50 Learn of Unclaimed Funds, $11B Left in NYS

How does $4 million sound? One New Yorker collected that amount of money in 2008 from a stock claim that person did not know about.

Unclaimed funds are not new, but there’s still $11 billion of unclaimed funds in New York. To address this, Senator David Carlucci (D-Rockland/Orange) and New York State Comptroller Thomas P. DiNapoli hosted an Unclaimed Funds Forum at the Street School Community Center in New City Thursday night. It was a free workshop for residents to find out if they were entitled to any unclaimed funds in the possession of New York State.

Of the 176 searches last night, 28 regular claims and 22 small claims were found.

“I think it’s great. You never get around to doing this yourself and it’s great if you actually find something,” said Helga Holland of Valley Cottage. “You never know and it doesn’t hurt to check. It’s a great service.”

“Rockland County taxpayers could use some extra cash in their pocket in these tough economic times,” said Carlucci. “My hope is that residents will be able to find out if they are entitled to any money owed to them, and if so, work to help them reclaim it.”

The Office of the State Comptroller serves as custodian of this money. If a resident can prove they are entitled to the money, they will return it to them, at any time, without charge. 

"New York has $11 billion in unclaimed fund accounts and we want to return this money to its rightful owners," DiNapoli said. "Working closely with Senator David Carlucci, we are hoping to connect people with their money. During these tough times, every little bit helps."

Kimberly Aponte of New City came to the forum and said she was shocked to find that she had unclaimed money.

“It was very easy,” said Aponte of the process. Her unclaimed money is from a hospital for services that were never rendered. “You put in your name and you have to remember your previous addresses. After (you see a match), they give you a form and you send it in.” She added that hopefully, money and a letter detailing what the purpose of the refund are mailed back. The form you send in needs to be notarized first.

“We had a notary here tonight. I would like to thank Comptroller DiNapoli for offering his staff and resources to make this event a reality,” said Carlucci, adding that the forum was like a one-stop shop for residents who find a match. DiNapoli’s staff had computers set up to search for residents’ names and printers to print off forms. Those who saw unclaimed money in the database received a form, which was notarized before they left the forum. “We also offer free notary services at our office. I’m a notary and much of my staff are notaries.”

Carlucci’s office is located in Nanuet at 95 S. Middletown Road.

For the protection of New York State residents, banks, insurance companies, utilities, investment companies and many other businesses are required by state law to surrender inactive accounts to the state. These accounts are known as “lost,” “abandoned” or “unclaimed” funds. Thirty-five percent of these funds come from banks.

“It’s for unclaimed funds in New York State, even from deceased family members, that’s been left untouched for years,” said Michael Ceresnak, who stopped by the forum and saw results. “We found my grandmother’s brother had unclaimed money and it’s just sitting there. More people should know more about this and the website.”

There is no fee to reclaim funds and each claim varies based on the type of account and ownership status.

Those who missed this forum can simply go to http://www.osc.state.ny.us/ouf/index.htm to see if they have unclaimed funds.

Unclaimed Funds by the Numbers

(For New York State)

Total Funds Unclaimed: $11 billion

Total Number of Accounts: More than 26 million account records are still unclaimed

Cash Received Last Year (4/10-3/11): $701 million

Funds Paid Last Year (4/10-3/11): Approximately $296 million paid; more than 600,000 accounts were claimed and processed – over 50% claimed online.

Source of Funds (4/10-3/11):

• Banks: 35%
• Corporations: 21%
• Brokers/Dealers: 10%
• Insurance Companies: 7%
• State Court Funds: 3%
• Other: 24%

Average Claim Amount: 41% of claims are $50 or less; about 63% are $100 or less

Largest Personal Account Paid: Over $4 million to an individual in New York State in 2008 from a stock claim.

Largest Amount Still Unclaimed: Over $1.7 million for one individual, from one account.

Interest: Paid the first five years on interest-bearing accounts such as savings and CD accounts. Current interest rate is 2%.

Claim Fee: No fee to reclaim funds. Private companies are allowed to charge claimants up to a 15% finder’s fee. Companies making claims do not have faster access to funds than individuals who contact the Comptroller’s office directly.

Claim Requirements: Varies based on type of account and ownership status. To claim online, the claimant’s information must match what is in our system (i.e., owner’s name, social security number, etc). Claims involving estates, companies, and other complex accounts must be mailed in with a notarized signature, social security number, and proof of connection with the account owner and the owner’s address of record.

Web Site: www.osc.state.ny.us; 85% of all claims are generated from the web; more than 10 million searches conducted annually.