Foundmoney helps residents of New York track down the increased numbers of unclaimed property holders due to new legislation reducing dormancy periods
New York State has passed a new law that now required holders of Abandoned Property, such as, bank accounts, stocks and bonds and utility deposits to hand over this unclaimed assets to the State Comptroller much sooner that before. Foundmoney and Edward Palonek help people to locate some of these new unclaimed accounts.
- (1888PressRelease) February 21, 2012 - The New York State Comptroller is the State's custodian of abandoned property. His responsibility is to safe guard the unclaimed property until its rightful owner(s) comes forward. Unclaimed property is used by states to help pay state expenses and states, such as New York,are becoming more creative in ways to find new sources of revenue. While unclaimed property has always been a source of revenue for states , they are finding that this is not always enough.
New York has passed new legislation in 2011 whereby, they have reduced various dormancy periods for unclaimed property. "This has added millions of dollars to State General Funds", say Palonek, founder of Foundmoney.com who specializes in helping citizens in locating their unclaimed money.
In 2011-2012 State Fiscal Year (SFY) the General Fund increased by about $55 million simply because of the reduced dormancy period for unclaimed money. In 2012-2013 (SFY), the New York General Fund is expected to receive approximately $785 million from the Abandoned Property Fund transfer. This FoundMoney comes from Banks, which account for the majority at 35%, while corporations account for 21% and stock accounts 10%. Insurance companies are at 7% and State Court Funds are 3%, while everything else is at 24%. The largest amount that still remains unclaimed is to one person for over $1.7 million.
In New York, if the Abandoned Property Fund is in excess of $750,000, it must be transferred to the General Funds for use in helping pay State Expenses. This new foundmoney still remains the property of the rightful owner who can claim it at any time, but it's simply put to use until it gets claimed.
Thus far for fiscal 2011, New York is holding over $11 billion dollars in money and property unclaimed, which amounts to over 26 million accounts. In this same period about $296 million was claimed which corresponded to 600,000 accounts that found their way to the rightful owners.
The Comptroller also works closely with the U.S. Treasury Office of Foreign Asset Control to ensure that no payments are made to foreign countries, entities or individuals whose accounts have been "blocked" in accordance with U.S. Foreign policy and security goals post 911.
Although every effort is made to find the owners of these unclaimed money, millions remain unclaimed. "Our foundmoney.com helps reunite people with some of this cash, which can be very helpful in these tough economic times says Edward Palonek.
According to Edward Palonek you also don't have to be a resident in New York to check for unclaimed property, if you or your parents banked in New York and opened up a bank account or made a deposit for utilities or rent, you can still have some money there that is now classified as unclaimed property.