In New York, billions await rightful owners from inactive bank accounts, uncashed checks, life insurance policy payments, security deposits, dividends, and so much more. Thanks to the new database, you can find out fairly easily whether there might be some hidden money just waiting to be claimed. Unclaimed fund is lying dormant money, which is turned over to the Office of the State Comptroller when a financial institution, insurer, or corporation cannot make contact with the owner for a certain period of time. Such money is thus closed accounts, unclaimed tax refunds, or insurance benefits that have never been paid out to the beneficiaries.
How to search for your unclaimed money
The system assembled by the USA TODAY Network in New York every year compiles records provided by the Office of the Comptroller. This tool can be used to search by name and find matches for unclaimed funds recorded since 1985. Some amounts, as small as $3, can be worth looking into-especially when every dollar counts. You can access the database to search for your unclaimed funds here. Reclaiming your funds is free of charge and can be done in several ways: Through the Comptroller’s website: Visit osc.ny.gov/unclaimed-funds and follow the instructions to file a claim online.
- By mail: Send your request to: New York State Comptroller’s Office of Unclaimed Funds. 110 State St., Albany, NY 12236.
- By phone: Call (800) 221-9311 for direct assistance.
- Required documentation: You may need to provide valid identification, proof of address, or any supporting documents for your claim, depending on the type of fund.
Important tips about unclaimed funds
- No fees involved: No charges apply for the claiming of funds. So beware! Scams or third-party services may promise you what seems like assistance, but only for a fee.
- Popular searches: With over 10 million searches a year on the subject, many people remain unaware of funds awaiting them.
- Accrued interest: Interest-bearing accounts will continue to accrue interest for five years at the current rate of interest of 1%.
- State general fund: With multiple years of non-claiming, funds go to the general fund for allocation by the state to fund public programs and essential services.
What happens if you don’t claim your money?
While the money can still be claimed at any time, there is a limitation to the duration for which it has to go unclaimed before some states apply a different policy. In other words, the funds will be diverted after a number of years toward the general fund of the state, but that doesn’t prevent you from claiming the funds.
Unclaimed funds in overview
- New York has more than $17 billion in unclaimed funds.
- In 2023, more than $400 million was returned to rightful owners.
- The average claim amount is close to $3,000, but it may go higher based on a dedicated few cases.
