We have all seen those sweepstakes telling us we may have already won $10,000 or a new car. Well, in New York State we have $8 billion, some of it may already be yours, and we are not putting you on.
Every year, hundreds of millions of dollars in unclaimed funds are turned over to my office. The money comes from a wide variety of places - dormant bank accounts, un-refunded utility deposits, forgotten stock certificates, unredeemed gift cards, life insurance policies never-cashed-in or tax refund checks that never found their way to the recipient.
When the rightful owners do not claim their money, the law requires companies to turn the money over to my office to keep safe on your behalf.
My office is stepping up its efforts to inform the public that we are holding $8 billion of abandoned or unclaimed property in 22 million different accounts. We want to give that money back to its rightful owners.
We have been to dozens of fairs, conferences and other events statewide with our Unclaimed Funds booth, where people can check our computers to see if we are holding any of their unclaimed funds. If so, we help them fill out the necessary paperwork right there, on the spot.
Last year, we reunited $169 million with rightful owners, and this year we hope to have even better results. While we occasionally process claims for thousands of dollars, most claims are in the $50 to $100 range.
Of course, the best way to get your money is to never let it be abandoned in the first place. A few tips:
We have made it as easy as we can for people to come forward and claim their property. You do not need to pay a fee or hire anyone to find out if you are owed unclaimed funds.
The best way to find out if we are holding your abandoned property is by visiting my website at www.osc.state.ny.us. Just click on “Search for Unclaimed Funds” and type in your name.
You can also call our toll-free number at 1-800-221-9311 between 7 a.m. and 5 p.m. on weekdays.
Unfortunately, there are scam artists who will use the cover of unclaimed funds to steal information from you. Moreover, some businesses will offer to find your money “for a fee.” The best and safest way to look for unclaimed funds is to access the Office of the State Comptroller website and follow the instructions posted there.
Take a minute to find out if we are holding your money. The odds are better than those sweepstakes.
Thomas DiNapoli is the State Comptroller.
