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Ohio Unclaimed Property

Ohio Unclaimed Property is collected by the Division of Unclaimed Funds, a part of the Ohio Department of Commerce, from different sources in order to provide a single channel for the people of the state of Ohio for finding their lost treasure. The Ohio State Unclaimed Property Law came into force in 1968, which made it necessary for the holders of unclaimed money, funds and property to report to the state regularly. The Ohio Unclaimed Property Division is the agency that ensures unclaimed funds reporting by concerned business entities.

Ohio Unclaimed Funds

Ohio Unclaimed Funds exist in many forms, such as dormant bank accounts, underlying shares of stock, forgotten layaway deposits, unpaid insurance policies, credit balances, undelivered stock dividends, uncashed stock dividends, credit memos, unreturned rent and utility deposits, wages or commissions, securities and contents of safe deposit boxes. At present, the Ohio Unclaimed Property Division holds over $1 billion in more than 3.2 million abandoned accounts. This is the magnitude of unclaimed money in Ohio, which rightfully belongs to its owners or legitimate heirs.

Efforts are taken by the division to locate missing owners and return their lost assets to them. The unclaimed property outreach program is one of the several steps taken to reunite the people with their lost funds.

Ohio Unclaimed Property Division

In order to provide efficient services to the people, the Ohio Division of Unclaimed Funds is divided into four sections: Administrative, Claims Processing, Compliance and Accountability. The Administrative section ensures the administration of the Division according to the OH Unclaimed Funds Laws. All requests for claim forms and associated processing are handled by the Claims Processing Section of the Division. On the other hand, the various requirements of holders, such as Unclaimed Property Reporting Forms are handled by Compliance as well as Accountability sections. Before making a claim, you can conduct an unclaimed property search for lost money or cash using MissingMoney.Com, a national database of unclaimed property. Once, you see your name in the owners list of unclaimed funds and property, you can approach the OH Unclaimed Property Division for filing a claim.

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