Senator Elaine Phillips and New York State Comptroller Thomas P. DiNapoli teamed up to help return $115 million in New York State unclaimed funds to residents of the Seventh Senate District.
The elected officials held an event at the Great Neck Social Center on Friday morning, May 26, to help residents find out whether any of the $15 million in unclaimed funds owed to Great Neck residents was in their names.
“There is $115 million in unclaimed funds in our area. We want every cent of that returned to its rightful owners. Many people may not realize they have money waiting for them, which is why we are encouraging and helping people to find out. I thank Comptroller DiNapoli for partnering with me to help provide this important service, raise awareness about unclaimed funds and help people get their money back,” said Phillips.
“One of the best parts of my job is returning lost and forgotten money—also known as unclaimed funds—to its rightful owners,” said DiNapoli. “Events like this help spread the word. Senator Phillips and I encourage all New Yorkers to check if there are any unclaimed accounts waiting for them, their friends or family, or their place of worship or favorite organizations. It’s easy to search and it’s free to claim what’s yours.”
Unclaimed funds are monies that have been dormant or forgotten, such as old bank accounts, lost utility and rent deposits, uncashed checks and insurance or credit refunds. Banks, insurance companies, utilities, investment companies and other businesses are required to turn over inactive accounts to the state. The Office of the State Comptroller holds these funds in trust, serving as a custodian until their rightful owners can claim them.
The comptroller’s office is currently holding approximately 200,000 accounts worth $115 million from the Seventh Senate District. Statewide, more than $14.5 billion in unclaimed funds are waiting to be returned to their rightful owners. The comptroller’s office has already returned $171 million in unclaimed funds this year.