New York holds nearly $21 billion in unclaimed funds

New York State holds nearly $21 billion in unclaimed funds, prompting political debate over how the money is managed and returned to residents. Republican comptroller candidate Joseph Hernandez has criticized the current process, arguing that the state makes it unnecessarily difficult for citizens to recover money from accounts involving rebates, class-action settlements, and other payments.

Hernandez, a former Wall Street executive, has proposed using modern technology and proactive outreach to identify potential recipients rather than waiting for them to search the state's database. He has set a goal to eliminate the $21 billion backlog within his first year in office.

Incumbent Democratic Comptroller Thomas DiNapoli maintains that his office works to connect New Yorkers with their lost money. The Comptroller's Office currently operates a searchable online database and holds various events to assist individuals, companies, and nonprofits. Through an Expedited Payment Program launched in January 2025, the office reportedly returns an average of more than $2 million to New Yorkers every day.

To claim funds, applicants must provide documentation such as a full name and Social Security number. In some cases, the office may require a photo ID or proof of a former address. For those representing deceased relatives, a death certificate and proof of authority are required.