New York State Comptroller Thomas P. DiNapoli has announced the recovery of over $27 million in unused gift card balances in 2023, with a significant portion owed to Suffolk County residents. To reunite these funds with their rightful owners, Comptroller DiNapoli urges locals to check if they have unclaimed balances from gift cards that have been inactive for five years.
This announcement is particularly relevant to Suffolk County, where residents are owed over $5 million in unclaimed funds from gift cards. This figure is part of the nearly $40 million owed to New York City residents and over $10.8 million to those in Long Island, highlighting the widespread issue of unclaimed financial assets in the state.
Comptroller DiNapoli emphasized the importance of being vigilant about gift card balances. "Many people don't realize that after 5 years, unused gift card balances are turned over to the Comptroller's Office of Unclaimed Funds," he stated. "Checking for unclaimed funds can prevent inactivity fees or forfeiture of the money."
The Office of Unclaimed Funds (OUF) collaborates with retailers to identify the owners of unused gift cards. Retailers report the details of unclaimed cards to the OUF, allowing the office to track down owners and return funds. Gift card recipients are also advised to read the fine print on their cards for any fees and expiration dates and to consider registering the card with the retailer.
In Suffolk County and beyond, the Comptroller's office actively works to return an average of $1.5 million in unclaimed funds each day. These funds span various types, including old bank accounts, uncashed checks, insurance claims, stocks, dividends, and gift cards.
DiNapoli's initiative reflects a commitment to ensuring financial assets are returned to New Yorkers. The total unclaimed funds in New York State is over $18.4 billion, indicating a vast pool of financial resources that could benefit many residents.
Suffolk County residents are encouraged to search the state's database for any unclaimed funds that may belong to them. For more information or to search for unclaimed assets, visit the New York State Comptroller's website or contact the office at (518) 474-4044.