There's $15.5B Of 'Abandoned' Cash In NY's Vaults: How To Claim

NEW YORK, NY – There's $15.5 billion of "lost" cash sitting in the vaults of New York state's treasury, and some of it could be yours. This year alone, $424,234,247 in unclaimed funds was sent to the state government for safekeeping.

And it's down to you to claim it.

Accounts at financial insitutions and some companies that have had no activity or contact with their owner for more than a year can be classed as abandoned and are turned over to the government. They include savings and checking accounts, stocks, payroll checks, insurance payments and refunds for customer overpayments.

Laws state that the companies have to turn the cash over to the government, which holds it until the owners or their heirs can be found. In New York, 30 million account records remain unclaimed, though every day $1.5 million is returned to the people who rightfully own it.

You can search for money owed to you through the state treasury website. You can file claims online, and should receive a check in two weeks or less. If you file your claim by mail, you'll receive a letter from the state within 30 days. You can expect your check usually within an additional four to six weeks.

Claims involving estates or other complicated matters may take longer.

There is no time limit on how long you have to submit a claim, and the comptroller's office never charges a fee for returning unclaimed funds.

To search for unclaimed money that may be lying in a different state’s treasury, click here.

If you don’t have money lying in the state treasury, the government also suggests checking for unclaimed funds from bank failures or unclaimed deposits from credit union closures. You could also check for unclaimed or undelivered tax refunds or a refund from an FHA-insured mortgage.

Finally, you can check for unclaimed back wages, pension money or life insurance funds. Click here to find out how to search for these unclaimed funds.

Reported by Feroze Dhanoa

Lead image by Shutterstock