DiNapoli Returns Record $347 Million in Unclaimed Funds to Rightful Owners
A record amount of unclaimed funds, totaling $347 million, were paid out to individuals and organizations in the state’s last fiscal year, according to State Comptroller Thomas P. DiNapoli. This new record surpasses the previous year by $33 million. Currently, there is $12.5 billion in lost or forgotten money that is still waiting to be claimed.
“These are tough economic times and every dollar counts. Last year, we put more money back into the hands of rightful owners than ever before,” said New York State Comptroller Thomas P. DiNapoli. “This money belongs to New Yorkers and we want to give it back. I encourage everyone to check our website for their names and spread the word to family and friends.”
For the public’s protection, banks, insurance companies, utilities, investment companies and many other businesses are required by state law to surrender inactive accounts to the Comptroller’s office. These accounts are known as unclaimed funds.
The majority of unclaimed funds, 33 percent, comes from inactive bank accounts. After three years of inactivity banks are required to send a letter to the account holder and in some cases post a notice in the local newspaper as well. If the attempts are unsuccessful the account is turned over to DiNapoli’s office for safe keeping. Unclaimed funds are held indefinitely until the rightful owner submits a claim.
About half of the 30 million accounts being held by the Comptroller’s office are less than $100. There is no cost to file a claim but individuals do need to provide proof of ownership.
Click here to read a fact sheet about unclaimed funds.
New Yorkers can find out if they are owed some of the state’s $12.5 billion in unclaimed funds by visiting www.osc.state.ny.us or by calling toll free at 1-800-221-9311. In addition, representatives from DiNapoli’s office will attend the following events in July:
Date
Event
Location
County
Fingerlakes Region
July 13
10am-6pm
July 14
10am-5pm
Corn Hill Arts Festival
133 South Fitzhugh Street
Rochester, NY
Monroe
Northern Region
July 26
9am-5pm
July 27
10am-11pm
July 28
9am-5pm
Seaway Festival
Greenbelt Area
Washington Street
Ogdensburg, NY
St. Lawrence
July 26
5pm-11pm
July 27
12pm-11pm
July 28
12pm-5pm
Great American Irish Festival
Herkimer County Fairgrounds
133 Cemetery Road
Frankfort, NY
Herkimer
Southern Tier
July 15-18
11am-9pm
July 20
10am-10pm
Allegany County Fair
Allegany County Fairgrounds
Allegany, NY
Allegany
Upper Hudson Valley Region
July 6
9am-5pm
July 7
10am-5pm
Great American Weekend
First Presbyterian Church Park
33 Park Place
Goshen, NY
Orange
Lower Hudson Valley Region
July 24
9am-12pm
Assemblywoman Sandy Galef’s Senior Forum
Cortlandt Town Hall
1 Heady Street
Cortlandt Manor, NY
Westchester
July 28
12pm-6pm
Westchester County Heritage Festivals- Jewish Heritage Day
Kenisco Dam Plaza
(located at the North end of the Bronx River Parkway)
Westchester
New York City
July 8
10am-12pm
Rain Boston Eastchester Senior Center
1246 Burke Ave
Bronx, NY
Bronx
July 11
5pm-8pm
Davidzon Radio Community Event
2508 Coney Island Avenue (at Avenue V)
2nd Floor
Brooklyn, NY
Kings