State Comptroller Reminds New Yorkers to Spend Gift Cards

New York State Comptroller Thomas DiNapoli recently issued a reminder to New Yorkers, urging them to utilize their holiday gift cards before they become the subject of unclaimed funds.

DiNapoli emphasized the potential consequences of neglecting to use gift cards within five years, as retailers may forward any unused balances to the Comptroller's Office of Unclaimed Funds (OUF).

Rising Numbers of Unclaimed Funds

The Comptroller's office revealed that in 2024, they managed to recover over $21 million from unused gift cards. This amount represents a significant increase from 2014 when the sum stood at $6.8 million. The statement highlights a growing trend of unclaimed funds stemming from forgotten gift cards.

Regional Distribution

The unclaimed funds recovered by the Comptroller's office were further broken down by region. The highest amounts were reported in the New York City area, with a staggering $48.6 million, followed by Long Island with $11.4 million, and the Hudson Valley with $7.9 million.

Unclaimed Business Funds

Highlighting the broader scope of their work, the state comptroller’s office emphasized that they can also help in the return of unclaimed business funds. They collaborate with retailers to locate the individuals who originally purchased the gift cards. It was noted that, on average, $15 million in unclaimed funds are returned every business day.

Accessing Unclaimed Funds

Retailers have been encouraged to provide the OUF with the name registered on the gift card should they be issued a refund or if the card was linked to a store account. However, in cases where retailers lack the necessary information about the cardholder, they can report card details to the OUF. This facilitates a process through which the gift card's owner can claim the leftover balance.

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Vast Sum of Unclaimed Funds

The Comptroller's office highlighted that they currently hold over $19 billion in unclaimed funds, emphasizing the substantial amount left dormant because of unused gift cards.