Claim Your Share: New York State Holds $18.4 Billion in Unclaimed Funds

Every year, the New York State Comptroller’s Office holds onto an astounding $18.4 billion of residents’ money, waiting to be reunited with its rightful owners. If you’ve ever wondered whether the state owes you money, now is the time to find out. The Comptroller’s Office is actively encouraging residents to claim their share, with millions being returned to claimants each day.

Unclaimed Funds Events

To facilitate the process, the New York State Comptroller’s Office has organized live onsite events across the state. The upcoming events in February 2024 provide an excellent opportunity for residents to connect with the Unclaimed Funds branch:

Black History Month Celebration

• Date: February 14, 2024
• Time: 10:00 am – 2:00 pm
• Location: Empire State Plaza – South Concourse, Albany, NY

53rd Annual Legislative Conference

• Date: February 17, 2024
• Time: 9:00 am – 4:00 pm
• Location: Empire State Plaza, Concourse, Albany, NY

36th Annual Suburban Home Show

• Date: February 23 – 25, 2024
• Time: 2:00 pm – 7:30 pm
• Location: SUNY Rockland Field House, 145 College Road, Suffern, NY

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Your Money, Your Responsibility

The state’s Comptroller’s Office holds on to lost and unclaimed funds, ranging from forgotten savings accounts to lost paychecks and unclaimed stocks or bonds. The responsibility falls on the residents to file claims and ensure that New York State doesn’t continue to hold onto their money.

Impressive Returns but Many Unclaimed Funds Remain

While the state returns a substantial $1.5 million daily to those who file claims, a staggering $18.4 billion still remains unclaimed. So far this year, a commendable $41,846,811 has been successfully returned to New Yorkers. Between April 2022 and March 2023, an impressive $406 million was paid out, processing 690,000 claims.

The Process: Claiming Your Share

Claiming your share is a straightforward process. The funds are collected from various entities obligated to report dormant accounts to the New York State Office of the State Comptroller. If you’ve ever had a forgotten account or a misplaced financial asset, this could be your opportunity to reclaim what’s rightfully yours.

Success Stories and Potential Windfalls

While 70% of claims may provide less than $100, success stories abound. One New York resident received a significant windfall of $5.2 million from lost stocks. Astonishingly, the largest unclaimed amount stands at $9.2 million from an estate, waiting for its rightful claimant. In 2023 alone, the state returned $5.9 million to heirs from estate proceeds. The best part? There is no fee to claim your funds.

Interest Incentives

For interest-bearing accounts, an additional incentive awaits. Interest is paid for five years, with the current rate standing at an impressive 6%. This adds an extra layer of benefit for those reclaiming lost funds.

Where Do the Funds Come From?

The sources of unclaimed funds are diverse, reflecting the complexity of financial transactions. Here’s a breakdown of the funds collected between April 2022 and March 2023:

• Utilities: 1%
• Dealers/Brokers: 2%
• Court Funds: 5%
• Other: 14%
• Corporations: 19%
• Insurance Companies: 22%
• Banks: 37%

Beware of Scammers

As the state actively encourages residents to reclaim their funds, a word of caution is essential. New York State warns about scammers posing as officials offering unclaimed money in exchange for fees or personal information. This deceptive practice, known as phishing, is a criminal activity attempting to trick individuals into providing confidential information.

Conclusion: Your Share Awaits

New York State’s $18.4 billion in unclaimed funds presents an opportunity for residents to reclaim what rightfully belongs to them. Whether it’s a forgotten savings account, misplaced paycheck, or unclaimed stocks, the live onsite events and the straightforward claiming process provide a chance to reconnect with lost funds. As residents flock to these events, the hope is that more New Yorkers will seize the opportunity to claim their share and prevent their money from lingering in the state’s coffers. Don’t let your share slip away – it’s time to check if New York State owes you money.