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July 1, 2013

 

DiNapoli Returns Record $347 Million in Unclaimed Funds to Rightful Owners

A record amount of unclaimed funds, totaling $347 million, were paid out to individuals and organizations in the state’s last fiscal year, according to State Comptroller Thomas P. DiNapoli. This new record surpasses the previous year by $33 million. Currently, there is $12.5 billion in lost or forgotten money that is still waiting to be claimed.

“These are tough economic times and every dollar counts. Last year, we put more money back into the hands of rightful owners than ever before,” said New York State Comptroller Thomas P. DiNapoli. “This money belongs to New Yorkers and we want to give it back. I encourage everyone to check our website for their names and spread the word to family and friends.”

For the public’s protection, banks, insurance companies, utilities, investment companies and many other businesses are required by state law to surrender inactive accounts to the Comptroller’s office. These accounts are known as unclaimed funds.

The majority of unclaimed funds, 33 percent, comes from inactive bank accounts. After three years of inactivity banks are required to send a letter to the account holder and in some cases post a notice in the local newspaper as well. If the attempts are unsuccessful the account is turned over to DiNapoli’s office for safe keeping. Unclaimed funds are held indefinitely until the rightful owner submits a claim.

About half of the 30 million accounts being held by the Comptroller’s office are less than $100. There is no cost to file a claim but individuals do need to provide proof of ownership.

Click here to read a fact sheet about unclaimed funds.

New Yorkers can find out if they are owed some of the state’s $12.5 billion in unclaimed funds by visiting www.osc.state.ny.us or by calling toll free at 1-800-221-9311. In addition, representatives from DiNapoli’s office will attend the following events in July:

Date

Event

Location

County

Fingerlakes Region

July 13
10am-6pm
July 14
10am-5pm

Corn Hill Arts Festival

133 South Fitzhugh Street
Rochester, NY

Monroe

Northern Region

July 26
9am-5pm
July 27
10am-11pm
July 28
9am-5pm

Seaway Festival

Greenbelt Area
Washington Street
Ogdensburg, NY

St. Lawrence

July 26
5pm-11pm
July 27
12pm-11pm
July 28
12pm-5pm

Great American Irish Festival

Herkimer County Fairgrounds
133 Cemetery Road
Frankfort, NY

Herkimer

Southern Tier

July 15-18
11am-9pm
July 20
10am-10pm

Allegany County Fair

Allegany County Fairgrounds
Allegany, NY

Allegany

Upper Hudson Valley Region

July 6
9am-5pm
July 7
10am-5pm

Great American Weekend

First Presbyterian Church Park
33 Park Place
Goshen, NY

Orange

Lower Hudson Valley Region

July 24
9am-12pm

Assemblywoman Sandy Galef’s Senior Forum

Cortlandt Town Hall
1 Heady Street
Cortlandt Manor, NY

Westchester

July 28
12pm-6pm

Westchester County Heritage Festivals- Jewish Heritage Day

Kenisco Dam Plaza
(located at the North end of the Bronx River Parkway)

Westchester

New York City

July 8
10am-12pm

Rain Boston Eastchester Senior Center

1246 Burke Ave
Bronx, NY

Bronx

July 11
5pm-8pm

Davidzon Radio Community Event

2508 Coney Island Avenue (at Avenue V)
2nd Floor
Brooklyn, NY

Kings



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