How Do You Find Unclaimed Funds in New York State?


Quick Answer

Anyone searching for unclaimed funds in New York can search the New York State Comptroller's office official website, according to Dean Skelos of the New York State Senate. In 2009 alone, there was over $10.5 billion dollars in unclaimed funds.

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Full Answer

New York State has so much in unclaimed funds because utility services, investment companies, banks and insurance companies are required by law to turn over unclaimed funds and inactive accounts to the state, says Mr. Skelos. The custodian of the money is the Office of the State Comptroller, and it oversees those funds until they are claimed.

Unclaimed funds are essentially money that has been forgotten about and has become dormant. Some examples of unclaimed funds are uncashed checks of many types, telephone service refunds, utility refunds, rent security returns, savings accounts, checking accounts, insurance benefits and policies, contents of a safe deposit box, unclaimed wages, stocks, bonds and dividends, mortgage insurance refunds, mutual funds, estate proceeds, trust funds, certificate of deposits and mutual funds, concludes Mr. Skelos.

If an individual finds unclaimed funds connected to them, they may be able to fill the claim form out online, but some claims must be sent in by mail. The individual should be prepared to provide the necessary identity verification, according to Antonelli and Antonelli. If an individual finds money for a deceased person in his family, the estate representative takes the necessary steps to withdraw the funds.

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