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From Banking and Finance Law Daily, September 14, 2015

New York banks told not to abandon abandoned property law

By J. Preston Carter, J.D., LL.M.

A press release from the New York State Department of Financial Services (NYDFS) directs New York banks to comply with the state’s abandoned property law in order to help ensure consumers and businesses receive old, unclaimed account funds. The release states that the NYSDF has identified several recent public notices issued by banks regarding unclaimed account funds that are confusing or non-compliant with the law, such as newspaper notices of unclaimed accounts that are organized alphabetically by first, rather than last name, or listed haphazardly without any discernible organization at all, making it more difficult for consumers to find their funds.

Section 302 of New York’s Abandoned Property Law requires banks to publish notices of unclaimed property exceeding $50. These lists are required to be published by September 1 each year, and the names of the people and businesses entitled to receive such property must be listed alphabetically by last name.

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