Type In Legal New York Abandoned Property Forms For Free

With respect to business-to-business credit balances that are subsequently paid to the customer in the form of a check, the three-year dormancy commences from the original date the credit was issued (or the date the customer last acknowledged or used the credit balance) unless the holder was instructed in writing by ...

State law can dictate when a bank account is considered to be dormant and what happens to the money in it. A typical time frame is three to five years, though again, the rules can depend on where you live.

Banks, insurance companies, corporations and the courts are among the many organizations required by law to report dormant accounts to the State Comptroller. These organizations must attempt to notify you by mail and publish the information in newspapers.

If there have been no transactions in a savings or current account for more than two years, the account will be considered inactive or dormant. The accounts that have not been used for more than two years will be noted by banks and kept in different ledgers.

"Abandoned funds held by the State can be obtained directly from the Office of the State Comptroller by the owner (or authorized estate representative) of such funds without paying a fee. These funds are held indefinitely by the Office of the State Comptroller at 800-221-9311 or .osc.state.ny.us".

New York's APL was enacted to protect individuals from losing their assets to businesses who were easygoing with their notifications to debtees. Property is usually presumed abandoned if there has not been any activity on the account for a set period, usually between two and five years.