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Unclaimed Funds

There is $12 billion in unclaimed funds held by the New York State Comptroller, represented in over 28.6 million unclaimed accounts. Last year, $886 million in unclaimed funds was received, with $314 million paid out to claim over 640,000 accounts. The majority of unclaimed funds come from banks (40%) and corporations (16%), with typical claims being less than $100 and the largest personal account paid being over $4 million. There is no fee to claim funds and interest is paid on interest-bearing accounts for the first five years.

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786 views1 page

Unclaimed Funds

There is $12 billion in unclaimed funds held by the New York State Comptroller, represented in over 28.6 million unclaimed accounts. Last year, $886 million in unclaimed funds was received, with $314 million paid out to claim over 640,000 accounts. The majority of unclaimed funds come from banks (40%) and corporations (16%), with typical claims being less than $100 and the largest personal account paid being over $4 million. There is no fee to claim funds and interest is paid on interest-bearing accounts for the first five years.

Uploaded by

Cara Matthews
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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NEWS

CONTACT: Press Office


(518) 474-4015

From the Office of the New York State Comptroller

Thomas P. DiNapoli
FOR RELEASE: Immediately

UNCLAIMED FUNDS FACT SHEET


Total Funds Unclaimed: Total Number of Accounts: $12 billion More than 28.6 million account records are still unclaimed.

Cash Received Last Year (4/11-3/12): $886 million Funds Paid Last Year (4/11-3/12): Source of Funds (4/11-3/12): Approximately $314 million paid; more than 640,000 accounts were claimed and processed. Banks: Corporations: Brokers/Dealers: Insurance Companies: State Court Funds: Other: 40% 16% 5% 10% 3% 26%

Typical Claim Amount: Largest Personal Account Paid: Largest Amount Still Unclaimed: Interest: Claim Fee:

50 percent of claims paid are less than $100. Over $4 million to an individual in New York State in 2008 from a stock claim. Over $1.7 million for one individual, from one account. Paid the first five years on interest-bearing accounts such as savings and CD accounts. Current interest rate is 1percent. No fee to reclaim funds. Private companies are allowed to charge claimants up to a 15 percent finders fee. Companies making claims do not have faster access to funds than individuals who contact the Comptrollers office directly. Varies based on type of account and ownership status. To claim online, the claimants information must match what is in our system (i.e., owners name, social security number, etc). Claims involving estates, companies, and other complex accounts must be mailed in with a notarized signature, social security number, proof of connection with the account owner and the address associated with the account. www.osc.state.ny.us; 85 percent of all claims are generated from the Internet; more than 10 million searches conducted annually. 1-800-221-9311 - Monday to Friday; 8 a.m. until 4:30 p.m. Over 100,000 calls handled by agents annually.

Claim Requirements:

Web Site:

Communication Center:

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