Did you know that New York State holds billions of dollars in unclaimed funds? These funds come from various sources, including forgotten bank accounts, uncashed checks, unclaimed insurance benefits, utility deposits, and more. If any of this money belongs to you or a deceased relative, you can claim it! Here’s a step-by-step guide on how to retrieve unclaimed funds from New York State.
What Are Unclaimed Funds?
Unclaimed funds are money or assets that have been abandoned or forgotten by their rightful owner. Businesses and organizations are required by law to report these funds to the New York State Office of the State Comptroller (OSC) after a period of dormancy, typically three years. Common sources of these funds include:
– Uncashed checks (e.g., payroll or tax refunds)
– Inactive bank accounts
– Forgotten insurance policies
– Utility deposits
– Stocks and dividends
If the rightful owner does not claim the funds within the dormancy period, the business must transfer them to the state. New York State’s Office of Unclaimed Funds then holds the money in trust until it’s claimed by the owner or their legal heirs.
How to Retrieve Unclaimed Funds
Fortunately, retrieving unclaimed funds in New York is a straightforward process, and it’s free! Here’s how to do it:
1. Search for Unclaimed Funds
Start by visiting the New York State Office of the State Comptroller’s Unclaimed Funds website. The online database allows you to search for unclaimed funds using your name or the name of a relative or business. Simply enter your last name and first name (or company name) into the search fields.
– Website: [New York State Unclaimed Funds Search](https://www.osc.state.ny.us/unclaimed-funds)
– You can also search by city or ZIP code to narrow down your results.
If your search yields results, you’ll be shown a list of potential matches with details about the source of the funds, such as the business name and type of asset (e.g., a bank account or insurance policy). If the money belongs to a deceased relative, you can begin the claims process on their behalf.
2. File a Claim
Once you’ve found unclaimed funds that belong to you or a family member, you can begin the claim process. Select the record you want to claim and follow the prompts to file your claim electronically. You’ll need to provide information such as your address, Social Security number, and proof of identity.
If you are filing a claim on behalf of a deceased person, then you will need to demonstrate proof of your appointment as Executor or Administrator of their estate.
– For individual claims, valid proof of identity includes a government-issued ID (driver’s license, passport, etc.).
– For business or organizational claimsg, you’ll need to provide documentation proving your authority to act on behalf of the business (e.g., a corporate resolution or articles of incorporation).
3. Submit Required Documentation
To verify your identity or legal right to the funds, New York State may request additional documentation. Commonly required documents include:
– Proof of identification: A government-issued ID.
– Proof of address: Recent utility bills or bank statements showing your current address.
– For deceased individuals: If you are claiming funds on behalf of a deceased relative, you may need to provide additional documents, such as a death certificate, Letters Testamentary, or proof of your relationship to the deceased.
The type of documentation required depends on the source of the funds and the relationship between the claimant and the original owner.
4. Track Your Claim
Once you’ve submitted your claim, you’ll receive a claim number, which you can use to track the status of your claim online. The New York Office of Unclaimed Funds processes most claims within 90 days, but the timeline can vary depending on the complexity of the claim and the documentation required.
5. Receive Your Funds
Once your claim is approved, New York State will send you a check for the value of the unclaimed funds. The payment is typically issued within a few weeks after approval. For larger claims or claims involving estates, the process may take longer.
What to Do If Your Claim Is Denied
If your claim is denied, New York State will provide an explanation of why it was not approved, often because the documentation provided didn’t meet the verification requirements. In such cases, you may have the opportunity to appeal the decision or provide additional documentation.
Frequently Asked Questions About Unclaimed Funds
1. How Long Does New York State Hold Unclaimed Funds?
There is no time limit for claiming unclaimed funds in New York. The state holds these funds in trust indefinitely until they are claimed by the rightful owner or heirs.
2. Are There Any Fees to Claim Unclaimed Funds?
No. The process of claiming unclaimed funds from New York State is free. Be wary of third-party services that offer to help you claim funds for a fee—they are not necessary, as you can complete the process yourself.
3. What Happens If I Don’t Claim My Funds?
If unclaimed funds are not retrieved, they remain in the custody of the state indefinitely. They do not revert back to the business or entity that reported them, and they continue to be held in trust for the rightful owner.
4. Can I Claim Funds on Behalf of a Deceased Relative?
Yes, you can claim unclaimed funds on behalf of a deceased relative if you provide the required documentation, such as proof of your relationship and legal authority to act on their behalf (e.g., Letters Testamentary or an affidavit).
Final Thoughts
New York’s unclaimed funds program offers a valuable opportunity for residents to recover forgotten or abandoned money. The process is easy, free, and well worth checking out. You may be surprised at what you find—whether it’s an old savings account, an uncashed paycheck, or forgotten utility deposits.
Start your search today on the New York State Office of the State Comptroller’s Unclaimed Funds website and see if you have money waiting to be claimed!
For more information, please contact NYC Probate Litigation, Guardianship, Probate, and Estate Planning attorney Regina Kiperman:
Phone: 917-261-4514
Fax: 929-556-2089
Email: rkiperman@rklawny.com
Or visit her at:
40 Wall Street
Suite 2508
New York, NY 10005
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