Unclaimed Funds Waiting For You!

Have you ever moved and forgotten to get back a utility deposit? Or maybe you've quit a job and walked out without collecting your last paycheck. You may have left a trail of money behind and not realized it.

Over the years, New York State has collected about $8 billion in unclaimed funds and is actively seeking the rightful owners of this money. "The money belongs to New Yorkers," said State Comptroller Thomas DiNapoli. "We want to give it back."

Representatives of the New York State Department of Unclaimed Funds will be available at various statewide events, including the Hamptons Home and Garden Show held May 2-4, to determine if any of this unclaimed money belongs to attendees. Each year, this booth is easily one of the most popular at the Hamptons Home and Garden Show. And, if you can't make it there, you can search for yourself online at osc.state.ny.us by just typing in your name and city or by calling 800-221-9311.

There are also federal agencies that hold unclaimed funds, including IRS income tax refunds, the Bureau of Public Debt savings bonds, Social Security benefit checks, HUD mortgage refunds and more. Many people also don't realize that they're entitled to money that is owed to deceased relatives.

Though hard to believe, there are many ways that funds can be forgotten over the years, whether it is because of death, a name change after a marriage or divorce or an unreported change of address. The funds in question can include rent security checks, forgotten savings and checking accounts, uncashed checks and old trust funds. These funds average between $800 and $1,000, but can be worth much more.

Banks and other businesses are required by law to turn over unclaimed and abandoned funds to the state after a period of inactivity, usually between two and five years, and must first attempt to contact the owners of these funds. The State then holds and protects the funds at no charge until someone claims them.

But don't think the State just hands out cash to anyone who steps forward. Before you'll even be told the exact amount of money that's in any unclaimed account or fund, you need to provide proof that you're really the person to whom it's owed.

So stop by the booth at this year's Hamptons Home and Garden Show. You never know how much money might be waiting for you.

- Tiffany Razzano

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