As a precautionary measure, financial institutions, insurance companies, utilities, investment companies and many other businesses are required by State law to surrender inactive accounts to the State. These accounts are labelled as “lost,” “abandoned,” or “unclaimed” funds.
The O.S.C. of New York serves as a temporary custodian of the unclaimed funds. Until the owner of the money comes forward, it is used by the New York State’s General Funds, serving the citizens and taxpayers of the State of New York.
Our Notification Service Department's job is to seek these out these unclaimed funds and notify the owners. Once the owner is notified, we begin the process of accessing these funds. Once identification is proven, the funds are mailed directly to the owner.