Unclaimed Funds are derived from intangible personal property that the state holds for the rightful owner after it has been unclaimed over a period of time. The following are just a few sources of unclaimed funds:
- Uncashed Checks
- Undelivered Stock Shares and Uncashed Dividend Checks
- Uncashed Insurance Benefits
- Forgotten Rent and Utility Deposits
- Intangible Safe Deposit Box Contents
How does property become Unclaimed Funds?
Ohio Revised Code Section~169 states that property becomes unclaimed when, over a period of years, the owner cannot be located by the holder of the Funds. The time frame varies depending on the property - but in most cases it is five years. The funds are then turned over to the State for safekeeping.
How does the Division of Unclaimed Funds locate the owners?
The Division of Unclaimed Funds annually publishes the names of unclaimed fund users in newspapers in all of Ohio's 88 counties. The Division actively seeks to find unclaimed fund owners by giving individuals an opportunity to check their names at the State and County fairs, shopping malls and other events. In addition, various activities are planned to let people know they may have funds waiting for them. An owner then writes to Unclaimed Funds giving their full name and address. The division will check the name against the owner list. If they are listed they are sent a claim form. Owners then fill out the claim form and return it to the Division with the proper documentation to establish ownership and allow payment.
Is there a time limit for claiming funds?
No, the funds are held until the rightful owners claim them.
State of Ohio
Department of Commercewww.com.state.oh.us
Division of Unclaimed Funds
77 South High Street
Columbus, Ohio 43264-0545