Ohio's Unclaimed Funds Reach $4 Billion: Is Some of It Yours?

Columbus, Ohio - Ohio is sitting on a staggering $4 billion in unclaimed funds, money that rightfully belongs to residents and businesses within the state. These funds come from various sources, such as inactive bank accounts, unclaimed paychecks, overpayments, and more. The Ohio Department of Commerce's Division of Unclaimed Funds is responsible for holding onto this money indefinitely until the rightful owners come forward to claim it.

Franklin County tops the list with over $343 million in unclaimed funds, closely followed by Cuyahoga County with $477 million. For those curious to see if they have a share in these funds, the process is straightforward. The first step is to visit the website unclaimedfunds.ohio.gov. Here, you can search for your name or the name of a deceased relative in the database. If a match is found, it indicates that there are unclaimed funds waiting to be claimed.

To initiate a claim, you'll need to provide documentation that proves your identity. This typically includes proof of address, identification, and social security number. Claims can be submitted online or by mail. The Division of Unclaimed Funds will then review your claim and documentation, a process that can take up to 120 days. If approved, a check for the unclaimed amount will be mailed to you. Last year, the average payout per claim was $2,031.

The types of unclaimed funds vary widely. They can come from inactive bank accounts, uncashed payroll checks, overpayments, unclaimed insurance policy proceeds, forgotten investments, unclaimed court deposits, pension funds, and uncashed tax refunds. Essentially, any type of financial asset that has been inactive for a significant period can become unclaimed funds.

Importantly, there is no deadline to claim these funds. The state holds onto them indefinitely until the rightful owner steps forward. Even if the funds belonged to a deceased relative, legal heirs or beneficiaries can claim them by providing the necessary documentation. This might require going through probate court proceedings to establish the right to the inheritance if the heir or beneficiary is not directly named.

Given the substantial amount of money sitting unclaimed, it's worth taking the time to check if any of it belongs to you or your family. A simple search could potentially lead to some extra spending money this summer.

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