OHIO — The State of Ohio is safeguarding approximately $4 billion in unclaimed funds, some of which may be yours, according to a spokesperson from the Ohio Department of Commerce Division of Unclaimed Funds.
Unclaimed funds are lost or forgotten money that banks and businesses report to the Division of Unclaimed Funds after accounts become inactive.
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In 2023, Ohioans reclaimed $139 million.
These funds can come from inactive checking and savings accounts, refund/credit balances, uncashed cashier’s checks, forgotten utility deposits, and more, the spokesperson said.
While unclaimed funds can be reclaimed in three steps, some common misconceptions have developed over time.
The Division has dispelled the following myths and hopes these clarifications will encourage more Ohioans to claim their funds:
- You must pay to file a claim: False -- It is 100% free to claim your unclaimed funds. Finders registered with the state may charge fees for helping you recover your funds, but you can easily claim them on your own. If you need help, the Division can walk you through the process.
- Unclaimed Funds expire over time: False -- These funds never expire. The Divison will safeguard unclaimed funds until the rightful owner or heir claims it.
- You’re careful with your finances so you don’t have unclaimed funds: False -- 1/7 Americans currently have unclaimed funds in their name. This money can come from a wide range of places, so even if you’re on top of your finances, there could be some missing.
- 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 on an annual basis, so even if you’ve claimed money in the past, additional funds may have been reported.
- You should only search for your unclaimed funds: False -- The Division encourages you to search for unclaimed funds for you, your friends, and your family. That way, 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 deceased family members so the proper steps can be taken to get those funds.
How to secure unclaimed funds in three easy steps:
- Search for Monday at unclaimedfunds.ohio.gov.
- Gather the required support documents.
- Send the information to the Division online or by mail.