Should you hire a finder firm?

The answer is usually no, but it might make sense in some situations.

Finder firms generally find you. For instance, you might receive a postcard from one promising to tell you about lost assets that are yours if you'll pay a flat fee of, say, $14.95. If you send a check, you'll probably receive a letter telling you how to search for unclaimed property using some of the websites described in this article.

"If you have to pay money to get money, it's probably a scam," says Mark Kantrowitz, publisher of the college-financing websites FinAid.com and FastWeb.com. He also maintains a website about locating unclaimed property, at www.unclaimedproperty.info.

There are legitimate finder firms that get early access to information about assets that are on their way from banks and other institutions to state unclaimed property divisions. They'll send you a letter saying they have information about unclaimed property that is yours and will help you claim the funds for a fee equal to 30 to 40 percent of the value. If you agree, the firm will tell you which state's unclaimed property agency to contact. It's up to you to fill out the forms and provide any documentation necessary. Instead of hiring a finder firm, Kantrowitz advises waiting a year or so after receiving a finder notice, then going to www.missingmoney.com, where you'll probably find the funds in question.

If you don't have the patience to wait, Kantrowitz suggests negotiating a lower finder's fee, say 10 percent. If the unclaimed property is valuable, haggle for a reasonable flat fee. Moreover, if the unclaimed assets are worth more than a few thousand dollars, hire an attorney to draft a contract with the firm. Make sure it stipulates that you'll pay the fee after the check for your forgotten assets clears your bank.

This article appeared in Consumer Reports Money Adviser.