Here’s an eye-catching number: New York state has more than $7.2 billion (with a “B”) that it owes to its residents.
Unclaimed funds are financial assets that have not been used or have unknown ownership for a certain period of time.
Money can go unclaimed for many different reasons. Banks often lose track of people who move, and thus their accounts go dormant. People may also forget that they have a bank account or brokerage account.
In fiscal year 2022, New York received $980 million in unclaimed funds. The state paid $404 million of it to owners, but kept $560 million of it for administrative expenses; that’s a return rate of just 41%.
A few states, like Rhode Island, have a system that automatically returns funds to residents with addresses. Other states blow New York’s return rate out of the water: Wisconsin’s was 92% last year. New York has a fledgling mail alert system but it has thus far proven ineffective. Experts say a proper law on the books is needed to move the return rate in the right direction.
So how do you know if you’re owed any money? Just visit the state comptroller’s website and type in your first name, last name, or organization to check.
