Unclaimed Funds are assets that have existed in accounts or deposits that have been inactive for a long period, usually five or more years. After this dormant period, holders of these accounts are required by Ohio law to turn them over to the Ohio Department of Commerce if the holder is unable to locate the owner of the funds.
These funds are held by the state until claimed by the rightful owner. Unclaimed fund accounts come from a variety of sources, such as:
Uncashed checks (payroll, tax refunds)
Inactive checking and savings accounts
Forgotten rent or utility deposits
Stock shares and dividend checks
Safe Deposit Box contents
The Ohio Unclaimed Funds list is easily searchable on-line. Periodically, the state publishes portions of this list in the major newspaper of each county. Additionally, Ohio’s County Treasurers are asked to make the list available to the public. Medina County Treasurer John Burke makes the list available at the County Administration Building, at area supermarkets, visits to fairs, and community events.
The State of Ohio has more than 2.7 million separate Unclaimed Funds accounts worth over $350 million. The State of Ohio adds nearly 100,000 names to the list each year.
Since 1998, the Medina County Treasurer’s Office has helped 2,477 residents collect over $934,900 of their own money.
Use caution if you are contacted by a “finder”. While there are services that will actually locate and recover assets for you, they charge a fee to recover them. The government agencies that hold these funds make the lists available free of charge.
There are scam artists who use unclaimed funds as a “hook“ to defraud people. These scams are usually of two varieties. One asks for an up-front fee to pay for the cost of recovering the funds. Never pay an up-front fee.
The other common variety of fraud asks you to supply information to “help” locate your funds such as your social security number, bank account or credit card information. This information is then used for identity theft. Never provide personal information to parties who contact you without being certain with whom you are dealing.
Call us at 330-725-9199 for questions and information.