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NY Unclaimed Funds: How Is It Handled?

What Are Unclaimed Funds?

NY unclaimed funds are now totaling to a whopping 12.5 billion dollars being readied to be handed out. Unclaimed funds are composed of inactive accounts which have funds that are forgotten by their respective owners. In the state of New York, utilities, banks, investment companies, insurance companies, and many other businesses are required by the law to turn over inactive accounts of their clients to the government. These funds are turned over to the Office of the State Comptroller for safekeeping by their respective owners claim them. These funds are usually composed of saving and checking accounts, utility deposits, wages, and other account that are either ignored or forgotten by their owners.

How to Find Unclaimed Funds

You can access the list of NY unclaimed funds at the website of the New York State Comptroller’s website at ouf.osc.state.ny.us/ouf/. You just need to fill in the needed information on their site so that you can see if there are unclaimed funds under your name. The database includes accounts as early as the year 1985 and as little as three dollars. If you fail to search for an unclaimed account under your name but you are quite confident that you have an account in NY, you can call directly to the Office of the Unclaimed Funds Communication Center at 1-800-221-9311. You can also contact the Office of the State Comptroller by snail mail.

More About Unclaimed Funds

If in case you found your NY unclaimed funds in their database, you can file a claim right away through their website. You can also file a claim through mail to The New York State Comptroller’s Office of Unclaimed Funds, 110 State Street, Albany, NY 12236. Accounts that are earlier than 1985 can also be claimed by calling directly to their office. Claiming your funds is also free of charge. Funds can be claimed any time you want. The state of New York has never gained the ownership of your money. They just act as custodian or a guardian to your accounts until they are claimed. In case the owners of the accounts won’t be able to claim their funds, their heirs can file a claim on behalf of them.

File Your Claim and Get Your Fund

You might already have forgotten about your old accounts in New York. Try to look at their site. Who knows, you might have NY unclaimed funds that you may need in the future.

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