Working in conjunction with New York State Comptroller Thomas P. DiNapoli, Senator David Carlucci (D-Rockland/Orange) today announced that he will be hosting an Unclaimed Funds Forum, a free workshop for residents to find out if they are entitled to any unclaimed funds in the possession of New York State. The event will be held this Thursday, February 9 from 6:00 p.m. – 8:00 p.m. at the Street School Community Center, located at 31 Zukor Road in New City. The seminar will be held inside the auditorium. For the protection of New York State residents, banks, insurance companies, utilities, investment companies and many other businesses are required by state law to surrender inactive accounts to the state. These accounts are known as “lost”, “abandoned”, or “unclaimed” funds. The majority of these funds (35 percent) come from banks.
The Office of the State Comptroller serves as custodian of this money. If a resident can prove they are entitled to the money, they will return it to them, at any time, without charge. A total of $11 billion in total funds have accumulated over the years, with more than 26 million account records still unclaimed. Last year, $701 million in cash was received by the State Comptroller while $296 million was paid. More than 600,000 accounts were claimed and processed – with over 60% claimed online. The refund can amount to thousands of dollars that residents did not know they had access towards. There is no fee to reclaim funds and each claim varies based on the type of account and ownership status.