August 30, 2011

Maragos Finds over $15,000 in Unclaimed Funds for County

Nassau County Comptroller George Maragos performed a thorough search of the New York State Unclaimed Funds account and found over $15,000 that belongs to Nassau County. The State was holding 149 accounts with a total of $15,883 that consisted of unclaimed escrow accounts, unclaimed accounts payable, and unclaimed corporate/utility/insurance refunds. The oldest verified unclaimed account was from 2008 for the Department of Health but some accounts may go back as far as 2001. 

"During these difficult economic times we cannot leave any stone unturned,” said Comptroller Maragos. “I am glad we were able to discover some funds for our County and I encourage all taxpayers and local governments to contact the New York State Unclaimed Funds department to check if they too have funds that rightfully belong to them.”

The Comptroller’s office has forwarded all of the accounts with funds that belong to Nassau County to the Treasurer’s department who will file the claim with the New York State Comptroller. The largest verified unclaimed account was for $4,928.96.

According to the NY State Comptroller; banks, insurance companies, utilities, investment companies and many other businesses are required by State law to surrender inactive accounts to the State. These accounts are known as “lost,” “abandoned or unclaimed” funds.

"Going forward we are recommending the Treasurer’s office review the database of the New York State Unclaimed Funds account at least annually for County funds," Comptroller Maragos added.