Ohio Department of Commerce
10/09/2024 | Press release | Distributed by Public on 10/09/2024 18:46
Ohio Businesses Reminded to Report Unclaimed Funds by Nov. 1 Deadline
COLUMBUS, Ohio - If you operate a bank or business in the state of Ohio, you have until Nov. 1 to report unclaimed funds to the Ohio Department of CommerceDivision of Unclaimed Funds - even if there are not any funds to report.
Unclaimed Funds Reports are due on Nov. 1 for accounts dormant as of June 30, 2024. The only exception is for life insurance companies, whose reports are due May 1, 2025, for accounts dormant as of Dec. 31, 2024. Last year, the division received 90,790 reports and $528 million.
Ohio Revised Code 169.03 requires all companies doing business in Ohio to report to the state any unclaimed funds so those funds can be safeguarded by the Division of Unclaimed Funds until they can be connected with their rightful owners. The Division is currently safeguarding approximately $4.3 billion in unclaimed funds.
Unclaimed funds are lost or forgotten money that businesses and banks report to the Division 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 or last paychecks.
Reporting unclaimed funds can be completed by following the below four-step process, which is also detailed at com.ohio.gov/ReportFunds.
- Identify Inactive Accounts - Businesses are required to review their accounts on an annual basis to identify items that may be dormant, which means there hasn't been any activity or communication for a specific period of time. This may include a refund check that has not been cashed for three years, a checking account that has not had any activity for five years, or patient credit that has been held by a physician and the patient hasn't had an appointment for over three years.
- Send Letters to Owners - Businesses are required by law to send a letter to the owner of unclaimed funds that amount to $50 and over notifying those individuals that those funds will be turned over to the Division of Unclaimed Funds unless they sign and return the letter to the business within 30 days.
- Create an Unclaimed Funds Report - Businesses can submit payment to the state via ACH debit transfer, credit card or check. Even if businesses do not have any funds to report, they must notify the Division so we know a thorough search has been completed and no one has funds owed to them that would meet the requirements of unclaimed funds.
- Submit a Report and Funds - Businesses who wish to submit funds via ACH debit transfer or credit card must do so via the Ohio Business Gateway. Businesses may also choose to mail their check to the Ohio Division of Unclaimed Funds at 77 S. High St., 20th Floor, Columbus, Ohio, 43215. Templates to assist businesses in this process are available on the Division of Unclaimed Funds website.
Due to a system upgrade scheduled to take place in 2025, this will be the last year paper reports will be accepted.
Ohioans can search for and claim their unclaimed funds at anytime free of charge by following three simple steps:
- Search for money at missingmoney.com.
- Gather the required supporting documents.
- Send the information to the division either online or by mail.
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Susie Wagner, Outreach Supervisor, Division of Unclaimed Funds, Ohio Department of Commerce
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About the Division of Unclaimed Funds
The Division of Unclaimed Funds is part of the Ohio Department of Commerce. The department is Ohio's chief regulatory agency, focused on promoting prosperity and protecting what matters most to Ohioans. We ensure businesses follow the laws that help them create jobs and keep Ohioans safe. To learn more about what we do, visit our website at com.ohio.gov.