Reporting Unclaimed Funds To New York State
By law, banks, insurance companies, corporations and the courts are among the many organizations required to report dormant accounts to the State Comptroller.
The State Comptroller has specific guidelines for reporting the dormant accounts so that all of the information can be consolidated into a single database. To assist organizations in the reporting process, the State Comptroller’s Office of Unclaimed Funds provides an instructional Handbook, issues annual reminders and updates, and conducts periodic meetings.
If you have questions about reporting unclaimed funds to New York State, please contact the Reports Processing Unit. Below are links to reporting materials that you can download or print. If you need reporting materials mailed to you, fill out the Office of Unclaimed Funds Request for Reporting Materials form and fax it to (518) 270-2220.
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The procedures for opening safe deposit boxes for non-payment of rent are in Section 335 of New York’s Banking Law. The law requires you to report cash, including the net proceeds from an auction, and securities three years from the date of the box’s opening. It also requires you to report the proceeds resulting from an auction of property held in excess of three years as of June 30 of the year in which you received the proceeds. You are not required to hold an auction, but if you do, the net proceeds are reportable on a box-by-box basis after subtracting the auctioneer’s expenses and reasonable bank fees. You must retain papers and property of no apparent value for at least ten years, in accordance with Section 335.1(f) of New York’s Banking Law.
When physical security certificates are among the contents of an opened box, transferability and value should be determined before deciding what should be reported. If a certificate has no apparent cash value, or if the registration can not be transferred to the Comptroller, it should be treated the same as other important papers in a safe deposit box. Before sending any certificates, you must contact our office for approval or alternate instructions. Contact the Securities Management Unit if there are any questions on the delivery of securities.
Do not report checks found in a safe deposit box as abandoned property. If appropriate, the issuing organization will report the underlying funds.
Do not report coins, including U.S. coins such as silver dollars, with an apparent market value in excess of face value at face value or offset them against bank fees. You should retain and auction them.
Do not report Series E bonds to us. Retain them or forward them to:
Department of the Treasury
Parkersburg, WV 26101
Pursuant to section 3240 of the New York State Insurance Law, every insurer must submit a report to the Office of the State Comptroller specifying the number of policies and accounts that the insurer has identified through a death index match or notification of the death of an insured or account holder, for the prior calendar year, under which any outstanding monies that have not been paid or distributed by December thirty-first of such year. The report may be sent as a cover letter or addendum to the VCL by mail or email to the Office of Unclaimed Funds by the reporting deadline of September 10. For more information on this regulation, contact the New York State Department of Financial Services.
Deliver mutual fund shares corresponding with the reporting organization’s method of participation in DTCC (NSCC or ACATS).
National Securities Corporation (NSCC) Participants
|Broker||MG Trust Company|
|Account Number*||Review the listing of account numbers registered “Gerlach (Nominee) & Co. LLC” for the benefit of the clients including the Comptroller, State of New York for each dormant account and make delivery into the respective account. Assure the correct CUSIP number and security name when searching, as this will determine locating the security on the listing of account numbers. If the mutual fund does not appear on the listing of account numbers, please contact the Securities Management Unit for assistance.|
|Trust Network Level||Zero|
|* This file should be accessed and searched using this link. We recommend not downloading copies of this file due to frequent updates of changes to CUSIP numbers and fund names.|
Automated Customer Account Transfer Service (ACATS) Participants
|Broker||MG Trust Company|
|Account Name||Matrix Settlement and Clearance Services|
- MUST include = NYS208039 in the NSCC “Transactions Description” field so the shares can be applied correctly to the account of the Comptroller, State of New York.
- Provide all required securities information on the report. Please note that the complete name of the mutual fund should appear in the security description field exactly as it appears on the account statement. Reported CUSIP numbers must match what is actually delivered.
- Enter the letter “D” in the Method of Transfer field. Be sure to use property type 3U for mutual fund shares.
Contact the Securities Management Unit if the reporting organization is not networked through NSCC or ACATS.
Dividend Reinvestment Plan Shares
When reporting Dividend Reinvestment Plan (DRP) Shares, close the dormant account and wire transfer the securities via DTC. Be sure to use property type 3U for DRP’s on your report.
Use the following instructions to perform a wire transfer of securities via DTC:
|Account Name||NYS Unclaimed Funds DTC|
- Provide all required securities information on the report.
- Enter the letter “D” in the Method of Transfer field.
- Submit all DTC wire confirmations with your abandoned property report.
Contact the Securities Management Unit if there are any questions on the delivery of securities.
The New York State Abandoned Property Law requires organizations to annually review their records and transfer accounts that have reached certain dormancy thresholds to the State Comptroller, who serves as custodian of the funds until they can be returned to their rightful owners.
- Online Handbook for Reporters of Unclaimed Funds Updated 10/7/13 (Mutual Funds section updated 11/25/13)
- Printable version of Handbook for Reporters of Unclaimed Funds Updated 10/13
- Report of Abandoned Property (AC 2686) (fillable)
- Verification and Checklist for Unclaimed Property(AC 2709)(fillable) Updated 10/13
- Extension Request Form
- Waiver Request Form
Secure Electronic Data Transmission
Web Transmission (PC Based) – The Office of Unclaimed Funds (OUF) can provide users with online access to a secure website (https:) where you can log on and submit your reports electronically. To request a username and password, contact us at NYSRPU@osc.state.ny.us. If you have a username and password that was obtained prior to August 2009, you will need to contact us as the login credentials have changed.
Secure File Transfer with PGP Encryption (Mainframe Applications) – OUF can provide you with our public PGP key, IP address, username and password so that you may securely transfer data to our server. Files must meet the new naming convention and be in one of the accepted file formats. To request the information required to use this site, contact us at NYSRPU@osc.state.ny.us.
To ensure compliance, every organization should review the law, which can be found in McKinney’s Consolidated Laws of New York, Book 2 ½, available on the Internet at: http://public.leginfo.state.ny.us (“Laws of New York,” then “ABP Abandoned Property”).
- Before downloading open the file, Installing the NYCD Application
- Download the Electronic Reporting Program (61.3MB .zip file) for Holders of Unclaimed Property
- Electronic Reporting Program Instructions for Holders of Unclaimed Property
Automated Clearing House (ACH) Transfers
We accept monetary remittances via ACH transfer. Send an E-mail to email@example.com for our account information related to electronic transfer of funds.