How New Yorkers can reclaim over $18B in unclaimed funds
GDANSK, POLAND - 2023/12/08: Netflix gift cards are seen at the shopping mall in Gdansk. (Photo by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)
NEW YORK - New Yorkers have an astonishing $18.4B in unclaimed funds, according to the New York State Comptroller's office.
In New York City alone, there is nearly $5B in unclaimed funds just waiting for people to get it back. But how can you get the money you're owed and prevent your money from ending up unclaimed?
The Comptroller's Office is recommending New Yorkers monitor any gift cards they receive during the holiday season. If a gift card balance remains unused for five years, it can be transferred to the Comptroller's Office of Unclaimed Funds.
RELATED: NY comptroller urges New Yorkers to track holiday gift cards
Getting Your Money Back
Unclaimed funds are money or the rights to money that have been dormant or forgotten. Common examples include savings accounts, checking accounts, uncashed checks, telephone/utility deposits, rental security deposits, wages, insurance benefits/policies, safe deposit box contents, mortgage insurance refunds, stocks and dividends, mutual funds, certificates of deposit, and trust funds.
- To find out if there are unclaimed funds in your name, visit the New York State Comptroller's website here, and search using your name or the name of your organization.
- There is no charge for searching for funds or filing a claim to recover them.
- If you file a claim online, you may receive an email asking for documentation to prove ownership of the funds.
- If you file a claim by mail, you can attach the required documentation to your claim form.
How to avoid your funds going unclaimed
- Keep accurate records, ideally including account numbers, usernames, passwords, insurance policies, gift cards and more
- Always open mail from financial institutions
- Cash or deposit checks and use gift cards quickly
- When you move, inform your banks immediately.
- If you change jobs, make sure your previous employer has your new home address.