Of course we did business; you have my money.

Frequently, the New York State Comptroller will request proof of a claimant doing business with the reporting company that escheated the funds. Acceptable proof, according to the Comptroller, may be a copy of a bill, statement, paystub, W2, stock certificate, insurance policy, etc.

And many folks who have lost funds will not be able to provide such documentation. Why would they be able to provide a connection to an old account they may have never even known existed, or have lost touch with for years?

The reason for the request may technically be justifiable, however it is not reasonable. And it will be issued without providing any valuation for the accounts you seek to collect; making it impossible to determine if it is even worth the effort - A running theme when dealing with unclaimed funds in NYS.

Fortunately, there are multiple ways to overcome this obstacle. As professional unclaimed money recovery experts in business for over 15 years, we have had to invent creative solutions. Here are few tried and true options one could implement with their claim.

In lieu of the requested documentation, you could attempt to connect yourself to the old registered address (see our previous post regarding proof of address). While not guaranteed to satisfy the Comptroller, it does throw the ball back into the hands of the claim processor. It forces them to make an ethical decision. “Do I want to deny this claim again, when I know the money obviously belongs to this claimant?”

You could track down the original holder of the unclaimed funds, or the record keeping agency that was responsible for the escheat. You can request, sometimes at a cost, that they to research and locate the old account details; more specifically to securities, you want to obtain a Line-Item Report. The cost is $50 usually, and will require follow up; letters, phone calls, emails, etc. Persistence pays off and you may obtain the necessary documentation that satisfies the Comptroller.

Alternatively, you could prepare a Statement of Claim laying out the facts of your entitlement and incorporating the proper language asserting a claim to the unclaimed funds, and holding the Comptroller harmless. Essentially, this is an affidavit establishing ownership, which would need to be notarized.

Each claim is unique and there is no guarantee that any of these methods will result in success; but if it is your money, you should go and get it - or let us get it for you.