New York Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| New York | Various dates based on property type - https://www.osc.state.ny.us/files/unclaimed-funds/reporters/pdf/calendar-of-events.pdf | Various dates based on property type - https://www.osc.state.ny.us/files/unclaimed-funds/reporters/pdf/calendar-of-events.pdf | No minimum, written notice to last known address not less than 90 days prior to the date the report is due. When the property value is over $1,000, a second, certified mailing is required at least 60 days before the report is due. In addition, some property types are required to be advertised in publications. Electronic contact can reset dormancy periods. | Not Required | Available | NAUPA format uploaded via Secure File Upload, SFTP or on a CD, DVD or USB. Excel via Secure File Upload or on CD, DVD or USB. NYCD via Secure File Upload, SFTP or CD, DVD or USB. | Funds: Check, ACH, Book Transfer, CHIPS, EFT or Federal Wire Securities: DTC, DWAC, DRS, NSCC, ACATS | New York Unclaimed Property |
The current statutes that govern unclaimed property in New York can be found here along with the Handbook for Reporters of Unclaimed Funds. New York has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
New York Unclaimed Property Reporting Period
New York has various reporting periods based on property type.
New York Unclaimed Property Due Diligence Requirements
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance (no minimum), written notice to last known address not less than 90 days prior to the date the report is due. When the property value is over $1,000, a second, certified mailing is required at least 60 days before the report is due. In addition, some property types are required to be advertised in publications. Electronic contact can reset dormancy periods. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
New York Unclaimed Property Reporting and Remittance Deadline
New York has various reporting periods based on property type.
New York Unclaimed Property Reporting Format
Reports can be in the NAUPA II file format, Excel or the NYCD file format.
New York Unclaimed Property Reporting and Remittance Method
NAUPA files can be sent via Secure File Upload, SFTP, or on a CD, DVD or USB. Excel files can be sent through Secure File Upload or on CD, DVD or USB. NYCD files can be sent through Secure File Upload, SFTP or CD, DVD or USB. Funds can be transferred online, through ACH, Wire, Book Transfer, CHIPS, EFT, Federal Wire or Check. Securities can be transferred through Depository Trust Company (DTC), DRS, Deposit / Withdrawal At Custodian (DWAC), NSCC or ACATS.
New York Unclaimed Property Negative Reports
Negative reports refer to reports that need to be filed when there is no unclaimed property to report or remit to the state for the year. New York does not require negative reports.
New York Unclaimed Property Voluntary Disclosure Agreement (VDA)
In some states, the unclaimed property Voluntary Disclosure Agreement (VDA) provides the opportunity for holders of unclaimed property to voluntarily report and remit past unclaimed property. If accepted by the state, the holder is then exempt from fines and penalties that cover the VDA period. The holder is expected to maintain strict compliance with state unclaimed property laws after the VDA period. VDAs are usually available on a one-time basis only to holders that are not already under state audit. New York does have a VDA program.
New York Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of New York vary, refer to the state dormancy period in the Handbook for Reporters of Unclaimed Funds.
More information from the state of New York on unclaimed property reporting can be found here. Join our growing network of businesses that are using the Escheatify HolderExchange to prevent escheatment by reconciling their pre-escheat unclaimed property. Contact us to learn more.