Archive for October 2009

ARE YOU ENTITLED TO FUNDS HELD BY NEW YORK STATE?

October 6, 2009

The State of New York is currently holding billions of dollars of unclaimed funds for individuals, trusts, estates and businesses. Some of this money may belong to you!  In fact, I have recovered over $7,500 from NYS belonging to myself and other family members.  I have also assisted several clients in finding funds belonging to them, which resulted in thousands of dollars being recovered.

According to recent statistics, there is over $9 billion dollars in unclaimed funds that are being held by New York State. From April 2007 to March 2008, over $194 million dollars was paid out to more than 260,000 different people. The amounts varied, but over 59% of the claims were for over $100.  Odds are, someone you know has some money they have forgotten about and which are being held by New York State. In fact, one individual has a $1.7 million unclaimed check waiting for him at the New York State Comptroller’s Office.  That person could be you.

Why does New York State have unclaimed funds?
Banks, insurance companies, utilities, investment companies and many other businesses are required by State law to turn over inactive accounts to the State. The Office of the State Comptroller then serves as the custodian of this money until it is claimed.

What are some types of unclaimed funds?
Unclaimed funds are money or the rights to money that have been dormant or forgotten. Some common examples include: savings accounts, checking accounts, uncashed checks, telephone/utility deposits, rental security deposits, wages, insurance benefits/policies, mortgage escrow refunds, stocks and dividends, mutual funds, certificates of deposit, trust funds, and estate proceed.

How can you search to see if you or anyone you know is entitled to unclaimed funds?
To see if there are unclaimed funds belonging to you or anyone else you may know, you can visit the New York State Comptroller’s website and conduct a search at http://www.osc.state.ny.us/ouf/index.htm.  You can also call the New York State Comptroller’s office at 800-221-9311.  There is no charge to search or file a claim to recover unclaimed funds.

What do you do if you find that there is property being held that belongs to you?
The right to make a claim never expires and the process itself only takes a few minutes..  If you find that there is something in your name, complete the printable application online, send it in, and a check will be sent to you by mail.  There is no fee to reclaim the money. Some private companies search the records on your behalf and charge a fee of 15% of any money they recover, but their access to the funds is no different than yours.

So I urge everyone to at least search your own name on the New York State Comptroller’s website to see if they are holding any money of yours, and just for my own curiosity, if you happen to find anything, please send me an email letting me know (or leave a comment below).

Advertisements