DiNapoli: Online OUF System Returned $4M To New Yorkers
New York State Comptroller Thomas P. DiNapoli said today that his latest effort to help return unclaimed funds to their rightful owners is paying off big for New Yorkers. DiNapoli said the Office of Unclaimed Funds (OUF) has received over 28,000 online claims totaling $4.3 million since its launch in late March.
“We’re putting technology to work for New Yorkers and getting great results,” DiNapoli said. “During these tough times, every dime counts, and our new online system is making it easier and faster for New Yorkers to get their money back. We have $9.9 billion in unclaimed fund accounts and we want to get that money back to its rightful owners.”
DiNapoli said the improved system allows property owners to claim funds online through six easy steps, and it has cut the time between claim submission and pay out to as little as three business days. While some claims still require a mail-in form – such as claims for estates, companies or those that require additional documentation – the new system benefits everyone through greater efficiencies.
DiNapoli noted that the site has had more than 670,000 visitors performing more than five million searches in the last three months. That is an average of 10,000 visitors a day and about 300 claims submitted online daily. Based on these numbers, OUF estimates the new system saves the equivalent of 12 full-time staff annually.
Pursuant to the State’s Abandoned Property Law, the Comptroller’s Office acts as custodian of the abandoned property and is responsible for processing claims on behalf of the rightful owners. Unclaimed funds are 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 Web site at www.osc.state.ny.us or call the toll-free number at 1-800-221-9311, Monday through Friday, 8 a.m. to 4:30 p.m.