March 25, 2011
DiNapoli: OUF Online Claiming Program Completes A Successful Year Returning Over $41M to Owners
State Comptroller Thomas P. DiNapoli's Office of Unclaimed Funds' (OUF) online claim application site has attracted more than 3.5 million visitors performing more than 29 million searches in the last 12 months - an average of 10,000 visitors a day. Since the start up of the online claims system, 144,622 claims amounting to more than $41 million have been paid through the online system. OUF received 20,806 online claims last month, making February 2011 the most successful month since the inception of the online filing program in March 2010.
"In this economy, every dime counts for New Yorkers," DiNapoli said. " New York is holding $10.5 billion in unclaimed fund accounts. Our online system for filing claims has made it easier than ever for New Yorkers to get their money back. Everyone should visit the website and look up their name today."
Comptroller DiNapoli's online application helps the majority of abandoned property owners claim their funds 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 estimates the savings in staff time from the online process will equal 16 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.