Do you know the feeling of finding a couple of bucks tucked away inside a winter jacket pocket? Or finding some change on a sidewalk? It’s good luck. What if you stumbled across $12 billion? Now you know how the New York State Comptroller’s office feels! They have found $12 billion in unclaimed funds and some of these funds might belong to you.
Unclaimed funds are monies that are surrendered to the state for safekeeping by banks, insurance companies, utilities, other businesses and even various state agencies. These monies, which come from inactive accounts, are classified as abandoned or unclaimed. For example, inactive savings accounts, state tax refund checks that were lost or not cashed, utility deposits, and unclaimed trust or estate funds are just some of the examples of types of unclaimed funds surrendered to the comptroller’s office.
More than 28.6 million account records are still unclaimed. The largest amount still unclaimed is $1.7 million for one individual, although 50 percent of the individual claims are for less than $100. However, in 2008, $4 million was claimed by an individual for unclaimed stocks. Could $1.7 million be waiting for you?
Finding out is easy. There is no fee to claim your funds and all you need to do is simply log onto the comptroller’s website at www.osc.state.ny.us and click on the graphics for “Unclaimed Funds” and then enter your name to search the database. If your name comes up, you will be prompted through a simple claims process online – or you can always call the comptroller’s office for further assistance at 1-800-221-9311 weekdays between 8 a.m. and 4:30 p.m. Eighty-five percent of claims are processed online and the entire process takes less than five minutes – so what are you waiting for?
As New Yorkers across our great state continue to rebound from the economic recession, every single penny counts – and the Comptroller’s office of Unclaimed Funds is one way to help you keep every penny you deserve. I strongly encourage everyone to search the database online and, as always, if you need further assistance on this or any other state issue, please do not hesitate to email me at rabbitta@assembly.state.ny.us or call my office at (845) 291-3631 to schedule a meeting.