If you don’t know how unclaimed property law works, there is a good chance your family or business is at risk of being robbed.

Long ago, in 2012, I was an accomplished personal finance blogger. I wrote for US News and World Report and found my way into Yahoo Finance and Business Insider. It was a privilege to write for these news sources, but I was also fortunate to make money blogging. One large piece of this income was in selling ad space for Google Ads. Years later, Google tried to steal my money and I managed to out-maneuver the corporate “G” juggernaut.

My Google Story

I’m not embellishing when I say they tried to rob me. They really did try to steal my money and under the guise of legality. Here’s my Google story.

I’m not sure how Google currently writes their agreements for Google Ads these days. Perhaps, it is no longer an issue? However when I was blogging, every Google Ad view or click earned a website owner money. However, when setting up an account, you had to agree to Google’s terms and services. One such term was that balances would only pay out by Google whenever your account reached $100. If your account was beneath this limit, it would simply sit.

After I sold off my blog in 2012, my account balance remained below the $100 threshold. As expected, no checks for Google appeared in my inbox. Of course, I couldn’t expect them to send this money, I’d agreed  to their terms and conditions. Little did I know that Google would come back 3 years later to try to rob me.

Then Google Tried to Steal my Money

One brisk Fall day, I received a strange letter from Google. It was from Google’s accountants and they wanted to let me know that money had just been hanging around my account for 3 years.

I’d almost forgotten by then. At first, it felt like I’d found a $100 bill in an old jacket or an old bank account I’d long forgotten. I was feeling excited to finally get my money, but this letter was actually a covert effort to steal my money, not return it!

Here’s a rough outline of how the letter went (I know I still have it, but finding letters from 2015 is quite a challenge as you can imagine):

Dear Shaun:

We are writing to let you know that you have a dormant account with us in the amount of $xx.xx. We’d like to remind you that when you signed up for Google Ads, you agreed that payouts would only happen when your account balance reached $100. Since your account is below $100, we are unable to issue you a payment for these funds.

In connection with escheatment laws, we would like you to select from one of the two options below and return to our accounting partners:

    1. I dispute the amount balance owed. The total amount exceeds $100 and payment should be sent to me (You must submit proof that the balance is in error)
    2. I release claim to the amount on this statement it is not owed to me

By not responding to this request, you are agreeing to release the claim to the amount on this statement.

Sign your name:

Date

How is Google Stealing?

Now remember, I don’t have the exact wording of the letter at the moment. This is just an outline. However, even with just a summary, it might be hard to see how Google is trying to steal my money. “How so?” you may ask. After all, I agreed that they did not need to pay me if my account was below $100. The answer is found by asking the question “Why was Google sending me this letter?”

If I agreed to let Google keep this money for themselves. Why would they mail me? Why would they ask me to agree, officially, in writing? It’s because of unclaimed property laws.

Every year, companies hold money on behalf of other individuals and businesses and must turn those funds over to the state. Part of the process for this filing is called due diligence. Due diligence occurs when you send a letter to contact the party that is owed money and you make an effort to resolve the balance.

That’s what this letter I received was for. It’s a due diligence letter for filing NYS unclaimed property. Have you figured out Google’s deception?

I don’t have two options with my account with Google. I actually have three options. They just didn’t tell me about the third.

Then I Got All My Google Money

The third option is that Google can turn my money over to New York State and then I can collect my money from New York without fear of the $100 agreement. You see, by state law, Google has to turn this money over to the state, but it only would have done so with a strongly worded letter from the owner of the account.

Here is what I wrote back to Google’s Million-Dollar Accountants:

Dear Representative of Google,

Enclosed you will find a copy of your unclaimed property due diligence letter that was sent to me. I do not surrender my rights to the money in my account as requested in your letter. If Google is unwilling to reimburse me for my account balance, then they must submit the funds to New York State in accordance with unclaimed property laws. I am keeping a copy of your letter and this letter on file to submit to my State Attorney General should you not comply with State Laws.

Sincerely the Guy You Tried to Rob,

Shaun

P.S. Got YA!

Six months later, my money was at the New York State Comptroller and I put in a request for the refund. One week later, I had all my Google money.

Takeaway

You need to be careful with due diligence letters. Most companies are honest and will let you know that there is money for you to receive. However, some dishonest Google-like companies exist too and they will not always present you with the full range of the options available to you under the law.

If you ever receive a letter and would like to discuss, reach out to your accountant or lawyer. If you’d like to talk with Friendly Neighborhood Bookkeeping, we’d love to help you with your unclaimed property concerns.

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