Ohioans have $4 Billion in Unclaimed Funds
Ohio | Unclaimed money | Inactive accounts | September 18, 2024
This Week's Quote:
"Aim for the moon. If you miss, you may hit a star"
- W. Clement Stone
Funds waiting to be claimed in Ohio total approximately $4 billion, the Ohio Department of Commerce’s Division of Unclaimed Funds announced Thursday.
Last year, Ohioans put more than $139 million back into their pockets.
Unclaimed funds are lost or forgotten money that businesses and banks report to the division after accounts become inactive, typically between three and five years. The money can come from inactive checking and savings accounts, refund/credit balances, uncashed cashier’s checks, stocks and bonds, forgotten utility deposits and final paychecks.
Get your money in 3 easy steps
Ohioans can quickly and easily find and claim their unclaimed funds, and there’s even a number of video resources available to watch for additional assistance.
Search for money at unclaimedfunds.ohio.gov
Gather required supporting documents
Submit information online or by mail
Common misconceptions
Although the money can be claimed with the three simple steps, the division says it hopes to dispel common misconceptions to encourage more Ohioans to claim what could be substantial funds owed to them.
You must pay to file a claim: FALSE – It is 100% free to claim your unclaimed funds. While there are finders registered with the state who charge fees for helping recover your funds, you can easily claim them for free on your own. In the event you need assistance, experts with the division are available to walk you through the claims process.
Unclaimed Funds expire over time: FALSE – Unclaimed Funds never expire, and the division will continue to safeguard that money until it is claimed by the rightful owner or heir.
You’re careful with your finances so you don’t have any unclaimed funds: FALSE – One in seven Americans has unclaimed funds in their name. These unclaimed funds can come from a wide range of places, so even those on top of their finances could potentially have missing money.
You’ve claimed unclaimed funds in the past, so you don’t need to check again: FALSE – Ohio businesses are required to report unclaimed funds annually, so even if you claimed missing money before, it’s possible that additional unclaimed funds belonging to you could be reported. That’s why it’s important to search for your missing money on a regular basis.
You should only search for your own unclaimed funds: FALSE – The division encourages Ohioans to search not only for their unclaimed funds, but for friends, family members and loved ones. If you discover they have missing money, you can let them know! It’s also important to search for unclaimed funds that may belong to family members who are deceased so necessary steps can be taken to acquire those funds.
Credit goes to Jen Balduff, published in the Dayton Daily News on April 28, 2024
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This Week’s Author, Mark Bradstreet