Your Guide to Posting Unclaimed Property Advertisements in New York

Karen Jackson
January 8, 2020

Not all states have the same requirements for completing an unclaimed property state report. The state of New York requires that certain companies publish unclaimed property information in newspapers in the form of advertisements. It is important to note the advertising does not replace the need to send due diligence letters. Both advertising and due diligence letters are required in the state of New York.

Below is your guide to posting unclaimed property advertisements in New York.

Who needs to advertise

The requirement to post unclaimed property advertisements in New York applies to financial institutions, insurance companies and utility companies.

What needs to be advertised

Records must:

  • Be dormant
  • Have a value greater than or equal to $50
  • Have a complete address
  • Have “New York” in the field labeled “State”
  • Not be foreign

In addition to the above, the following must apply if county codes are populated on the property records. If the county is:

  • Queens, New York City, Kings, Bronx, or Richmond the total by county must be $10,000 or greater
  • Other than those listed above, the total by county must be $2500 or greater

If county codes are not populated, the records must:

  • Be dormant
  • Have a value greater than or equal to $50
  • Have a complete address
  • Have “New York” in the field labeled “State”
  • Not be foreign

And the sum of the records must have a total of $2500 or greater.

Holders can exclude records that meet these criteria but are for well-known entities like the IRS or celebrities.

Where you need to advertise

Any newspaper distributed in the county your record is tied to is acceptable. A list of approved newspapers for publication is available in the Handbook for Reporters of Unclaimed Funds. A copy of the newspaper is required to be sent with your New York state report filing to prove you fulfilled the requirement.

When you need to advertise

Financial Institutions

  • Publish by: August 31
  • Default begin date: June 30
  • Default claims deadline: October 31

Life Insurance companies

  • Publish by: May 1
  • Default begin date: January 1
  • Default claims date: August 31

Utility Companies:

  • Publish by: August 31
  • Default begin date: July 1
  • Default claims deadline: September 13

Allocation Options

If the cost of advertising would cause hardship for your business you can submit a waiver form to the office of the state comptroller.

Take Action

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Author

Karen Jackson

Karen Jackson is an account executive focused on mid-to large-scale organizations throughout the United States, including in California, DC, Georgia, New Hampshire, Tennessee, and Vermont. Her focus centers on helping companies’ unclaimed property departments get, and stay, compliant. Karen’s strengths are educating prospects on unclaimed property cloud based software and outsourcing service and to build and maintain strong relationships. Prior to joining the sales world, Karen’s background included education and law. To keep balance in her life Karen can be found dancing Argentine Tango in Iowa and everywhere she travels.
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