The official website of the New York State Comptroller has made an announcement to which you should pay close attention. As they explained, the state returns $1.5 million every day to those who file a claim for unclaimed funds. The money comes from inactive bank accounts, uncollected refunds or insurance policies. It is also part of amounts owed for undelivered goods or services, paid inventory and uncashed checks. How do you access this return of unclaimed funds in New York? Here’s a simple explanation.
When companies report these unclaimed funds, the Comptroller’s office holds the funds until the citizens, in this case New Yorkers, claim them. Also, the state has returned $589,929,402 to New Yorkers who were owed money during 2024.
How to apply
To check if you will be able to get your hands on this refund, you will need to go to the New York State Comptroller’s unclaimed funds website. In this digital space, you will have to search for your name. If your name is in the state’s database, all that remains is to follow the instructions that will appear on the screen to file your claim.
But this website is not the only way to find out if you have unclaimed funds. This page will also allow you to access other tax information, such as a list of updated disclosure events, which can be very useful to you.
Who will New York pay for unclaimed funds?
The situation is truly surprising. In Middletown, 1,167 residents or businesses have money waiting to be claimed. The figure is even higher in Newburgh, where 1,428 accounts await their owners with money inside them. Even in smaller towns such as: Monroe, Chester and Warwick, hundreds of people could receive this unexpected refund that would be of great help to their financial situation.
The unclaimed funds, which will be available to thousands and thousands of New Yorkers, come from a variety of sources, including: forgotten bank accounts, unreturned security deposits, uncashed checks, among many others listed above.
Over time, the money contributed to these types of accounts accumulates in state coffers, forming a considerable fund. By the end of 2024, data indicated that this situation affected more than 4,000 citizens of Orange County alone, so if other cities are taken into account, the numbers would increase exponentially.
How much does it cost?
One of the main questions is whether New York City will charge you anything to file for unclaimed funds. The answer will put everyone’s mind at ease. It is important to note that there is no cost associated with the recovery of this money. The state facilitates the process so that residents can claim what belongs to them, without complications or intermediaries.
Another important point to clarify is that the state holds these funds indefinitely, but there is an incentive to act promptly. After several years without being claimed, the money goes into the state’s general fund to finance public services and programs. While this benefits the community at large, it means you may lose the opportunity to get back what is yours.
A respite for thousands of citizens
The news about the unclaimed funds comes at a time when thousands of New York families and businesses need it. They could benefit from an unexpected financial boost, which will help them cope with this difficult economic context for many. Whether it’s a small sum or a significant amount, every dollar counts in today’s economy.
