Government & Politics

Officials Hold Workshop On How To Reclaim Lost Funds

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In search of lost funds, rivertown residents line up at workshop table

December 4, 2023

By Jeff Wilson–

Government for the people was on full display Saturday afternoon, December 2 at the Hastings-on-Hudson Public Library. There, local elected officials joined forces with New York State Comptroller Thomas DiNapoli in hosting the first-of-its-kind Unclaimed Funds Workshop, to help constituents recover monies being held by the state.

Spearheaded by 12th District County Legislator David Imamura, who represents Irvington and Dobbs Ferry along with four other nearby Greenburgh villages, a contingent including State Senate Majority Leader Andrea Stewart-Cousins and Assemblywoman MaryJane Shimsky (District 92) had targeted and invited Greenburgh residents who were entitled to funds being safeguarded by the comptroller’s office (proceeds from dormant bank accounts, health insurance reimbursement checks, etc.) to come and file for them online with the assistance of an aide. Die-hard cyberphobes opted for paper applications which they’d mail in themselves.

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Typically, the government doesn’t notify citizens about unclaimed funds; people are responsible for that themselves, by doing an online search.

According to the Comptroller’s Handbook for Reporters of Unclaimed Funds, “New York’s Abandoned Property Law (APL) requires that organizations holding unclaimed assets report property deemed abandoned under the law to the New York State Comptroller’s Office of Unclaimed Funds (OUF).”

Addressing attendees at the start of the event, Imamura described his sense of mission to help constituents and how it inspired him to contact his fellow officials and the unclaimed funds division of the Comptroller’s office with the idea for the workshop. “Let’s send letters [they sent 3,000 in all] directly to the people who have funds they are owed, and say ‘You have this money, come and claim it,’” he said.

Comptroller DiNapoli took the floor to elaborate on how his office takes possession of unclaimed funds. “Different kinds of financial accounts, if there’s no activity in the account in a certain period of time, it’s declared abandoned and turned over to the state for safe keeping.” The office has $18.4 billion in unclaimed funds, DiNapoli reported, and returned $430 million in 2022. The typical claim is for under $100, but occasionally there are larger ones. David Imamura cited one respondent who successfully reclaimed $70,000

Claims are often for old dormant savings accounts but there are numerous others: an uncashed health insurance check; a returned deposit from a utility company; a life insurance payout from your late great uncle that you never knew about; old securities accounts from deceased relatives. “Often people move,” DiNapoli stated as a common explanation as to why they lose track of their money. But their money will still look for them. “Institutions are required by law to try and find you. Banks have to take that extra step and print legal notices.”

DiNapoli instructed people who want to do their own search to go to the New York State Comptroller’s Office website, click on “unclaimed funds” and type in their name.

Aruna Pal, a physician from Ardsley, had come to make claims for herself and her husband. She appreciated having the legislators’ assistance because “…life is so busy,” she said. “We could’ve done it (retrieved our funds), but this process made it much easier.”

“This is the most fun part of my job, giving people back money,” crowed Comptroller DiNapoli. “Most people don’t think that government returns people’s money, but we do.”

To conduct your own search, visit: https://www.osc.ny.gov/unclaimed-funds.

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