Every year, millions of dollars are forgotten in inactive accounts, uncashed checks, old investments, or unused gift cards. In New York State, these funds do not vanish; instead, they are held by the Office of the Comptroller until they are returned to their rightful owners.
Thanks to a new state law, tens of thousands of residents are now receiving checks in the mail without having to apply. If you are eligible for up to $250, a check may already be on its way. According to official figures, 70,000 checks have been issued this year totaling $5.4 million.
What is unclaimed money in New York and how do you know if you are entitled to it?
The Office of Unclaimed Funds, led by Comptroller Thomas P. DiNapoli, returns more than $2 million to residents daily. Jennifer Freeman, the organization’s spokesperson, explained, “Our goal with this program is to return the money to the people.” To find out if you are entitled to anything, go to the official comptroller’s website and enter your full name, nicknames, or even common spelling mistakes.
In Staten Island, for example, more than 232,000 individuals, businesses, and organizations owe money totaling more than $139 million. Checking to see if you are on that list is simple and free, and it could provide unexpected financial assistance.
What to do if the amount exceeds $250?
Automatic checks are only sent when the total amount does not exceed $250. If the amount is greater, residents must file a formal claim, which entails completing an online form and providing documentation proving their identity and relationship to the funds.
Many checks have been sent for amounts ranging from $50 to $100, but there are some exceptions. During the New York State Fair, one person discovered they had over $147,000 in unclaimed money.
Nonprofit organizations, such as Home HeadQuarters, have also received checks, totaling more than $40,000, to be used for community programs.
Despite the fact that the state has begun automatically sending checks, millions of dollars remain unpaid. Check your name in the official comptroller’s database. If you receive a check from the Office of Unclaimed Funds, do not discard it; it is valid.
