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Unclaimed funds under the Abandoned Property Law

Unclaimed funds under the Abandoned Property Law
Source: Press Release by the State Comptroller

The State?s Abandoned Property Law requires banks, insurance companies, utilities, and other businesses to turn dormant savings accounts, unclaimed insurance and stock dividends, and other inactive holdings over to the State. If there has been no activity in the account for a set period of time, usually between two and five years, the money or property is considered unclaimed or abandoned.

State Comptroller Thomas P. DiNapoli announced that New Yorkers [and others] can find out if they are owed some of the State?s $9 billion in unclaimed funds through the Internet or by telephone.

?New York has $9 billion in unclaimed fund accounts. We want to return this money to its rightful owners,? DiNapoli said.

However, not all these monies belong to individuals. Some of the owners are large corporations, State Departments and Agencies, local governments, BOCES, school districts, and public authorities.

For example, among the funds being held by the State Comptroller are funds owed to:

Albany City School District ? Funds for undelivered services reported by McDonald Restaurants

BOCES, Nassau County ? Cashier and teller checks reported by Mellon Bank

City of New Rochelle ? Certified checks reported by Citibank

CSEA ? Treasurer and registered checks reported by Trustco Bank

Erie County Clerk ? Cashier and teller checks reported by Keybank

State of New York ? Funds for undelivered services reported by the State of Iowa

SUNY ? Binghamton ? Credit balances from loans reported by the Florida Department of Financial Services

SUNY ? Buffalo ? New York State uncashed checks reported by the NYS Department of Taxation and Finance

Walmart Stores ? Refunds for insurance reported by Hartford Life and Accident Insurance Company

New Yorkers and others may check for unclaimed funds at http://www.osc.state.ny.us/ouf/index.htm or by calling toll free at 1-800-221-9311.

Full post as published by New York Public Personnel Law on November 03, 2008 (boomark / email).