The New York State Comptroller’s Office is getting the word out that Onondaga County residents are owed more than $86.5 million in unclaimed funds.
Every year, at least 50,000 searches for unclaimed funds are performed during the New York State Fair at the Comptroller’s booth, located in the Center of Progress Building.
Tom DiNapoli, the New York State Comptroller, explained that unclaimed funds can come from old bank accounts, uncashed checks, utility deposits, inactive stocks and insurance money.
DiNapoli released funds back to local organizations this week including George Fowler High School, Clear Path for Veterans, Syracuse Volleyballers and Syracuse Community Connections. Two organizations, namely Bishop Ludden Jr./Sr. High School and Town of Geddes, received over $10,000 dollars in funds.
DiNapoli encouraged individuals to search every year at the Fair and anytime on the NYS Comptroller's website.
“If you have small business people, particularly, there could be money in the name of the small business, a non-profit that you’re involved in. It could be a mosque, church, synagogue any other organization that you’re a part of,” said DiNapoli.
He said with each passing year, people accumulate more funds, unbeknownst to them.
“One of the challenges we have is that for all the money we return, more money is coming in. There’s a dormancy period on these accounts… old bank accounts, checks that weren’t cashed. Now, gift cards that are registered. So, not like a gift card from a local restaurant but, if you’ve got a gift card from a major retailer and you’ve registered it, after a certain period of time, if that’s not used, it’s turned over,” said DiNapoli.
DiNapoli also suggested searching for unclaimed funds owed to loved ones who have died.
“We might need a little more documentation to show, that in fact, you’re the rightful heir (to the funds). But, keep in mind that some of these accounts go back to the 1940’s. So many of them are in the names of people who are no longer with us. So, we always encourage folks… put your own name in, friends and family living but, also folks who have may passed away and obviously any organization that you’re attached to,” DiNapoli said.
The total amount of unclaimed funds statewide is $18 billion.
The Comptroller’s Office has returned nearly $304 million in unclaimed funds this year.
Visit the NYS Comptroller’s website and search to see if you have lost money.
