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  Dear
Dr. Don,
I hold an account opened in 1958 with the First
National City Bank of New York. Today, this bank is Citibank. No
transaction has been made in this account since 1958. Does this
account still exist with Citigroup? Are they responsible in assisting
me in locating the account and the assets? -- Michael Missing
 Dear
Michael,
Here's what the Comptroller of the State of New York, Alan G. Hevesi,
says about unclaimed funds on the comptroller's Web site:
State law requires banks, insurance companies, utilities,
and other businesses to turn dormant savings accounts, unclaimed
insurance and stock dividends, and other inactive holdings over
to the State.
If there has been no activity in the account for
a set period of time, usually between two and five years, your
money is considered unclaimed or abandoned.
Before unclaimed funds are turned over to the State,
banks and insurance companies attempt to notify you by mail and
are required to publish newspaper listings of names and addresses.
Despite these efforts, many funds remain unclaimed and are turned
over to the State Comptroller, who acts as custodian.
The state stands ready to return your money
to you assuming you can prove ownership. I couldn't find a match
using the New
York State site, but you may be able to. Google maintains a
directory
of unclaimed funds sites that can help you expand your search.
Happy hunting!
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