Reporting Unclaimed Funds To New York State
By law, banks, insurance companies, corporations and the courts are among the many organizations required to report dormant accounts to the State Comptroller.
The State Comptroller has specific guidelines for reporting the dormant accounts so that all of the information can be consolidated into a single database. To assist organizations in the reporting process, the State Comptroller’s Office of Unclaimed Funds provides an instructional Handbook, issues annual reminders and updates, and conducts periodic meetings.
If you have questions about reporting unclaimed funds to New York State, please contact the Reports Processing Unit. Below are links to reporting materials that you can download or print. If you need reporting materials mailed to you, fill out the Office of Unclaimed Funds Request for Reporting Materials form and fax it to (518) 270-2220.
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Effective April 1, 2011, the dormancy periods for bank, court and other miscellaneous property types were reduced from five (5) years to three (3) years.
Because of the reduction in the dormancy periods, during this reporting cycle, holders will need to perform required due diligence and remit any abandoned accounts covered by the changes in the law which have been dormant for three, four or five years. The chart below lists the property types affected:
|1A||Demand Deposit Accounts|
|1B||Savings Accounts (includes Club, Security Deposit, and Retirement Accounts|
|1C||Time Deposit Accounts|
|1D||Money on Deposit to Secure Funds (if separate from 1A and 1B)|
|1E||Unidentified Deposit (if separate from 1A and 1B) and Suspense Accounts|
|1F||Escrow Funds (Mortgages, Performance Guarantee, Surety Bonds, etc.)|
|1G||Credit Balances Arising from Loans (includes liquidated mortgages, consumer loans, remainder of collateral amounts, etc.)|
|7C||Funds for Support of Spouse or Child|
|8D||Surplus from the Sale of Pledged Property|
|8E||Lost Property (cash only)|
Negative and preliminary reporting requirements were removed from banks, utility companies, insurance companies and condemnation awards reports filed in this state.
The Verification and Checklist (AC2709) notarization requirement was lifted.
To ensure compliance, every organization should review the New York State Abandoned Property Law, which can be found in McKinney’s Consolidated Laws of New York, Book 2 ½, or on the Internet at: http://public.leginfo.state.ny.us (“Laws of New York,” then “ABP Abandoned Property”).
The New York State Abandoned Property Law requires organizations to annually review their records and transfer accounts that have reached certain dormancy thresholds to the State Comptroller, who serves as custodian of the funds until they can be returned to their rightful owners.
- Online Handbook for Reporters of Unclaimed Funds updated 04/12
- Printable version of Handbook for Reporters of Unclaimed Funds
- Report of Abandoned Property (AC 2686)
- Verification and Checklist for Unclaimed Property (AC 2709) updated 08/10
- Extension Request Form
- Waiver Request Form
To ensure compliance, every organization should review the law, which can be found in McKinney’s Consolidated Laws of New York, Book 2 ½, available on the Internet at: http://public.leginfo.state.ny.us (“Laws of New York,” then “ABP Abandoned Property”).
Unclaimed Property Electronic Reporting Program
- Before downloading open the file, Installing the NYCD Application
- Download the Electronic Reporting Program (40MB .zip file) for Holders of Unclaimed Property
- Electronic Reporting Program Instructions for Holders of Unclaimed Property
Secure Electronic Data Transmission
Web Transmission (PC Based) – The Office of Unclaimed Funds (OUF) can provide users with online access to a secure website (https:) where you can log on and submit your reports electronically. To request a username and password, contact us at NYSRPU@osc.state.ny.us. If you have a username and password that was obtained prior to August 2009, you will need to contact us as the login credentials have changed.
Secure File Transfer with PGP Encryption (Mainframe Applications) – OUF can provide you with our public PGP key, IP address, username and password so that you may securely transfer data to our server. Files must meet the new naming convention and be in one of the accepted file formats. To request the information required to use this site, contact us at NYSRPU@osc.state.ny.us.
Our office has a new broker to handle security-related abandoned property. Send an E-mail to firstname.lastname@example.org for our broker account information related to securities transfers.
Automated Clearing House (ACH) Transfers
We now have the ability to accept monetary remittances via ACH transfer. Send an E-mail to email@example.com for our account information related to electronic transfer of funds.