property. However, some people are skeptical about their services. Let’s look at the evidence to see if APA is legitimate or a scam.
Potential Legitimacy Indicators
BBB Accreditation: APA has been accredited by the Better Business Bureau (BBB) since October 2021 and has a B rating. This suggests the company has some level of legitimacy and accountability.
Positive Reviews: The AFP Treasury and Finance Marketplace lists APA as a reputable provider of abandoned property services and mentions positive feedback from some clients. This indicates that APA may be helping at least some customers successfully.
Detailed Website: APA’s website offers comprehensive information about their services, the process of recovering unclaimed property, and how they assist individuals and businesses. This transparency is usually a sign of a legitimate company.
Potential Scam Indicators
Unsolicited Letters: Some consumers have reported receiving unexpected letters from APA claiming they have unclaimed property. This is a common tactic used by scammers and raises concerns about the company’s methods.
Requests for Personal Information: APA’s letters often ask for sensitive personal information, like Social Security numbers and copies of identification. This could be used for identity theft. Legitimate companies typically don’t need this level of personal data upfront.
Percentage-Based Fees: APA charges a fee based on a percentage of the recovered property, usually between 10-30%. While this is common among unclaimed property recovery companies, it can be seen as excessive. Individuals can often recover their unclaimed property for free through state-run programs.
Conclusion
It’s hard to say for sure if Abandoned Property Advisors is legitimate or a scam. They have some signs of being legitimate, like BBB accreditation and positive reviews. However, the unsolicited letters, requests for personal information, and percentage-based fees are concerning. It’s best for consumers to be cautious when dealing with APA and consider checking state-run unclaimed property programs first before using their services.
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Abandoned Property Advisors: Frequently Asked Questions
What is Abandoned Property Advisors (APA)?
Abandoned Property Advisors is a company that claims to help people and businesses recover unclaimed or abandoned property, like forgotten bank accounts, uncashed checks, and unclaimed life insurance benefits.
Is Abandoned Property Advisors legitimate?
The legitimacy of Abandoned Property Advisors is unclear. While the company has some signs of being legitimate, like BBB accreditation and positive reviews, there are also concerns about their unsolicited letters, requests for personal information, and percentage-based fees.
How does Abandoned Property Advisors work?
APA says they search for unclaimed property on behalf of their clients and help recover it. They usually charge a fee based on a percentage of the recovered property, typically between 10-30%.
Can I recover my own unclaimed property for free?
Yes, you can often recover your own unclaimed property for free through state-run programs. Each state has a division that maintains a database of lost assets and helps return these funds to their rightful owners.
What information does Abandoned Property Advisors request?
APA often asks for sensitive personal information, like Social Security numbers and copies of identification, which could be risky if not properly secured.
Is it safe to provide personal information to Abandoned Property Advisors?
Be cautious when providing personal information to any company, especially one with unclear legitimacy. Think carefully about the risks before sharing sensitive data with Abandoned Property Advisors.
What are the alternatives to using Abandoned Property Advisors?
The best and most cost-effective alternative is to search for and recover your own unclaimed property through your state’s unclaimed property division. Most states have online search tools and claim forms that let you check for and reclaim your lost assets for free.
How can I verify if I have unclaimed property?
To check for unclaimed property, visit your state’s unclaimed property division website and use their online search tool. You can usually search by your name, business name, or last known address to see if any assets are listed in your name.
What should I do if I receive an unsolicited letter from Abandoned Property Advisors?
If you get an unsolicited letter from Abandoned Property Advisors claiming you have unclaimed property, be cautious. Don’t provide any personal information or pay any fees. Instead, verify the claim independently through your state’s unclaimed property division.
Where can I report suspected scams related to unclaimed property?
If you think you have been the victim of a scam related to unclaimed property, report it to your state’s consumer protection agency, the Federal Trade Commission (FTC), and the Internet Crime Complaint Center (IC3).