Unclaimed Funds or Abandoned Property
New York State’s Abandoned Property Law requires Apple Bank to report when personal property has been abandoned or unclaimed and to transfer abandoned money or securities to the New York State Comptroller’s Office of Unclaimed Funds. Apple Bank is required to report when personal property has been abandoned or unclaimed after a period of three years or more.
Frequently Asked Questions (FAQs)
What are Unclaimed Funds or Abandoned Property?
Unclaimed funds or abandoned property refers to property held by a financial institution (brokerages, banks, credit unions, etc.) belonging to its customers where there has been no customer-initiated activity for three years or longer. Abandoned Property Laws require such assets to be turned over or “escheated” to the custody of the state in which the customer was last known by the financial institution to reside, for safekeeping until it can be returned to the rightful owner.
Unclaimed Funds or Abandoned Property includes:
- All funds on deposit (bank accounts).
- Uncashed official bank checks or money orders.
- Credit balances or overpayments.
- Safe Deposit Box contents found during the break open for non-payment of rent.
In such cases, these contents are escheated three years from the date of the break open for non-payment of rent as follows:
- Cash is turned over to the Office of the State Comptroller (OSC) of New York.
- Military awards and medals are turned over to the Division of Military and Naval Affairs.
- U.S. Savings Bonds are returned to the Department of the Treasury.
- Stock certificates, bonds, coupons, and other important documents are held by the bank for ten years and then they are destroyed
- After a minimum period of three years, the other contents of value may be converted to cash via an auction. After the deduction of all related costs, these funds are turned over to the OSC as abandoned property in the customer’s name.
Why did I receive an Unclaimed Funds or Abandoned Property Notice in the mail?
You received this notice because your accounts have not had activity in the previous three years. The receipt of bank statements and transactions posted by the bank, such as service charges, interest credits, automatic withdrawals, automatic electronic deposits, telephone, or verbal contact, is not customer-initiated activity.
How can I prevent my account from becoming Unclaimed Funds or Abandoned Property?
You can prevent your account from being escheated by doing any of the following:
- Sign and return the Abandoned Property Notice you received or use the following link to complete the Account Acknowledgement Form.
- Conduct a transaction using any of the following methods:
- at any Apple Bank branch,
- via Online Banking,
- transfer via Telephone Banking,
- using your Visa Debit/ATM Card for a transaction or purchase.
- Log in to your accounts via Apple Bank Online Banking.
Where can I find my Unclaimed Funds or Abandoned Property that have been escheated?
Who should I contact at Apple Bank for assistance about Unclaimed Funds or Abandoned Property?
- Call Us at (914) 902-2775. Our TDD number is 800-824-0710.
- Fax Us at (212) 414-2630
- Email Us at email@example.com
- Mail Us at:
- Apple Bank Depositor Services
250 West 23rd Street, 2nd Floor
New York, NY 10011
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