New York State is currently holding more than $12 billion in unclaimed funds that belong to residents of the state, according to a press release issued by the office of State Senator Kenneth P. LaValle.
“Under law, all financial institutions are required to turn over inactive accounts after a certain period. Many times individuals or family members forget about these dormant accounts, but people are entitled to receive their money back,” said Sen. LaValle.
Some common examples of “unclaimed funds” 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, trust funds, and estate proceeds.
In order to search for unclaimed funds, residents can log on to the state’s website at https://ouf.osc.state.ny.us/ouf/ and perform a search. There is no time limit on how long the funds are held, and there is no fee for this service. The New York State comptroller holds these funds in trust until they are claimed by the owner or heir.