Unclaimed funds are assets in accounts or deposits that have been inactive for a long period of time, usually 5 years or more. After money sits dormant for that period of time, Ohio law requires the account holders to turn it over to the Department of Commerce. These funds are then held by the state until their rightful owners claim them.
Some typical examples of unclaimed funds include uncashed checks (including tax refunds), inactive checking or savings accounts, and forgotten rent or utility deposits.
The Ohio Department of Commerce currently holds more than 2.7 million accounts worth over $350 million. The Department maintains an easy to search list of these accounts online. Similar departments in other states also maintain this kind of information.
To see if you have any unclaimed funds, and to make claims online, use the links below:
- Ohio Unclaimed Funds List - Searchable list of unclaimed funds, maintained by the Ohio Department of Commerce.
- National Association of Unclaimed Property Administrators - Search tool for unclaimed funds you may be eligible for in states outside Ohio.
You may also make a claim by filling out a hard copy form and mailing it to the Ohio Department of Commerce at the address provided.
Unclaimed Funds Fraud
The idea that there might be “free” money out there with your name on it is extremely attractive. It is also very attractive for fraudsters, who can use the promise of unclaimed funds to capture your Social Security number and other personal information and steal from you.
Use caution if you are contacted by a “finder.” While there are legitimate businesses that engage in this activity, most charge a fee for their services – and you can conduct the same searches they charge for at no cost using the links we have provided.
Unclaimed funds fraud usually takes place over the phone. In one common scam, callers ask you to pay an up-front fee in exchange for their work. In another common scam, fraudsters ask you to supply personal information to assist them in locating unclaimed funds in your name, including your Social Security number, bank account information, and credit card information. Callers then use this information to steal your identity, potentially costing you thousands.