New Yorkers may start 2025 on an unexpected green note.
Empire State residents could suddenly see checks for up to $250 in their mailboxes starting this month, thanks to a new state law that cuts red tape.
Checks are supposed to come from the state government, and the new law eliminates the haggling of asking for money first, so residents don't have to do anything to receive a check if they have unclaimed funds. do not have.
Instead, the state comptroller's office has given residents the green light to simply send checks to residents from a pool of debt turned over to the state after the deadline, including money from old bank accounts, investments, gift cards and insurance checks. Claimed in sufficient time.
“For claims of unclaimed funds of $250 or less, we will verify legitimate ownership,” said Auditor Thomas DiNapoli. said This month on NBC 4 NY.
“And instead of just notifying you that you have money, we actually send you a check.”
The checks are expected to be mailed out this month.
Before the state's abandoned property law changed, residents were required to file a claim no matter how small the refund amount was, but now the additional hurdle is required only if the amount exceeds $250. Only if it exceeds
Officials say the average amount paid out is between about $50 and $100, and more than $1.5 million is returned each day by the Comptroller's Office.
“By streamlining the process, my office will help ensure that funds return to their rightful owners, while also making it easier to recover lost funds,” DiNapoli said in a statement announcing the new procedures in November. We will be able to return them quickly.”
By November, there were more than $19 billion in unclaimed funds. The Big Apple has lost more than $5.5 billion in the last month. According to state data.
However, the new law only applies to unclaimed funds reported after 2025, so the $19 billion from before this month will not be eligible for the expedited payment program.
Officials said residents will be required to submit a report if they have unclaimed funds before 2025, regardless of the amount.
DiNapoli told NBC 4 that New Yorkers who have lost or expired an unused gift card from a major retailer can still get their credit back if the card was pre-registered.
Most of the funds held by the state were originally intended for deceased people. Additional work will be required for next of kin to receive the money.
“If you are the rightful heir, let's say your parents or grandparents passed away, you can claim that money as well. We need more documentation,” DiNapoli told the station. “Those funds have to be turned over to the state.”
New Yorkers looking to find some extra surprise cash this year should check to see if they've lost any money. Auditor's website.
