June 18, 2024
3 billion in unclaimed funds belongs to thousands of Ohioans, are you

Unclaimed Property Ohio

Understanding Unclaimed Property

Have you ever wondered what happens to your forgotten bank accounts, uncashed checks, or abandoned safety deposit boxes? In Ohio, these assets are considered unclaimed property. Unclaimed property refers to any financial asset that has been left inactive or untouched for a certain period of time, typically five years.

What Types of Assets Can Become Unclaimed Property?

The list of assets that can become unclaimed property is extensive. It includes dormant savings and checking accounts, uncashed payroll or vendor checks, insurance proceeds, stocks, bonds, utility deposits, and even forgotten inheritances. If you have ever lost track of any of these assets, there’s a chance they could be waiting for you as unclaimed property in Ohio.

How Does Property Become Unclaimed in Ohio?

When an account or asset remains inactive without any owner activity for a certain period of time, financial institutions and companies are required by law to turn over the assets to the Ohio Department of Commerce’s Division of Unclaimed Funds. This division serves as the custodian of unclaimed assets until the rightful owner comes forward to claim them.

How to Search for Unclaimed Property in Ohio

If you suspect you might have unclaimed property in Ohio, you can easily search for it through the Ohio Department of Commerce’s website. Simply visit their official website and navigate to the Unclaimed Funds section. From there, you can enter your name or the name of a deceased loved one to search for any unclaimed assets.

Claiming Your Unclaimed Property

If the search results yield any potential matches, you will need to follow the instructions provided to claim your unclaimed property. This typically involves providing proof of ownership or a valid identification document. Once your claim is verified, you will receive your unclaimed assets.

Why Should You Search for Unclaimed Property?

Searching for unclaimed property in Ohio can be a rewarding experience. Not only does it help you reclaim assets that rightfully belong to you, but it can also provide unexpected financial relief. Many individuals have discovered significant amounts of money, stocks, or other valuable assets that they had long forgotten about.

Protecting Your Assets in the Future

To prevent your assets from becoming unclaimed property, it is essential to keep your financial records organized. Regularly review your bank statements, cash all checks promptly, and update your contact information with financial institutions. By staying proactive, you can ensure that your assets remain in your possession and avoid the hassle of reclaiming unclaimed property.

Conclusion

Unclaimed property in Ohio is more common than you might think. By conducting a simple search through the Ohio Department of Commerce’s website, you could potentially discover forgotten assets that rightfully belong to you. Take the time to search for unclaimed property and protect your financial well-being.