2025 could bring a surprising touch of green to the streets of New York.
Residents of the Empire State may receive unexpected checks of up to $250 in their mailboxes this month, thanks to a new state law that aims to reduce bureaucratic processes.
Residents will receive the checks directly from the state government, without having to go through the hassle of requesting the funds themselves. The new law eliminates the need for individuals to take any action in order to receive the money if they have unclaimed funds.
The state comptroller’s office has been given permission to directly distribute checks to residents using funds that are owed to them. These funds come from various sources, such as old bank accounts, investments, gift cards, and insurance checks that were not claimed within the specified time frame.
Comptroller Thomas DiNapoli recently stated to NBC 4 NY that they will conduct a verification process to determine the rightful ownership of any claim for an unclaimed fund amounting to $250 or less.
“We won’t just inform you that we have money; we’ll actually send you the check.”
The checks are scheduled to be mailed out this month.
Residents in the state used to be required to file claims for any amount of refund, regardless of how small it was. However, following the update to the abandoned property law, they now only need to go through the additional process for refunds exceeding $250.
According to officials, the comptroller’s office pays out an average claim of about $50 to $100. In fact, they return over $1.5 million every day.
In November, when announcing the new process, DiNapoli expressed his belief that by simplifying the process, his office will be able to return lost money even faster, while still ensuring that the funds are returned to their rightful owners.
According to state data, there is over $5.5 billion in lost money in the Big Apple alone, and nationwide, there are over $19 billion in unclaimed funds as of November.
The new law has a limitation as it only covers unclaimed funds reported from 2025 onwards. Therefore, the $19 billion that was reported prior to this month is not eligible for the expedited payout program.
Residents are still required to file a report for unclaimed funds before 2025, irrespective of the amount, according to officials.
