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February 11, 2011

 

DiNapoli: OUF Online Claiming Program Returns Over $29 Million to Owners

State Comptroller Thomas P. DiNapoli’s Office of Unclaimed Funds (OUF) received 14,982 claims submitted online last month, making January 2011 the most successful month since the inception of the on-line filing system in March 2010.  To date, 111,403 claims amounting to more than $29 million dollars have been filed on-line.  The new online process has generated more than three million visitors performing more than 24 million searches to the site in the last 11 months - an average of 10,000 visitors a day and 300 claims submitted daily.

“During these tough times every dime counts,” DiNapoli said.  ”Our new system has made it easier and faster for New Yorkers to get their money back.  New York is holding $10.5 billion in unclaimed fund accounts. This is money that belongs to New Yorkers and we want to make it as easy as possible to return their funds to them.”

Comptroller DiNapoli’s online system that makes claiming unclaimed funds easier for New Yorkers went live in March 2010. This web application helps the majority of abandoned property owners claim their funds online in just six easy steps.  It reduces the time for  paying most claims submitted online to as little as three business days.  Some claims still require a mail-in claim form, such as claims for estates, companies or those that require additional documentation, but even those customers will benefit from the time-saving efficiencies provided by the new system.  DiNapoli said he estimates the savings in staff time from the on-line process will equal 12 full time staff annually.

Pursuant to the State’s Abandoned Property Law, the Comptroller’s Office acts as custodian of abandoned property and is responsible for processing claims on behalf of the rightful owners.  Unclaimed funds include abandoned accounts, financial instruments or policies that banks, corporations and other entities are required to turn over to the state after they have been dormant for a set period of time.

For more information and to check if you are owed unclaimed funds, visit the Comptroller’s website at www.osc.state.ny.us.


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