New Yorkers could start 2025 with some unexpected green.
Empire State residents could find surprise checks of up to $250 in their mailboxes starting this month thanks to a new state law that cuts down on red tape.
The checks will be sent by the state government and residents don’t need to do anything to get them if they have unclaimed funds since the new law cuts out the haggle requiring people to first request the money.
Instead, the state comptroller’s office has the green light to just send checks to residents from a pool of money owed to them – including funds from old bank accounts, investments, gift cards and insurance checks that were turned over to the state after they weren’t claimed in enough time.
“For any claim of an unclaimed fund of $250 or less, we will do a verification on the rightful ownership,” Comptroller Thomas DiNapoli told NBC 4 NY this month.
“And we will, instead of just notifying you that we have money, we’ll actually send you the check.”
The checks are expected to be sent out this month.
Before the update to the state’s abandoned property law, residents were forced to file claims no matter how small the refund was, but now the additional hurdle is only needed for any amount exceeding $250.
The average claim paid out is roughly between $50 and $100 with the comptroller’s office returning more than $1.5 million daily, officials said.
“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,” DiNapoli said in a statement in November announcing the new process.
Through November, more than $19 billion in unclaimed funds were out there. In the Big Apple, there is more than $5.5 billion in lost money through last month, according to state data.
However, the new law only applies to unclaimed funds reported in 2025 onward, so the $19 billion from before this month isn’t eligible for the expedited payout program.
Unclaimed funds before 2025 still require residents to file a report regardless of the amount, officials said.
Even New Yorkers who lost or missed the expiration date for unused gift cards from major retailers can still get the credit back as long as the card was registered beforehand, DiNapoli told NBC 4.
Most of the money held onto by the state was originally for a person who has since died. For next of kin to receive that money, it will take some extra work.
“If you are a rightful heir, you know, let’s say a parent or grandparent passed away, you can claim that money as well. We need more documentation,” DiNapoli told the station. “Those monies have to be turned over to the state.”
New Yorkers hoping to find some extra surprise cash this year, can check if they’re owed lost money on the comptroller’s website.
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