NYS unclaimed funds program seeks to return billions to New Yorkers

Some New Yorkers could be sitting on a windfall. If you are among those owed money from forgotten bank accounts, uncashed checks or unused gift cards, retrieving those long lost funds just got easier.

New York State is fast-tracking its unclaimed funds program, returning lost money to residents automatically via check, Comptroller Thomas DiNapoli announced on Thursday.

DiNapoli's office will mail checks of up to $5,000 for eligible, newly reported unclaimed funds to verified owners, raising the limit from $250.

Before 2025, residents had to file claims with the state. The change comes as the pool of unclaimed funds grew to roughly $21 billion as of the 2025-26 fiscal year, up from $17 billion in 2020, according to the comptroller's office.

In Nassau, there are about 2.6 million unclaimed accounts worth just shy of $649 million. In Suffolk, there are roughly 2.7 million unclaimed accounts valued at about $505 million, according to the comptroller’s website.

"Everybody’s talking about affordability and rising costs. We want to reunite as many New Yorkers with their money as possible," DiNapoli said.

DiNapoli, who will face two challengers in a Democratic primary for his post in June, said he hopes that by expanding the automatic check program, more New Yorkers will get the money they are owed. 

But the head of a government watchdog organization said New York State has an incentive to keep the unclaimed funds because lawmakers are able to borrow a portion of the money for use in the state’s general fund each year.

How does the program work?

Under legislation that went into effect last year, the comptroller’s office began sending checks of up to $250 directly to New Yorkers in January 2025, issuing more than 210,000 checks, totaling $48 million, according to the comptroller’s office.

New Yorkers have seen an average payout of $229 since the program began in January 2025, according to the comptroller’s office.

In February, the comptroller began sending out checks of up to $5,000 to New Yorkers under the expanded program, which DiNapoli announced Thursday. Under that 2024 legislation, the comptroller can choose the maximum amount to mail by check. The office decided to raise it to $5,000 to bring it in line with other states, DiNapoli said. 

The office will only send checks for claims where the owner can be identified, and will verify their current address, DiNapoli said. 

Estate claims and other claims that require additional verification aren’t automatic, DiNapoli said.

What do I need to do to get my money?

Long Islanders with eligible unclaimed funds below $5,000 don't need to file a claim. They should receive a letter in the mail letting them know the check is coming, followed by the check, DiNapoli said. 

Before you cash it, verify the check by typing in the claim ID number at the comptroller’s website: osc.ny.gov/verify.

For claims not eligible for the check program, such as estate claims or larger claims, you can search for unclaimed money online at the state comptroller office’s website by calling 800-221-9311 between 8 a.m. and 5 p.m., Monday through Friday, or at in-person outreach events scheduled across the state.

Why is the unclaimed funds pool so big?

The value of unclaimed funds rises every year as people die and financial institutions turn over unclaimed funds to the state, DiNapoli said.

The comptroller’s office reunited roughly $78.5 million in funds to their rightful Long Island owners in the 2024-25 fiscal year, according to a report from the comptroller.

What happens if I don’t make a claim?

Unclaimed money is held by New York State, with the accounts kept open in perpetuity, DiNapoli said. Some date back to the 1940s.

But the state isn’t sitting on a roughly $21 billion pile of money, DiNapoli said. Instead, the state sweeps a portion of the unclaimed funds into the general fund, though "if everybody came out of the woodwork tomorrow," the state would have to pay up, DiNapoli added.

Roughly $896 million was turned over to New York’s general fund in the 2024 to 2025 fiscal year, according to the comptroller’s office.

How will the program’s changes impact Long Islanders?

The higher limit on checks are meant to cut "red tape" and help more New Yorkers get back their money, "particularly as the cost of living [rises] across New York State," Sen. Luis R. Sepúlveda (D-Bronx), who sponsored legislation that created the check program, said in a statement to Newsday.

For some, this money could mean paying off an overdue bill, or just something fun, said Margaret Echelbarger, an assistant professor of marketing at Stony Brook University’s College of Business.

"The reality is these economic pressures are not going away, but consumers may be able to momentarily find relief in something that is a bit more enjoyable, or more of a treat," Echelbarger said.

But John Kaehny, executive director at watchdog group Reinvent Albany, questioned why the state isn’t distributing the entire pool of funds more quickly, such as by adding it to a New Yorker’s tax return or pension payment.

"It’s the public’s money," Kaehny said. "There just hasn’t been that much pressure on the comptroller and the state to unload billions and billions of the huge treasure trove of unclaimed funds. In fact the state has an opposite incentive, which is to keep the money."

He said the check program change was likely in part due to pressure on the comptroller from his opponents in the upcoming Democratic primary for the state seat.

"The comptroller’s opponents have been making hay with this unclaimed funds issue, and I’m sure that’s motivated them to get going on it," Kaehny said.

DiNapoli said his office is always open to different methods of delivering the funds, and lacks the identifying information the state's tax office to locate additional claimants. But the check program, he said, has already been successful. The office distributes an average of $2 million each business day from the unclaimed funds pool, through the check program and by other means.

It’s also important to deliver those funds in a "responsible and thoughtful manner," said Assemb. John T. McDonald III (D-Cohoes) who sponsored the legislation that created the check program. 

"If there’s any fund that I want to see drained, just like the comptroller does, it’s the unclaimed fund," McDonald said. "Balancing the budget, on someone else’s money that they don’t know about, is not really something I like." 

Clarification: This story has been updated to clarify that the comptroller's office distributes an average of $2 million per business day from the unclaimed funds pool through the check program and by other methods.