You may not be aware, but the State of New York is currently holding billions of dollars in unclaimed funds.
Under New York State law, banks, investment companies insurance companies, utility companies, and many other businesses must surrender inactive accounts to the New York State Comptroller who serves as guardian of these funds until they are claimed. If you can prove you are entitled to the money, the comptrollers’ office will surrender the money to you at no charge. The comptrollers’ office recommends these simple steps to avoid having funds turned over to the state:
- Cash all checks promptly
- Keep accurate financial records.
- Keep your accounts active. Be sure to make a deposit each year.
- When you move, notify all your financial institutions.
- Let a family member or trusted friend know where you store your financial records.
The New York State Comptroller’s office urges you to call if you think that you may have unclaimed funds. You may call the hotline at 1-800-221-9311 or 518-270-2200, Monday through Friday, 7:00 a.m. EST to 5:00 p.m. EST. Or write to the Office of the State Comptroller, c/o Office of Unclaimed Funds, 110 State Street, Albany, New York 12236.