Insurance companies, banks, stock brokerages, credit card companies and other corporations as well as courts are required by state law to report dormant accounts to the New York State Comptroller. The organization must attempt to contact the owners by mail, however due to incorrect information, death, illness or change of address the organizations may be unable to notify the owners. As a result, many funds remain unclaimed and are transferred to the Office of the New York State Comptroller.
The chief fiscal officer of the State is the New York State Comptroller. One of the Comptroller’s duties is to act as a custodian of more than $14 billion in unclaimed property and funds, recovering lost accounts and property to their rightful owners and heirs. The office of the State Comptroller is located in Albany and employs more than 2000 people.
The State of New York holds $14 billion dollars in unclaimed property. Every day, on average, $1 million is returned to the rightful owners.
In 2016, more than $151 million dollars has been returned.
Bellow is a partial list of the types of Unclaimed Accounts which are held by the State Comptroller:
- Bank Accounts – savings, checking and CDs
- Court Funds
- Estate Proceeds
- Utility Service deposits
- Outstanding checks
- Wages, Pensions or Payroll payments
- Amounts due for undelivered goods or services
- Insurance Benefits or Policies
- Stocks, Bonds, Mutual Funds and ETFs
- Telephone, Utility or Security Deposits
- Store credit or unused gift cards