Among the tens of billions of dollars in unclaimed property in the U.S., the state of Ohio is one of only a few states to be home to more than 1 billion of it. According to the Ohio Department of Commerce’s Division of Unclaimed Funds, that $1 Billion is spread over 3.5 million different accounts. Even though thousands of these unclaimed accounts are returned to the rightful owners each year, to the tune of tens of millions of dollars, Ohio takes in another 200,000 accounts each year, worth millions more.
Like in the majority of states, Ohio has trouble returning unclaimed property to its residents for a variety of reasons, not the least of which is disbelief. Putting it simply, most people are simply not aware of forgotten funds and those that have heard of it, often believe it to be some type of scam, unless they hear it straight from the horse’s mouth. Even those people that have accepted the reality of these massive amounts of abandoned assets usually do not know the first thing about tracking down these monies.
The Division of Unclaimed Funds in Ohio holds the following as its mission statement: “To improve the quality of service to our customers by collecting unclaimed property equitably, managing the property wisely and effectively, and returning it timely to the rightful owners.” The Division also provides the following list of some of the most common types of unclaimed property in Ohio – dormant savings and checking accounts, unpaid insurance policies, underlying shares of stock, unreturned rent and utility deposits, forgotten layaway deposits, credit memos, unclaimed wages or commissions, securities, undelivered and uncashed stock dividends, credit balances, uncashed checks, intangible contents of safe deposit boxes.
If someone living in the state of Ohio hopes to be thorough in their attempt to search for missing money, there are a handful of things they can do to help themselves in their efforts. What it all boils down to is knowledge. Learning when and where to search is half the battle. Did you realize that not all unclaimed property websites are the same? Did you realize that the databases are updated sporadically?
If residents of the Buckeye State wish to take their piece of the billion dollar unclaimed property pie, the first rule is to search regularly. If someone performs a search Monday and doesn’t find anything, there’s a good chance they will end their search right there. But what happens if a record for forgotten funds in their name isn’t added until Tuesday? Or the following month? Or year? Each type of unclaimed property has its own period of time which must pass before it can be considered “unclaimed” and handed over to the state. The majority of these dormancy periods are between 1-5 years, but many are longer, so it is clear that tracking down lost money isn’t a one search deal.
More details on the tips above, and dozens of others can be had if a citizen enlists the help of an unclaimed property pro in their search for Ohio unclaimed money, which is highly recommended to make sure that all resources and possible sources of cash have been explored.
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