GOP Candidate Vows to Return Billions in Unclaimed Funds

Republican candidate Joseph Hernandez, running for New York State Comptroller, has pledged to streamline the process for residents to reclaim billions of dollars in unclaimed funds currently held by the state. Hernandez is challenging the incumbent, Democrat Tom DiNapoli, accusing the current system of making it difficult for people to access their money.

"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 stated in a memo to The Post. He criticized DiNapoli's tenure, adding, "After 19 years, Tom DiNapoli still hasn’t gotten your money back to you." Hernandez aims to return these funds using modern technology and proactive outreach within his first year in office if elected.

The unclaimed funds, totaling nearly $21 billion, typically derive from sources such as uncashed rebate checks and unclaimed portions of class-action settlements. The Comptroller's office currently maintains a searchable database for these funds. However, individuals must actively find the database, search for their names, and then file a claim to retrieve their money.

Hernandez, a former Wall Street executive, proposes a more proactive approach. If elected, he plans to leverage technology and potentially interface with other government systems to directly return funds to their rightful owners without requiring individuals to initiate a claim. His stated goal is to clear the entire backlog of $21 billion in unclaimed funds within his first year.

DiNapoli's office has defended the existing system, citing privacy laws that prevent the office from accessing personal information, such as tax returns, which could aid in direct outreach. Hernandez, however, indicated his intention to pursue legislative changes to facilitate faster returns, stating in his memo that "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."

DiNapoli, 72, has served as State Comptroller since 2007. Hernandez is 53. The two candidates are scheduled to debate on Spectrum News Thursday evening. Election Day is November 3.

The state comptroller position carries an annual salary of $220,000 and a four-year term.