You’re checking the mail, tossing aside the usual junk—pizza coupons, credit card offers, the local supermarket circular—when you see it. An official-looking envelope from Payne and Richards and Associates. Inside, a letter claims you have hundreds, maybe thousands of dollars in "unclaimed property" sitting in an escrow account. Your heart skips. Is it a long-lost inheritance? A forgotten utility deposit?
Most people immediately think it's a total scam. Honestly, I don't blame them. The letter usually has a sense of urgency, maybe a 14-day deadline, and asks for a "finder's fee" to get your own money back.
But here’s the kicker: the money is probably real. The company itself is a legitimate business entity, but the way they operate sits in a very gray area that has landed them in hot water with state authorities as recently as yesterday.
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The $107,000 Indiana Settlement
On January 14, 2026, Indiana Attorney General Todd Rokita announced a significant settlement involving U.S. Claims Services Inc., which does business as Payne and Richards and Associates. The company agreed to pay $107,000 to resolve allegations that they basically tricked Hoosiers about how the unclaimed property process works.
The state’s beef with them was pretty specific. First, the company allegedly told people their money was being held by a "third-party escrow agent."
That wasn't true.
In reality, the money was sitting right there in the state’s own Unclaimed Property Division. By framing it as being held by a private third party, the company made it sound like you needed a professional middleman to navigate the bureaucracy.
Furthermore, Indiana law requires these "finder" companies to tell you upfront that you can claim your property for free through the state. They reportedly left that part out. Now, they have to refund fees to 435 different consumers. This isn't just some small-town gossip; it's a formal legal settlement that highlights the fine line between "asset recovery" and "predatory marketing."
Who Exactly Is Payne and Richards and Associates?
Technically, they are an unclaimed property recovery firm based out of Bakersfield, California. They’ve been around since about 2002. They go by a few names—Joseph Richards & Associates and My Money Monitor are part of the same family.
They aren't "fake" in the sense that they don't exist. They are registered, they have a BBB profile (which fluctuates wildly between an A+ rating and a sea of one-star complaints), and they actually do file the paperwork.
But you’ve gotta ask: why pay someone 10% to 15% of your money for something you can do in five minutes on a government website?
How the business model works
- The Data Scraping: They scour public records from state treasurers across the country. They look for names associated with dormant bank accounts, uncashed checks, or insurance payouts.
- The Solicitation: Once they find a match, they send out those letters. They usually target people over 60 or those with old addresses.
- The Contract: You sign a "Standard Recovery Agreement." This gives them the right to a percentage of whatever they "find."
- The Payout: They submit the claim to the state on your behalf. When the check comes, they take their cut.
It’s a bit like someone offering to walk you to the public library for a fee of $50. The library is free. The walk is easy. But if you didn't know the library existed, you might think that person is a lifesaver.
Why the Internet Is Full of "Scam" Warnings
If you look at Reddit or the BBB, the reviews for Payne and Richards and Associates are a rollercoaster. Some people are thrilled. They got a check for $2,000 they never knew existed. They don't mind the $200 fee because, hey, it’s found money.
Others are furious.
Common complaints involve "harassment" after someone realizes they could have done it for free and tries to cancel. There are stories of the company filing claims without clear authorization or being impossible to reach on the phone once the contract is signed.
The Wyoming Division of Unclaimed Property even issued warnings about these types of "misleading mailers" in mid-2025. They noted that while these firms aren't always breaking the law, they are "potentially exploitative." They use high-pressure tactics that mimic phishing scams, which makes people feel like they’re being cornered.
The Reality of Unclaimed Property
Is there really billions of dollars out there? Yeah. The National Association of Unclaimed Property Administrators (NAUPA) says about 1 in 7 people has money waiting for them.
But here is the secret: you never, ever need to pay a finder's fee.
Where your money actually is
- State Treasurers: Every state has a website (usually ending in .gov) where you can search your name for free.
- MissingMoney.com: This is the official multi-state database endorsed by the states themselves. It’s free.
- Federal Funds: If it’s a tax refund or an old FHA insurance premium, that's handled by the IRS or HUD. Again, free.
The reason firms like Payne and Richards and Associates thrive is that state systems can be clunky. Some people get frustrated with the documentation required—birth certificates, old utility bills, proof of social security—and they just want someone else to handle the headache. That’s the "service" being sold here. It’s convenience, sold through a lens of manufactured urgency.
What to Do if You Get a Letter
Don't panic. And honestly, don't sign anything yet. If you’ve received a notice from them, treat it as a "tip" rather than a bill.
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Take the information in the letter—specifically the state mentioned or the "Property ID"—and go directly to that state’s official Unclaimed Property website.
If the money is there, you can file the claim yourself. You’ll keep 100% of the cash. If you’ve already signed a contract, check your local state laws. Many states, like Indiana, have strict rules about how these contracts must be worded. If the company didn't follow the law (like failing to mention the free state option), the contract might be void.
Actionable Steps for Recovery
If you want to bypass the fees and handle this like a pro, follow this sequence.
First, visit MissingMoney.com and search every variation of your name and every state you’ve ever lived in. Don't forget maiden names or names of deceased relatives.
Next, if you find a match, navigate directly to the official state treasurer's website. Look for the ".gov" URL to ensure you aren't on a mirrored "finder" site.
Gather your docs early. You’ll usually need a scan of your ID and something linking you to the old address (like an old tax return or W2).
Lastly, if you are currently dealing with Payne and Richards and Associates and feel misled, contact your State Attorney General’s consumer protection division. The Indiana settlement shows that these offices are actively watching. You don't have to just "deal with it" if the solicitation was deceptive.
The bottom line? Your money is your money. You shouldn't have to pay a "tax" to a private firm just to get it back from the government.