Approximately one in seven people in the United States currently have unclaimed funds. In Ohio, the Department of Commerce’s Division of Unclaimed Funds is currently safeguarding more than $4 billion in unclaimed funds.
As calendars flip to February, the Ohio Department of Commerce’s Division of Unclaimed Funds is encouraging Ohioans to celebrate National Unclaimed Property Day.
On Feb. 1, individuals across the country are urged to search for and reclaim any lost or forgotten money that may be in their name. The day also marks the beginning of Unclaimed Funds Month.
Ohioans can identify and claim any missing money by taking three easy steps: search for money at unclaimedfunds.ohio.gov; gather the required supporting documents; and send the information to the division either online or by mail.
“Many unclaimed funds belong to individuals who are over the age of 50, as well as some individuals who have passed away,” said Akil Hardy, superintendent of the Division of Unclaimed Funds.
“To ensure these funds get to the appropriate individuals, it’s important that Ohioans, in addition to searching their own names, take a moment to search the names of any parents, grandparents, or other older loved ones. It’s possible there could be a substantial amount of funds waiting for them,” Hardy said.
Last year, Ohioans searched for unclaimed funds over 4.3 million times and filed for more than 43,000 claims. This resulted in more than $139 million in lost or forgotten money being returned to its rightful owners.
Unclaimed funds are lost or forgotten money that businesses and banks report to the Division of Unclaimed Funds after accounts become inactive, typically 3-5 years. The money comes from inactive checking and savings accounts, refund/credit balances, uncashed cashier’s checks, stocks and bonds, forgotten utility deposits, and/or last paychecks.
Ohioans are able to check anytime if they have unclaimed funds online or by calling 614-466-4433.
The Division of Unclaimed Funds is part of the Ohio Department of Commerce. The department is Ohio’s chief regulatory agency. To learn more, visit our website at com.ohio.gov.
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