Before you toss that stack of mail in the recycling bin, you might want to give it a second look–some New Yorkers are unexpectedly pulling checks worth up to $5,000 straight from their mailbox. No, it’s not a scam–it’s the state returning long lost money through its Unclaimed Funds program, and thanks to a new update, those surprise payouts just got a whole lot bigger.
Last year, New York Comptroller Thomas P. DiNapoli announced New York state was implementing a fast-track program designed to bypass the traditional paperwork hurdle. In other words, New Yorkers were automatically receiving their lost money without doing anything on their end.
While the maximum payout was originally $250, DiNapoli recently announced it’s been increased to $5,000. He stated:
Speeding up the return of lost money is priority of mine…In these challenging economic times, every little bit helps as the cost of gas, groceries and everyday essentials rise.
Since January 2025, over 210,000 expedited checks have been issued, totaling a massive $48 million, with an average payment of $229. On average, over $2 million in unclaimed funds is returned each day.
Unclaimed funds aren’t just forgotten cash. It’s usually “lost” financial assets that haven’t seen any activity for a set period (usually around three years). This includes:
- Old bank accounts
- Uncashed checks
- Insurance refunds
- Utility deposits
- Stock certificates
- Unused gift cards
Individuals, businesses, nonprofits, religious institutions, schools, or municipalities could all potentially have unclaimed funds.
The best part: the principal amount of unclaimed funds is generally not taxable, though any interest earned on those funds while held by the state must be reported on your taxes.
If you’re worried you may have thrown the check out, don’t panic–you would have first received a notification letter in the mail alerting you that a check was coming, followed by the check itself.
For those who still feel a bit weary about whether or not any checks they receive in the mail are the real deal, though, you can enter the check’s Claim ID online to verify its authenticity.
And, if you’re curious about whether or not you’re owed any money you can search your name (or a family members’) on the New York State Comptroller’s website to claim what’s yours.
