Unclaimed Money in the State of New York
The State of New York returns $1 million in unclaimed cash every single day. The average time from filing a claim to receiving government unclaimed funds is 5 minutes.
"Any money owed to me?” you might be thinking. It's entirely possible you have government unclaimed funds sitting in the state treasury, awaiting your pickup.
New York State Unclaimed Money
Well, lost and unclaimed money from all across the state of New York is turned over to the State Comptroller of New York.
This is in coordination with the efforts of the National Association of Unclaimed Property Administration, or NAUPA, across the United States to reunite unclaimed assets, property, items to their legally entitled owners.
This unclaimed money comes from
- Insurance agencies
- Government organizations
- Credit Unions
- Safe-deposit box contents
All of which the original owners either forget, abandon or fail to receive in any manner for assets of monetary value more than $50 that rightfully belongs to them. These properties go towards New York State’s Unclaimed Property Program, who then seeks and sends out notices to the owners of such assets.
When the owners fail to claim their property and assets, the State of New York assumes custodial responsibility for the unclaimed money and secures it indefinitely until their rightful owners return to claim their money.
The single exception being the contents of security deposit boxes, whose contents are held in auction 5 years after no one has claimed them. An account is made in the name of the owner of the contents, into which the proceeds from the auction are deposited safely.
How to Claim Unclaimed Money in the State of New York?
Statistically, the majority of assets held in government unclaimed funds is gathered from
- Forgotten money orders
- Mutual funds and other stocks
- Royalty fees and payments
- Cashier’s checks that went undeposited
- Trust fund money
- Deposit certifications
- Auction proceedings of safety deposit auctions
- Terminated and ignored matured insurance policies
To get unclaimed money, a simple unclaimed money search across the online databases of governmental lost and unclaimed money repositories would reveal if you have any pending claims awaiting your pickup. This is easy, transparent, and simple to initiate and follow through.
Even checks or refunds that were delivered to your address in the past tragically forgotten, misaddressed, or ignored are recoverable if it indeed was valid, legal money that was owed to you.
There are systems in place that will gather and deliver your lost and unclaimed money to you. There is no time limit to initiate a claim, and it can be initiated online, or through postal mail, at your convenience.
Follow These Steps
Find your state website that allows access to the databases of claims connected with your state. If you’ve lived in multiple states, you might have claims in more than one state.
Once you’ve located the right website, simply enter your full name, reference number, or business name as you were identified by in that state.
Please, be aware in the case of multiple parties pursuing a claim, the entire sum will be split among the rightfully authorized candidates.
Once you find a claim belonging to you, proceed to the next step.
Prepare all your relevant documents
The State requires proof of identity to prevent fraudulent persons from wrongfully obtaining your money.
Prepare on hand
Identity proof, such as a valid driver’s license that connects your claim to the rightful state
Your Social Security information along with multiple copies
IRS Form W-2
Proof of residence in the state you have the pending claims
Proof of your current existing residence to send your money towards
Your signature must be notarized by an authorized notary. Contact your local bank to have them notarize it.
Submit the Claim
Compile your form with the additional evidential documents and submit them online. The State of New York accepts online submissions, but in the event, you wish you send via the postal service, this is the address pertaining to the New York State comptroller:
Office of the State Comptroller
Office of Unclaimed Funds
110 State Street
Albany, New York 12236
Wait for your unclaimed money to arrive
The average processing time in the State of New York is 5 minutes, but it can stretch to 6 months, depending on the complexity of the claim.
Please be patient, kick back and relax as all the money in your name is being compiled from dozens of agencies and institutes following proper protocols to ensure your money is returned safely through correct legal protocols to you, it’s the rightful owner.