What are Unclaimed Funds?
Unclaimed funds are any moneys, rights to moneys, or intangible property held by another person or organization that has not had contact with the owner for a specific amount of time. After the specific amount of time, the funds are then placed with the State of Ohio, Dept. of Commerce Unclaimed Property Division.
Unclaimed funds can come from:
- Inactive bank accounts;
- Life insurance policies;
- Endowments or annuities;
- Deposits made to public utilities;
- Certified checks, cashier checks, money orders or traveler’s checks that never were cashed;
- Safe deposit box contents;
- Security deposits;
- Qualified retirement plan or an individual retirement arrangement;
- Unclaimed layaways; or
- Automatic reinvestments
How do I find out if I have any unclaimed funds?
If you think that you may have forgotten about an old savings account or never received your security deposit from a prior landlord or utility company, it is easy to check to see if the state is holding any money for you.
Simply go to the website: https://www.missingmoney.com/Main/Index.cfm
Type in your name and state of residency.
Click on the Go Button.
If there is money being held for you, your name will appear with the last known address. Click on your name and then click on the “yes I can Claim” button to generate a claim form. Please keep in mind that you will have to send documentation in as well to substantiate who you are and that you are entitled to the money.
If you prefer, you can call the Dept. of Commerce @ 1-877-644-6823 or write them at:
Ohio Division of Unclaimed Funds
77 S. High Street, 20th Floor
Columbus, OH 43215
How much money will I get?
As of November 215, the State of Ohio had collected over $34.4 million dollars in unclaimed funds for fiscal year 2016 to date. They had $2.3 billion dollars to distribute. The average claim is $2,100.
However, you will receive whatever funds were deposited for you. No interest is accrued in this account.
If you have discovered that there are unclaimed funds available for you and are having difficulty obtaining these funds, we would be happy to assist you. Please give me a call. I will be happy to meet with you. Your initial consultation is free.