Claiming Unclaimed Funds in New York

| February 1, 2012

If you currently live in New York, or have lived in New York in the past, you might have unclaimed funds sitting in an account waiting for you to claim them.

As New Yorkers engage in business transactions, whether it’s the purchase or sale of a house or becoming a beneficiary on an insurance policy, often times there are loose ends. The financial loose ends that spring up long after a transaction is deemed complete, often results in a pool of unclaimed funds.

Think for a moment. When you bought your first house, were you required to leave a deposit in order to get the electricity turned on? Once you sold the house, did you get your deposit plus interest back? If not, it might be sitting in the pool of unclaimed funds.

Are You Owed Money?

Fortunately, current and past New York residents can easily check to see if they have any outstanding monies due them. All you have to do is go to the New York Office of Unclaimed Funds website, click on the “Search Now” link, insert your name and hit Search.

If you’re searching for a business name, use the Business search function located right beneath the individual search.Lady Liberty

The NY Unclaimed Funds database will display a listing of names matching your search criteria. Next to each name is listed a street address and the name of the company issuing the funds. If your name shows up on the list with your current or prior address, chances are you have money waiting for you.

Claiming the Unclaimed Funds

Thanks to the Internet, claiming the funds is easy. In many cases you can file the claim online. It’s as simple as clicking the appropriate name on the search results, and providing the necessary information (usually name, address, email and Social Security number). In other cases, however, you must download, print, notarize and mail in the required form.

Sometimes you have to provide proof that you are who you say you are and that you actually lived at the address indicated. Since you’re not trying to scam the system, it should not be difficult to obtain the necessary proof to submit along with the documentation.

Processing the Claim

Once you submit the appropriate information, it can take anywhere from 4 to 6 weeks before you receive the funds. Once you receive your funds, make sure to tell your friends to check the database. No sense in leaving the funds sitting there unclaimed.

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About the Author ()

Felicia A. Williams is a wife, mother, freelance writer and owner of Tidbits About Money.

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