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Thursday, Aug. 13, 1998
Direct mail firm's methods being questioned
Company sells data on unclaimed property, uses local address
By GLASTON FORD
Staff WriterThe Better Business Bureau of the Coastal Bend has received more than 240 inquiries from across the nation about a direct mail company that sells information on how to recover unclaimed property, bureau officials said Wednesday.
National Assets Recovery, which has a Corpus Christi address on its mailer, informs potential customers that their state has unclaimed money and some of it could belong to them. For $14.98, they can buy information on how to find that money, the offer says.
The information is available from the states for free.
Technically, every statement on the mailers is probably true, said Alan Bligh, president of the Better Business Bureau of the Coastal Bend. But the overall effect of the mailers, with phrases such as ``Federal Claims Division,'' ``See Reverse Side for Filing Instructions,'' and individual reference numbers, could mislead some people into thinking they definitely have money, he said.
``We don't know that they are doing anything illegal,'' he said. ``But they certainly don't meet our standards.''
Inquiries have come from consumers, government agencies, and other Better Business Bureaus in more than 13 states, Bligh said.
The Corpus Christi address is only a mail drop, he said, adding that the firm operates out of Las Vegas.
The company provides basically a how-to book, said Michael Zeto, president of Las Vegas-based Marketing Group Ltd., the company responsible for the mailer.
Yes, the information is available for free - for those who are willing to take the time, he said. But people can also take apart their carburetor if they want to learn how it works instead of buying a how-to book, he said.
``We feel it is not misleading,'' Zeto said. ``We provide a service for people that advises them that there is an agency in the state in which they live that does maintain responsibility for distribution of unclaimed assets. No one is required to send any money.''
People who receive a notice can call a state agency themselves, or for a fee, buy contact information and forms from Marketing Group Ltd., Zeto said.
The Florida Office of the Comptroller has issued a news release calling the business a scam.
Elderly people often are susceptible to this sort of cleverly worded promotion, Bligh said. And the Corpus Christi mailing address reflects poorly on the city, he said.
The mailers do not say that people have assets, Zeto said. The word ``potentially'' is clearly on the card.
And the company has a 100 percent refund policy, he said.
Corpus Christi is used as a mail drop because Las Vegas is a larger city with many large mailers, and mail can easily get tied up for two or three days there, said Zeto, a former Corpus Christi resident. Corpus Christi is less congested.
A secondary reason is that Corpus Christi has a better image than Las Vegas, which most people associate with legalized gambling, he said.
No Better Business Bureau or government agency has asked the company to change its wording, Zeto said. And the mailers are reviewed by lawyers, he said.
Still, there is never a need for people to pay someone to find out if Texas is holding unclaimed property, said Sheila Clancy, spokeswoman for the State Comptroller's Office.
Texas holds more than $830 million in unclaimed assets, including uncashed paychecks, unredeemed utility deposits, and abandoned safe deposit boxes, she said. The assets go into the general revenue fund until claimed. There is no statute of limitations, she said.Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web