A new New York state law eliminates the need for residents to file claims for unclaimed funds of $250 or less. The state comptroller's office will now be able to send checks directly to residents with unclaimed funds, which may include money from old bank accounts, investments, gift cards, and insurance checks.
Empire State residents could find surprise checks of up to $250 in their mailboxes starting this month thanks to a new state law that cuts down on red tape. The checks will be sent by the state government and residents don’t need to do anything to get them if they have unclaimed funds since the new law cuts out the haggle requiring people to first request the money. Some New York residents could be getting $250 checks in the mail from unclaimed funds due to a new law.
Instead, the state comptroller’s office has the green light to just send checks to residents from a pool of money owed to them – including funds from old bank accounts, investments, gift cards and insurance checks that were turned over to the state after they weren’t claimed in enough time. “For any claim of an unclaimed fund of $250 or less, we will do a verification on the rightful ownership,” Comptroller Thomas DiNapoli said. Before the update to the state’s abandoned property law, residents were forced to file claims no matter how small the refund was, but now the additional hurdle is only needed for any amount exceeding $250.The average claim paid out is roughly between $50 and $100 with the comptroller’s office returning more than $1.5 million daily, officials said. Through November, more than $19 billion in unclaimed funds were out there. In the Big Apple, there is more than $5.5 billion in lost money through last month,“By simplifying the process, my office will be able to return lost money even faster while still ensuring the funds get back into the hands of their rightful owners,” DiNapoli said in a statement in November announcing the new process
UNCLAIMED FUNDS NEW YORK CHECKS SURPRISE STATE LAW
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