Joe Robach office can give you information about unclaimed funds that may help at the New York State Attorney General’s Office. The State of New York is currently holding billions of dollars in unclaimed funds. Banks, insurance companies, utilities, investment companies and many other businesses are required by State law to surrender inactive accounts to the State.
Some of the funds that are frequently abandoned are: savings accounts; checking accounts; uncashed checks; telephone/utility deposits; rental security deposits; wages; insurance benefits; safe-deposit box contents; mortgage insurance refunds; stocks and dividends; mutual funds; certificates of deposit; trust funds; and estate proceeds. By law, most accounts become unclaimed when there is no account activity or owner contact with the institution for two to five years. Joe Robach office can give you some tips to help make sure that your money is not turned over to the State.
Some tips include:
- Keep your accounts active. More than half of unclaimed accounts are dormant savings accounts that have had no activity in five years.
- Make a small deposit or withdrawal every year.
- Cash all utility deposits, dividends, insurance premiums, wages and any other refund checks you receive.
- Keep accurate financial records. Record all bank accounts, stock certificates, insurance policies, utility and rent deposits, and your safe deposit number.
- When you move, notify all financial institutions you do business with of any change of address.
- Tell a family member, trusted friend or advisor where you store your financial records.
For more information about unclaimed funds, please contact Joe Robach Senate office.