New York’s Office of the State Comptroller holds money that belongs to people who’ve lost track of it. Most of it is ordinary: a closed bank account with a balance left over, a refund check that never arrived, a dividend sent to an old address. Here’s what unclaimed funds are, how they get to the State, and how to get them back.

What counts as unclaimed funds

The Comptroller’s own forms list the usual kinds:

• bank accounts;
• stocks, dividends and mutual funds;
• insurance policies;
• utility refunds;
• uncashed checks.

Wages, pension payments, overpayments and credit balances owed by companies show up too.

How it reaches the State

Companies that owe money to someone they can’t reach don’t keep it forever. New York’s Abandoned Property Law sets a waiting period, called a dormancy period, for each kind of property. For most kinds, it’s three years with no contact from the owner. Gift certificates are five.

Before reporting, the company has to try to reach the owner by mail, using certified mail for property over $1,000. If the owner doesn’t respond, the company reports the property and sends it to the Comptroller.

From then on, the State holds the money for the owner. There’s no deadline to claim it.

When the owner has died

If the holder learns the owner has died, the date of death can start the dormancy period. So money often reaches the State around three years after a death, after many families have finished settling the estate. We explain this in more detail in Why closed estates still turn up money at the Comptroller.

How to search and claim

Anyone can search for free on the Comptroller’s website, osc.ny.gov/unclaimed-funds. Search every name you’ve used, and check under old addresses.

If you find something that’s yours, you can claim it yourself, for free. The Comptroller will ask you to prove your identity and your connection to the account, usually with something showing the address it was reported under.

Claims for someone who has died take more paperwork. The person claiming usually has to be the executor or administrator appointed by the Surrogate’s Court. We cover the details in What a New York estate claim actually requires.

When it’s worth getting help

Most people with a single small listing are best served claiming it themselves. Help makes more sense when:

• the owner has died, and the estate needs court papers in order before it can claim;
• there are many listings, or listings under old names and addresses;
• the estate closed years ago and no one is checking for money that arrived since.

That’s the work we do, for estates and the attorneys who represent them. If a firm like ours helps, New York caps the fee at 15% of what’s recovered, and it’s paid only if money is recovered.

This article is general information about New York’s unclaimed funds rules, not legal advice.

Abandoned funds held by the State can be obtained directly from the Office of the State Comptroller by the owner of such funds without paying a fee. These funds are held indefinitely by the Office of the State Comptroller. For more information, contact the Office of the State Comptroller at 1-800-221-9311 or http://www.osc.ny.gov/unclaimed-funds.