Does New York State owe you money?

Gentile wants to help you collect

July 1, 2013 By Paula Katinas Brooklyn Daily Eagle

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New York State is holding $12 billion in unclaimed funds, and some of it may be yours. Councilman Vincent Gentile is telling that to constituents in his district.

Gentile (D-Bay Ridge-Dyker Heights-Bensonhurst) is sponsoring two information sessions with State Comptroller Thomas DiNapoli to help residents discover whether they have money coming to them from old bank accounts, insurance policies and the like that have been dormant for at least five years and are being held by the state.

The first session will take place on Tuesday, July 2, at Our Saviour’s Church, 414 80th St., from 6:30 p.m. to 8:30 p.m. On Monday, July 15, a second session will be held at the Stars and Stripes Democratic Club, 7321 15th Ave., also from 6:30 p.m. to 8:30 p.m.

Banks, insurance companies, utilities, investment companies and other businesses are required by state law to surrender inactive accounts to the state. These accounts, known as lost, abandoned or unclaimed funds, are stored by the state comptroller’s office for safekeeping. Accounts have to be inactive for at least five years in order to be declared unclaimed.

The unclaimed funds include savings accounts, checking accounts, uncashed checks, telephone/utility deposits, rental security deposits, wages, insurance benefits/policies, safe deposit box contents, mortgage insurance refunds, stocks and dividends, mutual funds, certificates of deposit, and trust funds.

If a resident can prove he or she is entitled to the money, the state gladly returns it, according to Gentile. Until the money is claimed, it is used by the state’s general funds.

Gentile said DiNapoli’s trained staff members will help residents search the New York State unclaimed funds database to see if they are eligible to receive money.

For more information, call Gentile’s office at 718-748-5200.