New Yorkers Could Get Over $17 Billion in Lost Money: How to Apply

If you or your loved ones have ever lived or worked in New York, you may be waiting for lost money, reports The City.

The New York State Comptroller's Office holds billions of dollars lost by individuals, nonprofits and businesses. Some of them have been waiting for their owners since the 1940s.

One of the responsibilities of the controller is to return lost money to their rightful owners. The word "lost" can mean many things - an uncashed check, an unclosed bank account, old investment accounts, and much more. The Comptroller's Office has returned more than $155 million to New Yorkers this year. More than $2022 million in 400.

The amounts are very different. According to the controller's office, the largest amount still waiting for its owner is $8 million. This is an unclaimed legacy.

What is unclaimed money

These can be funds from inactive accounts:

• utility deposits;
• trust funds;
• old bank or investment accounts;
• unused checks;
• insurance policies;
• shares.

Money in old bank accounts is the most common type of money that ends up in the comptroller's office. It also stores unclaimed funds from businesses, deceased people (more on that later), and property belonging to multiple people.

How to know if the state has your money

This can be found in database of unclaimed funds Comptroller of the State of New York. You need to enter your first and last name or business name. You will then see if you are entitled to unclaimed money.

To receive money, you need to submit an application online or by mail.

Online

You will need to fill out the form that will appear on the page database of unclaimed funds after it turns out that you are entitled to money. You will need to provide contact information and a social security number to verify your identity. Then choose whether you want your money to be deposited into a debit account or sent by check. You may also be asked to provide additional proof of identity. Check out all forms of documentsthat the office may request.

After you receive confirmation, please be patient. The department takes two weeks to process your application. And then another two weeks to send you the money.

By mail

You can also send a request for money by mail. First, go to the controller's website and create a Mail Claim Form with your name and contact information. You will need to print, sign and notarize the form.

Then mail the form: Office of the State Comptroller, Office of Unclaimed Funds, 110 State Street, Albany, NY 12236.

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Note: Applications by mail are processed within 90 days. And then within two weeks after consideration, checks are sent or money is sent to the account.

Can I get money for a family member or close friend?

Yes, but you must have legal authority to do so. You can claim another person's lost money if you are their parent, guardian, custodian, trustee or legal representative. However, you cannot do this online. You can only apply for another person by mail.

The procedure is similar to filing an application on behalf of an individual. With the exception of additional legal or judicial documents that confirm that you have the authority to act on behalf of the owner of the money. Check out these documents here.

If you want to claim the lost money of a person who is no longer alive, you can do it online or by mail. Please be aware that there may be more paperwork and waiting times for funds.

Will the money ever expire?

No. There is no expiration date or statute of limitations for unclaimed funds. The money remains with the controller indefinitely and can be claimed at any time.