New York State Comptroller Tomas DiNapoli presented a check for $163,467.03 to Winthrop-University Hospital officials from unclaimed state funds on Tuesday morning to publicize the current availability of more than $13 billion in unclaimed funds.
“This represents unclaimed funds that after a certain amount of time are declared dormant,” DiNapoli said at a press conference outside Winthrop. “This presentation is meant to remind everybody to check out our system.”
DiNapoli said the state returns $1 million a day in unclaimed funds to individuals and businesses, adding, “We’d like to return more.”
John Collins, Winthrop president and CEO, said the money was a welcome windfall for Winthrop.
“We will put this money to good use,” Collins said after he and Winthrop Senior Vice President and Chief Financial Officer Palmira Cataliotti accepted the check from DiNapoli.
Collins said Winthop applies to the state for unclaimed funds every three years. He said the sources of the unclaimed funds are typically “misapplied funds” from insurance companies.
“It’s a return of money from insurance companies for services rendered,” Collins said.
DiNapoli said banks are the biggest source of unclaimed funds from accounts that individuals have left unclosed after changing addresses. He said uncashed insurance checks, utility security deposits and old stock market accounts are also sources of unclaimed funds.
He said applications for recovery of unclaimed funds can be made online through the state Comptroller’s website and by calling 1-800-221-9311. And individuals may also claim funds that belonged to relatives who are deceased.
“We’ve made it very easy to make a claim online,” DiNapoli said. “For most recoveries you can get your money back in a matter of days.”
DiNapoli said most claims result in recoveries of $50 to $100. But he said the largest individual claim for more than $4 million resulted from a stock claim in 2008.
He said the largest amount remaining unclaimed is $1.7 million for one individual from a single account.
Cash received from unclaimed state funds over the past year totals $771 million, according to figures from the state Comptroller’s office.
Total state funds unclaimed in Nassau County currently stands at $262 million, while the total on Long Island is $455 million.
