Unclaimed Money In New York Keeps Increasing

By Author: Nicole Anderson
Total Articles: 82
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unclaimed money isn't a stranger for the state of New York. New York is home to some of the most flourishing business districts in the country and very logically, it attracts the most number of migrant workers into its fold. With a record number of foreign workers coming into the state for employment, it is not surprising that a lot of employment and personal accounts are not closed.
The financial survey points to a very expected fact about New York: it has the unenviable distinction of having the fastest rising pile of unclaimed money. The unclaimed property list continues to grow at an alarming rate in New York. Almost 25 million inactive bank, business, and government accounts contribute towards this billion dollar unclaimed property amount. While the state treasury is taking all the relevant steps to locate the owners of unclaimed funds, the success rate has still not reached a satisfactory level.
The authorities in charge of the New State Treasury have initiated many awareness campaigns in order to bring the owners of unclaimed money on the table, but the volume ...
... of people has not been very encouraging. Every state has launched its unclaimed search website, which helps people in finding the right process to claim their unclaimed money. The launching of a new unclaimed property website, coupled with joint exercises with NAUPA, has yielded better results, but the volume of unclaimed funds is increasing every day.
Understanding the gravity of the situation, New York State Comptroller’s Office of Unclaimed Funds (OUF) is also working with the state treasury to return the unclaimed funds to its actual owners. This aggressive reclaim-awareness program has been met with very successful results, and has been received very enthusiastically by the citizens of New York. Since this aggressive campaign, New York has seen a boost in the number of claims across the state. The outreach program effectively conveys the message across the state of New York by participating in a variety of public events. The New York State Comptroller’s Web Site can be accessed at www.osc.state.ny.us.
There are still some concerns being raised by the citizens that the unclaimed funds are being diverted towards the welfare and other social programs without the publics knowledge. A lot of voices in the state have displayed their concern over this issue, which have been brought to the government's attention. Many of the New York citizens feel that the use of unclaimed property towards state run programs is solely done for political reasons.
The state of New York publishes an “Abandoned Property Supplement” of the New York State Register, which contains a list of abandoned property. This supplement is published by: New York State Department of State, 162 Washington Avenue, Albany, NY 12231.
But, the state authorities have to be commended for the fact New York is one of most successful states as far as rate of claim for the unclaimed money is concerned.