CONTACT:
Vanessa
Lockel
(212) 681-4840
FOR RELEASE:
Immediately
June 30, 2010

DiNAPOLI: ONLINE OUF SYSTEM RETURNED $4M
TO NEW YORKERS
New York State Comptroller Thomas P. DiNapoli
said today that his latest effort to help return unclaimed funds to their
rightful owners is paying off big for New Yorkers. DiNapoli said the Office
of Unclaimed Funds (OUF) has received over 28,000 online claims totaling
$4.3 million since its launch in late March.  
“We’re putting technology to work for New
Yorkers and getting great results,” DiNapoli said. “During these tough
times, every dime counts, and our new online system is making it easier
and faster for New Yorkers to get their money back. We have $9.9 billion
in unclaimed fund accounts and we want to get that money back to its rightful
owners.”
DiNapoli said the improved system allows property
owners to claim funds online through six easy steps, and it has cut the
time between claim submission and pay out to as little as three business
days. While some claims still require a mail-in form – such as claims
for estates, companies or those that require additional documentation –
the new system benefits everyone through greater efficiencies.
DiNapoli noted that the site has had more
than 670,000 visitors performing more than five million searches in the
last three months. That is an average of 10,000 visitors a day and about
300 claims submitted online daily. Based on these numbers, OUF estimates
the new system saves the equivalent of 12 full-time staff annually.

Pursuant to the State’s Abandoned Property
Law, the Comptroller’s Office acts as custodian of the abandoned property
and is responsible for processing claims on behalf of the rightful owners.
 Unclaimed funds are abandoned accounts, financial instruments, or
policies that banks, corporations and other entities are required to turn
over to the State after they have been dormant for a set period of time.

For more information and to check if you
are owed unclaimed funds, visit the Comptroller’s Web site at www.osc.state.ny.us
or call the toll-free number at 1-800-221-9311, Monday through Friday,
8 a.m. to 4:30 p.m.

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