State Comptroller Thomas P. DiNapoli has called on New Yorkers to keep track of the gift cards they received during the holidays.
DiNapoli’s office has more than $18.4 billion in unclaimed funds, and the comptroller noted that unused gift card balances can be turned over to his Office of Unclaimed Funds after five years of inactivity. In 2023, the Office recovered over $27 million from gift cards. He added that Hudson Valley residents are owed $7.4 million in unclaimed funds stemming from gift cards.
DiNapoli added that his 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 his office 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.
“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.”
