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WDKX.com » Blog » NYS Has $12.5 Billion In Unclaimed Funds
Jul 2nd 2013 7:59 am
NYS Has $12.5 Billion In Unclaimed Funds

Albany, N.Y.- New York State may owe you money!

The New York State Comptroller said there is $12.5 billion in lost or forgotten money that is still waiting to be claimed.

"These are tough economic times and every dollar counts. Last year, we put more money back into the hands of rightful owners than ever before," said New York State Comptroller Thomas P. DiNapoli. "This money belongs to New Yorkers and we want to give it back. I encourage everyone to check our website for their names and spread the word to family and friends."

Banks, insurance companies, utilities, investment companies and many other businesses are required by state law to surrender inactive accounts to the Comptroller's office. They are known as unclaimed funds.

The majority of unclaimed funds come from inactive bank accounts. After three years of inactivity banks are required to send a letter to the account holder and in some cases post a notice in the local newspaper.

If the attempts are unsuccessful the account is turned over to DiNapoli's office for safe keeping.

There is no cost to file a claim but individuals do need to provide proof of ownership.

If you'd like to find out if you are owed unclaimed funds, there will be a representative from DiNapoli's office at the Corn Hill Arts Festival on July 13-14.