2010-05-07 / Community

Unclaimed Funds Could Be Filed Online

State Comptroller Thomas P. DiNapoli recently launched an online claims system to make it easier for New Yorkers to recover money held in the State Office of Unclaimed Funds, which holds about $9.9 billion of abandoned property in trust for its rightful owners.

The improved Web site will help many New Yorkers claim their funds in six easy steps.

“The new system makes it easier and faster for New Yorkers to get their money back,” DiNapoli said. “We’re constantly improving how we process claims for unclaimed funds, and this is a huge step forward. New York has $9.9 billion in unclaimed fund accounts. That money belongs to New Yorkers and we want to give it back. Online claims will help us do that much faster. During these tough times every dime and every minute counts.”

DiNapoli said the improved system should reduce the time-frame to pay most claims submitted online to as little as three business days. Some claims will still require a mail-in claim form, such as claims for estates, companies or those that require additional documentation but even those customers will benefit from the time saving efficiencies provided by the new system.

The State’s Law designates the Comptroller’s Office as custodian and is responsible for processing claims on behalf of the rightful owners. Unclaimed funds are abandoned accounts, financial instruments, or policies that banks, corporations, and other entities are required to turn over to the State after they have been dormant for a set period of time.

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