New Yorkers could be in for a welcome surprise this month when they open their mail to find an unexpected $250 check inside, thanks to a new state law.
A shake-up of existing rules designed to cut down on red tape and bureaucracy means that various unclaimed funds—from old bank accounts, uncashed checks, lost registered gift cards, or previous investments—will now automatically be issued to the rightful owner, without them needing to request the money first. Amounts up to $250 will be sent out from the comptroller's office from this month.
Newsweek has reached out to the State Comptroller Thomas DiNapoli for further information and comment.
Why It Matters
New York has billions of dollars in unclaimed money, which will be of particular interest to the citizens who own it.
In some cases, New Yorkers may even be unaware that they have money that is owed to them.
Before the rules were changed, residents had to file a claim for their cash even if the amount was just for a few dollars. The average claim paid out is roughly between $50 and $100, with the comptroller's office typically returning more than $1.5 million daily, according to its website.
What To Know
The update to the state's abandoned property law means that some residents are likely to receive funds they didn't even know they had, in the equivalent of finding forgotten cash in an old coat pocket or tucked behind the sofa cushions.
A total of $19 billion worth of unclaimed funds existed across the state in December, according to the comptroller's office. But from January 1, some of the unclaimed money accumulated this year will be returned to its rightful owners.
Amounts of under $250 will now be mailed directly to recipients without any work on their part, although anyone who is owed more than $250 will still have to request their money be returned in the usual way.
For unclaimed funds from before 2025, regardless of the amount, residents will still need to file a report.
And money owed to people who have died is also a more complicated case, as the next of kin will still need to apply to the state and submit documentation as part of their claim.
What People Are Saying
Comptroller Thomas DiNapoli said in a statement in November announcing the new process: "By simplifying the process, my office will be able to return lost money even faster while still ensuring the funds get back into the hands of their rightful owners."
What Happens Next
The state of New York is set to start issuing checks from this month. In the meantime, New Yorkers can check if they are owed lost money—or begin a claim in the cases in which it won't be issued to them automatically—on the comptroller's website.
It is also worth checking deceased relatives' details on the site, according to NBC New York, because records go back to the 1940s and their relatives may be entitled to that money as part of their estate.
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