Unclaimed Funds
What Is Unclaimed Property?
Unclaimed (or abandoned) property is money or assets owed to a company or individual that has been dormant for a length of time. These funds are turned over to the state as required by law. From there, the rightful owner can submit a claim to the state to collect the unclaimed property.
Examples Of Unclaimed Funds
Utility Deposits
Bank Accounts
Vendor Payments
Insurance Policies
Investment Accounts
Legal Settlements
Size Of Unclaimed Funds In Ohio
Total unclaimed funds: $4.8 billion
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Unclaimed funds added in FY2024: $528 million
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Unclaimed funds collected in FY2024: $149 million
Benefits Of Using A Claims Finder
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Convenience – claim finder handles all of the paperwork and correspondence with the state
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Finding hard to claim property – the data with the state is only as good as the data submitted by the reporting entity
What Is Needed To Claim Unclaimed Property?
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Signed claim form (must be notarized if over $3,000 in Ohio)
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Government issued ID (2 in Ohio)
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Proof of tax ID number:
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Employer identification number (EIN) for organization or
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Social Security number (SSN) for individual
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Proof of address or business relationship
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Proof of authorization to sign on behalf of an organization
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Additional documents may be required
Barriers To Collecting Unclaimed Property
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Finding unclaimed property
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Proof of address
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Cashier / Certified check – need the original or legal copy of the cashier’s check
Examples Of Unclaimed Property Typically Missed In The Claims Process
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Property where the owner's name was misspelled
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Property for organization that has since changed names
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Property for organization that bought another company
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Property held in a state different than the address on record