New York State Comptroller Thomas P. DiNapoli encourages you to keep track of gift cards received over the Christmas season.
His main message: use them or lose them.
When gift cards aren’t used for five years, their balances may be turned over by retailers to the Comptroller’s Office of Unclaimed Funds (OUF).
In 2024, the office recovered over $21 million from gift cards, more than three times the amount received in 2014 ($5.8 million). New Yorkers are encouraged to spend holiday gift cards early this new year and remember to check for unclaimed funds.
“Tis the season of giving, not losing, so please spend those gift cards and check to see if you have unclaimed funds,” DiNapoli said. “Many New Yorkers don’t realize gift cards may have their balances transferred to the Office of Unclaimed Funds after five years of inactivity. Last year, we recovered over $21 million worth of lost money from unspent gift cards.”
Statewide, New York City residents are owed the most in unclaimed funds stemming from gift cards, cumulatively totaling nearly $48 million, followed by Long Island residents at $11.4 million and Hudson Valley residents at $7.8 million.
DiNapoli’s office returns an average of $1.5 million in unclaimed funds every business day and works with retailers to identify the owners of unused gift cards.
Retailers can provide OUF with a name if the person registers the gift card online, if they have been issued a refund, or if the card was purchased with an existing store account.
If the owner’s information is not known to a New York retailer, it will report the card details, such as card number and balance, which can be used by the gift card owner to claim the balance from OUF.
OUF will begin returning some money more quickly in 2025 due to legislation just signed into law. Certain newly acquired unclaimed funds of $250 or less may be returned to their rightful owners without requiring them to fill out a claim form.
If OUF can confirm the identity and mailing address of an entitled owner, those payments will be mailed by check directly to them. If gift cards are registered with retailers before they are turned over to OUF, returns could be expedited.
DiNapoli reminds gift card recipients to read the fine print on the card for details about any fees and expiration dates and to register the card with the retailer.
The Comptroller’s office has more than $19 billion in unclaimed funds.