Ohio unclaimed money totals have climbed to $2.6 billion according to a recent report. Ohio returned a record number of unclaimed money last fiscal year totaling more than $ 96 million broken down in over 60,000 claims for an average return of over $1,500 per claim. While Ohio returned a record number of unclaimed property accounts, they also took in a record number of new accounts totaling almost $260 million. These claims are usually un-cashed checks, utility deposits, accounts of deceased relatives not willed properly, or other unclaimed money accounts. In some instances these accounts can hold actual property like unclaimed safety deposit boxes. The state does hold these items for long periods of time, but in some cases they will be auctioned off. Last year, Ohio held three unclaimed property auctions online with items ranging from foreign currency, gold coins, silver bars, and jewelry to name a few. These auctions netted over $1.1 million in proceeds which will be deposited into unclaimed money accounts in the property owners names.
Ohio Companies Must Report Unclaimed Funds
For companies who hold the Ohio unclaimed money or unclaimed property, they must report these funds in a timely manner or suffer a potential civil penalty. Ohio has some of the strictest laws in the US when it comes to these unclaimed funds. Companies who do not file in a timely manner can face penalties of up to $100 per day and 1% per month of the total accounts unreported. The Ohio website has more detailed information regarding unclaimed money reporting.
Some Ohio Unclaimed Money Accounts Can Accrue Interest
Based on the age of the unclaimed money account, you may also be able to collect interest on your unclaimed account. According to the Ohio state website, any account from 1968 to July 26, 1991 valued over $25 will received 6% interest. Here’s more:
From July 27, 1991 to August 2, 2000, no interest is paid. From August 3, 2000 through October 9, 2012, Sogg class members due $5 or more in interest are eligible for an interest payment from the Settlement Administrator in the Sogg class action case based on a formula using the actual interest earned by the state. For additional information, visit www.strategicclaims.net/sogg or contact the Settlement Administrator, Strategic Claims Services, at 866-936-1101 (toll free). For claimants paid unclaimed funds on or after October 10, 2012, the Division will pay interest on unclaimed funds held on or after August 3, 2000 at a rate equal to 100% of the interest earned by the Department of Commerce on unclaimed funds, plus 40% of the interest earned by other State agencies and departments, as required by the Sogg case.
Ohio Unclaimed Money Claiming Tips
Here are some helpful things to know regarding claiming unclaimed funds in Ohio
You will need to provide your social security number
In Ohio you will need to provide this information in order to claim the unclaimed money or unclaimed property. This is used as one step in the verification process to ensure the money or property is returned to its rightful owner.
Claiming For A Relative Who Has Passed Away
Claiming an account for a relative who has passed away can be tricky. You will need to be sure you have the right documentation proving that the deceased is the rightful owner and also that you are eligible to claim the money on their behalf. This usually is notice from the Probate court that you are entitled to these funds.
Keep Checking…Ohio Unclaimed Money Website Updated Weekly!
Ohio updates the site weekly and can add on average over 3,000 new accounts (remember they added over $260 million last year!). Another tip is if you’re not computer savy or want real time searching results you can also call the office at (614) 466-4433 or (877) 644-6823.
Use Partial Names When Searching
One of the more common reasons money becomes unclaimed is misspellings. Use last name and first initials to show all results. ie – If your name is Jonathan your account might be listed as Jon or Johnathan.
Search Multiple States
Be sure to search all of the states you or your loved ones have lived in. There could be claims in multiple states based on where you have lived over the years. Be aware however that each state’s laws are different and may require additional documentation when claiming.