The Ohio house of representatives recently passed a bill unanimously that would help with the unclaimed money claiming process. Currently, the state of Ohio is holding over $3.2 billion in unclaimed money and unclaimed property. Annually Ohio returns over $100 million, but the unclaimed money they have taken in is more than $250 million. Due to outreach efforts, the Ohio Department of Commerce’s Division of Unclaimed Funds has increased the amount of claims annually by around 20 percent. Ohio doesn’t offer a searchable database on their website, instead they choose to use MissingMoney.com. Several other states use this service and it is a great way to search multiple states all in one place. Simply put in your name and the results will populate right away. Be sure to use our search strategies to ensure you are seeing all of your matches.
According a a recent report, the state’s legislature is aiming to make it easier for residents to be found and their unclaimed money returned to them. Ohio House bill 348, sponsored by Representative Derek Merrin, a Republican from Monclova Township was recently passed with no opposition. This bill would make it easier to locate individuals with unclaimed property by requiring state and local government offices to share basic information such as addresses and phone numbers. This bill would also help cut the red tape families need to go through to claim the unclaimed money of relatives who have passed away by eliminating the need for probate court. Another change would require the reporting of virtual currency such as gift cards, loyalty cards and reward cards. The bill would also require the division to create a plan to improve returns on unclaimed funds investments as well as establish a five year statute of limitations and caps for penalties for businesses who don’t report unclaimed funds.
Searching is free and easy. With so much money unclaimed, why not check and see if the state of Ohio owes you any money.