Between the 2024 IRS Stimulus Check and potential Inflation Stimulus Checks, New Yorkers are walking into 2025 with some extra money in the bank–and there’s more to come!
A recent update made to the state’s abandoned property law allows the state comptroller’s office to automatically expedite certain unclaimed funds payments of up to $250 per individual. Unclaimed funds is money left owed to individuals in resources like utility deposits, trust funds, old bank accounts, investments, insurance policies, uncashed check, estates, and more.
New York State Comptroller Thomas P. DiNapoli stated:
My office holds over $19 billion in unclaimed funds, and we want to make sure that every New Yorker can easily claim their money. 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.
Each day, officials distribute about $1.5 million from lost financial assets going as far back as the 1940s, with the average claim totaling between $50 and $100. And, only seven days into 2025, DiNapoli’s office has already distributed more than $11 million this year alone.
According to NBC, checks will go out in the mail this January. The best part: you don’t even have to do anything! For any unclaimed fund of $250 or less, a check will automatically be sent right to you. In the past, people had to go to the state’s website and file claims regardless of the amount.
The comptroller’s office is currently in possession of 51 million unclaimed fund totaling $19 billion in “lost money.” DiNapoli stated that most of the money being held is owed to people who are deceased. Though, “If you are a rightful heir…let’s say a parent or grandparent passed away, you can claim that money as well,” DiNapoli added.
And, beyond these checks, the state comptroller’s office will hold several events this month for people looking to learn about and apply for funds they’re owed–yes, the $250 check may not even be all of it! These events will take place as follows:
- January 8th: Unclaimed funds workshop at the St. Nick’s Alliance/Swinging Sixties Older Adult Center in Brooklyn, 11 am – 2 pm
- January 15th: During the Wednesday of Wisdom presentation at the Brooklyn Public Library/Central Library in Brooklyn, 11 am – 12:30 pm
- January 29th: During the Lunch and Learn event at the JASA Rockaway Park Older Adult Center in Queens, 12 pm – 1:30 pm
If you can’t attend an event you can use the online claims system or call 1-800-221-9311 to get their money. Check to see if you’re entitled to unclaimed funds by searching your name on the state controller’s website.
Pro tip: if nothing comes up in an initial search try misspelling your name, just to be sure. NBC adds it’s also worth searching names of your relatives, especially those who have passed away, being the accounts go back to the 1940s.