ALBANY — New York’s Office of Unclaimed Funds (OUF) reported a record $633 million returned to rightful owners in State Fiscal Year 2024–25, about $2+ million every business day—a ~25% jump from the prior year.
The surge follows a 2024 law that lets the Comptroller automatically mail checks up to $250 for newly reported accounts—no claim required—after verifying ownership. The program began in January 2025 and has already mailed tens of thousands of payments.
What’s driving the increase
- Automatic micro-payments: For newly reported amounts ≤ $250, the state can verify and mail checks directly, speeding up returns for small balances. Media and agency updates throughout 2025 highlighted the rollout and early results.
- Large pipeline: OUF collected $1.5B in new unclaimed funds during the fiscal year, with the biggest sources historically from banks, corporations, and insurers.
- System modernization: New York is migrating reporter operations to the Kelmar Abandoned Property System (KAPS) and standard NAUPA formats—part of a broader tech refresh expected to improve throughput in 2025.
NYC angle: awareness could scale further
With Zohran Mamdani set to lead New York City, state unclaimed-funds awareness could see a fresh spotlight in the nation’s media capital simply through higher civic attention and outreach. (That’s our inference; his mayor-elect status is documented, not a specific OUF policy position.)
How New Yorkers get their money back
- Search the Comptroller’s database for your name and past addresses.
- Respond if you receive a check for ≤ $250—no application needed for those newly reported amounts.
- File a claim online for larger amounts or older accounts and upload any requested documents.
Official portal: New York State Unclaimed Funds (Office of the State Comptroller).
By the numbers (SFY 2024–25)
- $633M returned (record)
- Nearly 700,000 claims processed
- Sources of newly collected funds led by banks, corporations, and insurance companies
- Ongoing modernization to enhance reporting and processing
(All per OUF’s annual report.)
Resources (authoritative)
- OUF Annual Report (SFY 2024–25) – full results & methodology.
- Unclaimed Funds — NYS Comptroller – search & claim portal.
- Press release: “Get Your Money Back!” – automatic ≤ $250 checks overview.
- Law update (Nov 2024): Expedites small-dollar returns.
- What’s New (reporters): KAPS/NAUPA transition details.
Coverage & explainer: Media reports on the automatic-payment rollout.
