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FACT SHEET - Unclaimed Funds

The New York State Comptroller's office holds over $15 billion in unclaimed funds across more than 37 million accounts. In the past fiscal year, $808 million in unclaimed funds were received and $424 million were paid out to claimants. The majority of unclaimed funds come from banks, corporations, and insurance companies. Most claims are for less than $100, though some individuals have received millions of dollars from the program. People can search for and claim funds on the Comptroller's website or by calling their office.

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17K views1 page

FACT SHEET - Unclaimed Funds

The New York State Comptroller's office holds over $15 billion in unclaimed funds across more than 37 million accounts. In the past fiscal year, $808 million in unclaimed funds were received and $424 million were paid out to claimants. The majority of unclaimed funds come from banks, corporations, and insurance companies. Most claims are for less than $100, though some individuals have received millions of dollars from the program. People can search for and claim funds on the Comptroller's website or by calling their office.

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NewsChannel 9
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FACT SHEET

From the Office of New York State Comptroller


Thomas P. DiNapoli
UNCLAIMED FUNDS
Total Funds Unclaimed: $15 billion

Total Number of Accounts: More than 37 million account records are still unclaimed

Cash Received (4/16-3/17): $808 million

Funds Paid (4/16-3/17): $424 million paid to claimants; more than 495,000 accounts processed

Source of Funds (4/16-3/17): Banks: 33%


Corporations: 21%
Insurance Companies: 19%
Court Funds: 6%
Brokers/Dealers: 2%
Utilities: 1%
Other: 18%

Average Claim Amount: 65 percent of claims are less than $100

Largest Personal Account Paid: Over $4 million to an individual in New York State in 2008 from a stock
claim

Largest Amount Still Unclaimed: Over $8 million for an estate

Interest: Paid the first five years on interest-bearing accounts such as savings and
CD accounts. Current interest rate is 2 percent.

Claim Fee: 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.

Claim Requirements: Vary 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.

Website: www.osc.state.ny.us 85 percent of all claims are generated from the


Internet; more than 10 million searches conducted annually

Communication Center: 1-800-221-9311


Monday - Friday; 8 a.m. - 5 p.m.
Over 100,000 calls handled by agents annually
Albany Phone: (518) 474-4015 Fax: (518) 473-8940
NYC Phone: (212) 383-1388 Fax: (212) 681-4468
Internet: www.osc.state.ny.us E-Mail: press@osc.state.ny.us
Updated June 2017

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