Kings County residents have more than $9.4 million in funds sitting on unclaimed gift cards, according to a new report from the New York State Comptroller.
Comptroller Thomas P. DiNapoli urged New Yorkers to keep track of the gift cards they received during the holidays as unused gift card balances can be turned over to the Comptroller’s Office of Unclaimed Funds (OUF) after five years of inactivity. In 2023, the Office recovered over $27 million from gift cards. For this reason, everyone should check for unclaimed funds, he said in a statement.
“Many people don’t realize that after five years, unused gift card balances are turned over to the Comptroller’s Office of Unclaimed Funds,” DiNapoli said. “Now is a great time to check for unclaimed funds and use those gift cards you received over the holidays to avoid possible inactivity fees or having the money turned over to my office.”
Statewide, New York City residents tallied the most unclaimed funds, totaling nearly $40 million. DiNapoli’s office has more than $18.4 billion in unclaimed funds.
The comptroller's office returns an average of $1.5 million in unclaimed funds every day and works with retailers to identify the owners of unused gift cards. Retailers can provide OUF with a name if the person registers the gift card online, if they have been issued a refund, or if the card was purchased with an existing store account. If the owner’s information is not known to a New York retailer, it will report the card details, such as card number and balance, which can be used by the recipient to claim the balance. The Comptroller’s office also sends letters to newly reported owners of unclaimed funds.
