The New York State Comptroller's office is on a mission to reunite residents with their long-lost or forgotten funds, and their efforts have yielded remarkable results, with over $411 million already returned to rightful owners this year. As custodians of an astonishing 49 million unclaimed funds accounts, totaling a whopping $18.4 billion, they aim to give back what rightfully belongs to the people of New York.
New York State Comptroller DiNapoli emphatically stressed that "the reclaimed money doesn't belong to the state but to the citizens." Every day, like clockwork, the Comptroller's office restores over $1.5 million in lost or forgotten funds.
The potential to reconnect individuals with their long-lost finances extends beyond individuals to include family members, friends, and even organizations that individuals care deeply about; all of them may have unclaimed funds waiting to be discovered.
The Comptroller's office collaborates with various entities, including banks, insurance companies, corporations, and the courts. These entities are mandated to report dormant accounts, making extensive efforts to notify account holders through mail and newspaper notifications. However, despite their best efforts, large sums of unclaimed funds persist, eventually finding their way into the Office of the State Comptroller.
The scope of these unclaimed funds is expansive, covering a wide range of assets, from bank accounts, including savings, checking, and CDs, to court funds dividends, estate proceeds, insurance benefits/policies, stocks, bonds, mutual funds, and even telephone/utility/security deposits. Additionally, the museum or military abandoned property listings offer a fascinating window into history, although it's important to note that tangible property is not included in these listings.
One intriguing facet of this endeavor is tied to the Matter of Merton Simpson v. Department of Civil Service. This case concerns current or former New York State employees of African-American or Hispanic heritage who may be entitled to a portion of settlement proceeds.
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In Suffolk County alone, the Comptroller's office has identified a staggering 719,513 accounts with a combined value of $390,625,749 that remain unclaimed, offering a tantalizing glimpse into the hidden wealth within our communities.
Claiming these long-forgotten assets is a streamlined process, easily accomplished online through the official website (osc.state.ny.us/unclaimed-funds). Astonishingly, more than 10 million searches are conducted annually, and the best part is that no fees are associated with reclaiming your funds. To sweeten the deal, interest is paid for five years on interest-bearing accounts, currently set at 6%, and remarkably, a surprising 70% of claims amount to less than $100.
In a testament to the initiative's impact in 2023, heirs to a New York estate received a substantial sum of $5.9 million from estate proceeds. Yet, the largest outstanding unclaimed amount stands at an eye-popping $9.2 million—an enticing treasure trove awaiting discovery within an estate.
The New York State Comptroller's website (osc.ny.gov/unclaimed-funds) offers a user-friendly map for those eager to explore unclaimed funds. Alternatively, individuals can contact the Comptroller's office directly by calling 1-800-221-9311.
Uncovering these hidden treasures in a world where every dollar counts could make a substantial difference for many New Yorkers. Not only can these unclaimed funds provide relief from debts and secure a financial safety net, but they can also enable you to invest in your dreams and future endeavors. So, join the hunt and embark on a journey to rediscover what's rightfully yours.