x
Breaking News
More () »

Ohio Division of Unclaimed Funds seeking to reunite Ohioans with over $3 billion in unclaimed assets

The Ohio Division of Unclaimed Funds offers resources to help reunite Ohio residents with money they may not even know they're owed.

TOLEDO, Ohio — The Ohio Division of Unclaimed Funds posts to Twitter frequently -- at least twice per week. Despite this frequency, their tweets are seen by very few; the division's most recent post, which was made Monday, was seen by only 120 people, per Twitter analytics. It has no likes nor retweets.

These numbers may appear surprising not because Ohioans should be necessarily eager to follow the social media presence of a state government agency, but because this division can reunite Ohioans with unclaimed funds they might have not even known they were owed. 

According to the Ohio Division of Unclaimed Funds, which is a part of the Ohio Department of Commerce, Ohioans are sitting on $3 billion in unclaimed funds

What is an unclaimed fund?

Per the Ohio Department of Commerce website, when the rightful owner of unclaimed money or other assets cannot be located after a specific period of time, the funds are turned over to the Division of Unclaimed Funds for safekeeping until the organization can either locate the account owner, or the owner comes forward to claim it. 

Unclaimed funds and assets can represent many things. This might include a rent or utility deposit, uncashed check, undelivered stock certificate or an uncashed insurance policy, among other things, according to the Department's website. 

How do I know if I have unclaimed funds?

The Ohio Department of Commerce links users to a website called "Missing Money," which catalogs unclaimed funds across all 50 U.S. states. Users are prompted to input either the last name of an individual or a business name, in addition to the state in which the unclaimed funds are held. To narrow down the search, users may include the first name and city, but this is not required. 

Inputting the name "John Doe" in Toledo, Ohio, for example, generated 17 results for unclaimed properties, though only three matched exactly; the website will also generate similar results, such as those with only a matching surname, but different first name. 

The website also tells you approximately how much you are owed per claim. 

To search for unclaimed funds, click here

How do I claim funds?

To claim funds, the Ohio Department of Commerce requires you to provide certain documentation, such as identification, to prove you are the rightful owner of the asset. Click here to see the list of documents and forms required, bearing in mind that different types of claims (owner vs. joint owner vs. heir, etc.) require different types of documentation. 

You can submit your claim to the Ohio Division of Unclaimed Funds via mail or electronically. Click here for more information regarding claim submission. 

Per the division's website, it may take up to 120 days to review a claim. 

How do I know this isn't a scam? 

The Ohio Division of Unclaimed Funds functions within the Ohio Department of Commerce, which is a state government agency and not a third-party business. 

The website "Missing Money" is linked to by the Ohio Division of Unclaimed Funds and, per their privacy policy, only provides information that is already made available by participating government unclaimed property agencies. Missing Money also says they do not save information manually entered by the user searching for unclaimed funds. 

While the Ohio Department of Commerce said they are committed to reuniting Ohioans with unclaimed money, other, less-legitimate ventures may try to scam you. Click here to see personal finance safety tips from the state of Ohio. 

MORE FROM WTOL 11

Before You Leave, Check This Out