New York is holding nearly $21 billion in unclaimed funds belonging to residents, and Republican comptroller candidate Joseph Hernandez says the state should make it far easier for people to recover their money.
Hernandez, who is challenging longtime Democratic incumbent Tom DiNapoli, argues that New Yorkers must navigate an unnecessarily complicated process to collect funds held in the state’s vast unclaimed-property accounts, which are managed by the comptroller’s office.
“Albany is sitting on $21 billion of your money, spending it like an interest-free loan you never agreed to, then making you go on a scavenger hunt to get it back,” Hernandez said in a statement to The Post.
“After 19 years, Tom DiNapoli still hasn’t gotten your money back to you,” he added. “I will, using modern technology and proactive outreach to return your hard-earned money where it belongs, and I’ll set a goal of doing it within my first year in office.”
The comptroller serves as New York’s elected financial watchdog and currently operates a searchable online database designed to reunite residents with unclaimed cash. The money often comes from small amounts tied to rebates, class-action settlements and other payments.
However, residents must first know where to look, search the database and submit a claim before the state will issue a check.
Hernandez, a former Wall Street executive, said he would take a more proactive approach if elected. Rather than waiting for residents to come forward, he wants the comptroller’s office to identify potential recipients and reach out to them directly.
His campaign is setting an ambitious target: eliminating the entire $21 billion backlog during his first year in office.
In a memo, Hernandez said he would expand the use of technology and seek ways to connect the comptroller’s systems with other government databases. The goal, he said, would be to return money directly to its rightful owners without requiring them to file a claim.
DiNapoli has defended the existing process, saying privacy laws bar his office from accessing sensitive information about New Yorkers, including their tax returns.
Hernandez, however, said he would seek changes to those laws to make direct payments possible.
“Where additional administrative or statutory authority is necessary to accelerate legitimate returns, the Comptroller would pursue appropriate reforms while maintaining safeguards against fraud, duplicate claims, and improper payments,” his memo states.
DiNapoli, 72, and Hernandez, 53, were scheduled to meet for a debate on Spectrum News Thursday at 7 p.m.
DiNapoli, a former state Assembly member, has served as comptroller since 2007. Earlier this year, he defeated his first-ever primary challengers, Democratic insurgents Raj Goyle and Drew Warshaw, by a wide margin.
The state comptroller earns an annual salary of $220,000 and serves a four-year term.
Election Day is Nov. 3.
