The Ohio Department of Commerce’s Division of Unclaimed Funds is safeguarding approximately $4 billion in unclaimed assets. In 2024, the Ohio Department of Commerce received $525 million in unclaimed funds but only $149 million was paid in claims. It’s surprising how many Ohio residents have unclaimed funds they don’t even know are available to them. These funds come from various sources such as forgotten bank accounts, uncashed checks, unclaimed insurance policies, utility deposits, uncashed dividends and even the contents of abandoned safe deposit boxes. Funds become unclaimed when the rightful owner fails to claim them after a period of inactivity, typically 3-5 years, but it varies by asset type. Businesses and financial institutions are required by law to make an effort to contact the owner before turning over the funds to the Ohio Division of Unclaimed funds for safekeeping.
How Do I Claim My Unclaimed Funds?
You can visit the Ohio Department of Unclaimed Funds website. To search for missing money in other states, you can search here. Anyone can do a free search by entering your name and city to see if any funds are available to you. You should also search under different variations of your name to help locate records that may have minor discrepancies in the spelling or formatting of your name.
If unclaimed funds are found in your name, the next step is to file a claim. This involves downloading or requesting a claim form, providing proof of identity and submitting documents that establish your connection to the funds. Required documentation may include a driver’s license, Social Security number, past account statements or proof of an old address. The claim form and supporting documents can be submitted online or by mail to the Ohio Division of Unclaimed Funds. Claims can take several months to process but are usually processed within 120 days, though more complex cases may take longer. The status of a claim can be monitored through the Division of Unclaimed Funds Website.
How Do I Prevent My Property from Becoming Unclaimed?
To prevent property from becoming unclaimed you should keep a record of all bank accounts, stock certificates and security deposits. If you move, be sure to provide a forwarding address to landlords and utility providers. Make sure to keep accounts “active” with financial institutions. It is also helpful to keep a list of accounts and assets and share this list with a family member or trusted advisor. Lastly, cash all checks promptly upon receipt.
Conclusion
With billions of dollars in unclaimed assets being held by the state of Ohio, it would be wise to search for unclaimed funds on a regular basis. A simple search could lead to the recovery of money that rightfully belongs to you or your family.
