Yonkers, NY — Assemblyman Mike Spano (D/C/WF-Yonkers) is reminding New Yorkers that the state may be holding some of their unclaimed money. There are $9.9 billion in unclaimed funds that are available for retrieval at no expense through the state Comptroller’s Office.
“Now more than ever, every dollar counts,” Spano said. “Many New Yorkers are unaware that the state could be holding their outstanding funds — sometimes to the tune of thousands of dollars.”
There are several ways that accounts become unclaimed, Spano said, such as forgetting to cash a check, moving without receiving a utility deposit refund, or leaving a job without picking up the last paycheck. State law requires banks, insurance companies, utilities, investment companies and many other businesses to surrender inactive accounts to the Office of the State Comptroller, which serves as custodian of this money until it is claimed. Typical claims are between $50 and $100, but much larger recoveries are not unheard of. Last year, a total of $194 million was reclaimed.
While there is no fee to reclaim funds, private companies can charge up to a 15 percent finder’s fee, Spano warned. To avoid the expense, deal with the Comptroller’s Office directly.
“I encourage all New Yorkers to contact the Comptroller’s Office and reclaim what is rightfully theirs,” Spano said.
To find out if you’re owed money, visit the comptroller’s Web site at www.osc.state.ny.us, click on “Search for Unclaimed Funds” and type in your name. You can also call the Comptroller’s Office at 1-800-221-9311 from 7 a.m. and 5 p.m., Monday to Friday.