Diocesan News

How One Retiree Is Helping Others Tap Into NY’s Fund House

Dennis O’Connor spends a lot of his spare time hunting for hidden treasure. But he’s not searching for riches for himself. Instead, he’s doing it for others.

O’Connor, a retired NYPD lieutenant and graduate of St. John’s University, likes to peruse the New York State Comptroller’s website to see if anyone he knows is entitled to unclaimed funds the state is holding.

And if they have any money owed, O’Connor explains how they can get it.

The New York State Comptroller’s website contains a database of all the names of individuals and institutions that, for whatever reason, have unclaimed funds to which they are entitled. The website also includes a form people can fill out to claim them.

“It’s a fun hobby,” O’Connor said, exclaiming his penchant for scouting for funds on the website. 

It’s something he got into it by accident. 

“Somebody showed me the website years ago, and I found it fascinating. And then my neighbor turned out to have had an old bank he forgot about when he moved,” O’Connor said. “He got a letter from a company offering to get his unclaimed funds for him for a 15% fee. … But really, you could do it for free if you just go online.”

What exactly are unclaimed funds? While the words “unclaimed funds” might sound dull, it’s actually a potential windfall for people attached to the funds.

Unclaimed funds are monies from dormant bank accounts, insurance policies, stocks, bonds, estate proceeds, and other holdings belonging to New Yorkers. Banks and other institutions are required by law to make every effort to contact those listed on the accounts. However, if they are unable to make contact, they turn the funds over to the New York State Comptroller — the state’s chief financial officer — for safekeeping.

For example, if a person opens a bank account and then forgets about it, after a period of time (usually five years), the account is declared dormant, and the bank turns the funds over to the comptroller. 

“It’s usually because people have moved and the contact information is out of date,” New York State Comptroller Thomas DiNapoli explained.

“There really are many different ways that you may get separated from your money. We hold the accounts for safekeeping,” DiNapoli added. “Those accounts never expire. So that’s why we always encourage people to check our website.”

O’Connor, who teaches criminal justice at an Upstate New York college, likes hunting for funds because it reminds him of his days at the NYPD when he had to use his skills as an investigator.  

Several months ago, O’Connor expanded his search to include churches in the Diocese of Brooklyn. 

He’s a fan of Currents News, DeSales Media’s news program, and he particularly enjoys “Pulse of the Parish,” a segment in which anchor Christine Persichette introduces viewers to parishioners who devote their energies to their neighborhood church.

After O’Connor viewed segments of “Pulse of the Parish” in 2024, he went to his computer and started typing the names of the churches profiled into the database to see if they were owed funds.

“I found ‘Pulse of the Parish’ so uplifting. It portrays some of the nicest people, just ordinary citizens, helping out,” he recalled. “I said to myself, ‘Maybe I can do something to help these people.’ And sure enough, I typed in the names of the parishes, and four or five accounts popped up.”

According to DiNapoli’s office, the comptroller oversees $19 billion in unclaimed funds — some of which date as far back as the 1940s. In Fiscal Year 2023-2024, the office processed 770,000 claims and returned $504 million to rightful owners.

“Certainly, in these difficult economic times, there’s no reason for us to be holding on to these accounts of this money,” DiNapoli said. “We want people to be aware of the program so we get the money back in their pockets.”

The average unclaimed fund amount is between $50 and $100, but some accounts are worth several thousand dollars.

“Could you imagine if we got that money back into the economy?” O’Connor said.

O’Connor, a member of the Knights of Columbus, said the education he received from Vincentian Fathers at St. John’s University plays a role in his desire to help. 

“The Vincentians were all about serving,” he explained. “I feel like this is my small way of serving people, even though it’s a very small way.”

O’Connor even helped DeSales Media Group, the ministry that produces TheTablet and Currents News. One day, he typed the company’s name into the comptroller’s website and found several accounts. He got in touch with a company representative to let them know.

The accounts — which stemmed from insurance policies, vendor fees, and other activities — were worth $32,370.

Around the same time, Vincent LeVien, director of external affairs for DeSales Media, was contacted by a representative of DiNapoli’s office who told him that DeSales had funds waiting to be claimed.

He immediately contacted DeSales Media’s Finance Department, which filled out the form, submitted it, and received the funds. 

“It’s a pretty seamless process,” he said. “The biggest thing is a lot of people don’t know about unclaimed funds and they should.” 

O’Connor would like to spread awareness of the unclaimed funds program.

“It would be great if churches put the comptroller’s website in their bulletins,” he said.