COLUMBUS, Ohio — Did you know the Ohio Department of Commerce’s Division of Unclaimed Funds currently holds around $4 billion in waiting to be returned to its rightful owners? Last year, Ohio residents successfully claimed over $139 million in forgotten funds.
Unclaimed funds typically arise from inactive accounts, like old bank accounts, uncashed checks, forgotten utility deposits, and even final paychecks. Businesses and banks report these to the state after a period of inactivity, usually between three to five years.
While claiming your money is a simple three-step process, several misconceptions prevent Ohioans from finding what could be a significant windfall. The Division aims to clear up these misunderstandings:
- Myth 1: I have to pay to claim my money. False. Claiming your unclaimed funds is absolutely free. While some third-party “finders” charge for the service, you can do it yourself at no cost. Experts at the Division are on hand to help if needed.
- Myth 2: Unclaimed money expires. False. Ohio’s Unclaimed Funds never expire. The Division safeguards them until the rightful owner or heir steps forward.
- Myth 3: I’m careful with money; I don’t have anything unclaimed. False. Unclaimed funds can pop up from unexpected sources, so even the most financially diligent people might be surprised. It’s estimated one in seven Americans has unclaimed funds waiting for them.
- Myth 4: I claimed some money before, so I’m good. False. Businesses report unclaimed funds annually, so new funds in your name might have been added. Regular searches are recommended.
- Myth 5: I should only search for my own funds. False. The Division encourages Ohioans to search for family,friends, and even deceased relatives. If you find something, you can let them know – and help with the claim process if needed.
Visit the state’s website at the link here to learn more.