Unclaimed Property Blog

New York funds are still going missing at an alarming rate and it’s up to the men and women of our great state to finally put an end to it. The problem of New York missing funds has steadily grown worse in recent years, mostly because of people moving residences. When people move away, even if they move to another part of the state, they usually end up inadvertently leaving money behind. If you suspect that you may have missing funds in New York, you’ll be pleased to know that there is now a very easy and instant way to find out.

Cash Unclaimed is launching a nation and state-wide campaign to urge all current and former residents of New York to search for unclaimed money. The state is currently holding onto millions of dollars in unclaimed funds and that money does not look like it will be going anywhere anytime soon. Until more people, everyone matter of fact, comes forward to search for and find the funds that rightfully belong to them or their loved ones, the money will continue to sit as well as continue to grow.

With New Yorkers facing higher rates at the pump and higher prices at the food store, many residents are taking to trying to find missing money in New York. Jobs are scarce, unemployment is high, but luckily many people still have smartphones and computers, which means that most New Yorkers have a chance to find missing money in New York from anywhere in the state.

How Are People Finding New York Missing Money?

It’s not hard to turn on the news or read in the paper that people are finding cash they didn’t know was theirs. While originally I was skeptical, because I watch my money down to the penny, I was really curious if there was money out there for me. I mean, I am a hard working citizen, I pay my taxes and I have had a bank account, some of the criteria for those who could have money laying out there somewhere. This money and come from anywhere or anyone. Any funds that have not been claimed have to be turned into the state to hold as unclaimed funds.

The unclaimed money vault of New York continues to experience heavy influx of unclaimed money and is now considered to be one of the largest state treasuries in terms of unclaimed money. As of the last estimate, the state of New York is home to almost $10 billion of unclaimed funds.

A majority of this abandoned money comes from the following sources: 25 million inactive bank, business, and government accounts unclaimed by their owners and in the care of the state controller’s office. While the New York State treasury is taking all the right steps to spread the awareness about unclaimed funds, the volume of incoming unclaimed funds keeps the deficit growing.

New York boasts of being home to one of the largest pile of unclaimed money in the country. As of the last estimate, this vault continues to grow in size with every passing month. By a very correct estimate, the state of New York currently holds nearly $10 billion in unclaimed funds. Most of these unclaimed funds come from come from 25 million inactive bank, business, and government accounts unclaimed by their owners and in the care of the state controller’s office. The New York state treasury is taking all the measures to relocate the rightful owners of the unclaimed money.

New York is sitting on billions all in unclaimed cash. If the fact sheet provided by the Office of Unclaimed Funds of New York State Comptroller is to be believed, then there is no doubt that the New York State has taken the unclaimed funds seriously and is pursuing all efforts in reaching out to citizens and asking them to collect their unclaimed cash.

New York state comptrollers’ Office of Unclaimed Funds’ official website declares that New York State is sitting on $9.9 billion in lost money. These billions of “lost,” “abandoned,” or “unclaimed” money has resulted from forgotten protection amounts, utility deposits, inactive bank accounts, insurance policies, investments and many other business-related transactions.

State law requires all concerned agencies to surrender money belonging to inactive accounts to the State. This is one of the most prominent consumer protection features enacted in the U.S. Untill the time authorized owners turn up to claim, the Office of the State Comptroller acts as custodian of this money. The office is more than willing to hand over this money to the rightful owners.