News Summary
Residents of New York are being encouraged to take action and claim over $70 billion in unclaimed funds. With a significant number of individuals unaware of these funds, claiming them is a simple and cost-free process. The New York Comptroller’s office has returned billions since 2007, and new legislation will ease access to these funds. Residents can check online for unclaimed money and potentially recover lost funds that could be used for personal or community benefit.
New York residents are being urged to take action to claim over $70 billion in unclaimed funds that may belong to them. With approximately 1 out of every 7 individuals having unclaimed funds, many people might find money they didn’t even know existed. The Office of Unclaimed Funds in New York has highlighted that claiming this money is a straightforward process that can be done online and at no cost to the individual.
Every day, more than $2 million in unclaimed funds is returned to New Yorkers through the Office of Unclaimed Funds. In Westchester County alone, there is nearly $443 million in unclaimed money waiting for residents to claim. This unclaimed property can stem from various sources, including utility deposits, trust funds, overpaid credit cards, old bank accounts, undelivered checks, and even unused gift cards.
The New York Comptroller’s office has been actively working to reunite individuals with their unclaimed funds, having returned over $7 billion since 2007. The amount of unclaimed funds in New York has grown significantly, increasing from $7.2 billion in 2006 to over $20 billion today. Just this year, the comptroller’s office has sent out 70,000 checks totaling $5.4 million to owners of unclaimed funds, with approximately half of these checks having been cashed.
Additional measures are being put in place to enhance the ease with which residents can access their funds. New legislation allows for proactive issuing of checks to individuals owed unclaimed money starting in 2025. Furthermore, the comptroller’s office is currently working on sending out checks automatically for amounts up to $250.
Residents are encouraged to assess their potential unclaimed funds regularly. The Office of Unclaimed Property suggests visiting their website several times a year, as it is continually updated with new information. The New Jersey Office of Unclaimed Property, which reported returning a record-breaking $840 million to residents last year, has established an online portal for residents to check for their unclaimed property using their name or business information. Another resource recommended for searching for unclaimed funds is “missingmoney.com,” where individuals can conduct broader searches across multiple states.
The rise in unclaimed funds is often attributed to individuals moving without notifying banks and financial institutions, forgetting about old accounts, and failing to keep track of potential refunds. For instance, a New Jersey resident named Nina Pineda discovered several unclaimed accounts, resulting in a check for $725 simply by filling out an online form. This success story is indicative of the numerous opportunities residents have to reclaim their lost funds.
In summary, New York residents are strongly advised to take advantage of the opportunity to reclaim their lost funds. With significant sums of money available and the process to claim it being quick and cost-free, individuals can significantly benefit from checking whether they have unclaimed property. Checks can range from small amounts to large sums, potentially even stemming from significant investments.
By taking proactive steps and regularly checking for unclaimed funds, individuals can recover what is rightfully theirs and help local nonprofits benefit from unclaimed funds, which aids community programs. As the New York Comptroller’s office continues to streamline the process, residents have a unique chance to claim their unclaimed funds and foster financial recovery.
Deeper Dive: News & Info About This Topic
- CBS News: New York Unclaimed Funds
- Wikipedia: Unclaimed Property
- Pix11: New Jersey Online Portal for Unclaimed Funds
- Google Search: Unclaimed Funds Claim
- NYS Focus: Unclaimed Funds in New York
- Google Scholar: Unclaimed Funds
- Syracuse: Up to $250 in Unclaimed Funds
- Encyclopedia Britannica: Unclaimed Property
- Wellsville Sun: Unclaimed Funds in New York State
- Google News: Unclaimed Funds New York
Author: STAFF HERE NEW YORK WRITER
The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
